Revisiting the Coinbase Debit VISA card

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As soon as I got the email and push notification from my Coinbase app last week I knew I needed to jump over on @leomarkettalk and see what others thought about it.

I have seen this coming for a while, a Coinbase VISA card that you can use just like any other Debit card. I am not surprised that the reception to my post was mostly negative. There is a lot to dislike about Coinbase. Mainly, they charge insane fees. They can get away with it though. Coinbase remains one of the easiest and most flexible ways for people in the US to get involved in crypto.

Sure, other platforms are coming around, but I think a large portion of us (again at least in the US) probably bought some of our first crypto on Coinbase. The fact remains that they are a major player.

I think the other issue is the fact that in my post I called it a credit card. That was a mistake on my part. As I pointed out earlier, it is actually a Debit card. There is a huge difference. I think the idea of "credit" is a big turn off for a lot of people. Pulling from funds that you have already bought or earned on the other hand is a totally different concept.

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I am still on the fence about the whole thing. I have been thinking about applying for one of the Crytpo.com VISA cards for a while now. Part of me was always holding back because I figured Coinbase would come out with something eventually.

I am guessing another reason some people are hesitant about a Coinbase VISA card is because they are thinking "what's the point". Trust me, I get it. I think we all have a common hope that one day crypto will rule the roost and we can do away with the cumbersome and antiquated payment system we currently use. I think we are still a good two to three years away from that, so having a conduit to use your crypto the way we know and hope it can be used one day is a plus in my book.

Don't get me wrong, I am not saying this is the be all, end all solution, but I think it is a step in the right direction. I think it also adds a bit more legitimacy to the whole thing in the eyes of the public (if they even hear about it of course).

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Has anyone else dug into the details of this card yet? I am guessing you need to move your crypto funds into your Coinbase USD wallet. I know first had their transfer fees for that move is pretty hefty. I might have to dig into it a little more and figure out just exactly how the flow works.

Like I said, I am personally still on the fence. Part of me feels like I don't need another card in my wallet. I am also in more of a hodl pattern right now, or at the very least a phase where I am acquiring crypto. Why would I want to spend it!?

What do you think? Anyone that didn't chime in on the @leomarkettalk post? What are your thoughts on this? Are you going to pick up a Coinbase Debit VISA?


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17 comments
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I don't understand how it works to be honest. Would you be paying for stuff in the equivalent crypto value. If so, and it was bitcoin wouldn't the price you pay for something vary dramatically? If this is the case it would put me off because I'm really bad at working out conversion amounts, let alone adding the fees.

I did read article somewhere about how to use a card to avoid paying tax on crypto but I can't remember how that worked. No doubt someone will write about it again.

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Personally, I wouldn't apply for it but that's because I parted with Coinbase a while ago. I found another exchange for Europe that has the same easy access and buy and sell option like coinbase (instant buys and sells) and there is no reason to return to high fee coinbase anymore for me :)

I received the crypto.com card I think 5 months ago, never used it until now because if I do, high exchange fees will be the reason to stop using it anyway. I now have revolut metal, which has a lot of benefits. I do plan on using crypto.com card when I move to Spain next year, as then my purchases will be done in Euro, and it actually makes sense to use it.

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That is cool. I have been working on building up my stack of the CRO tokens in case I want to apply for one in the future. That makes sense about now waiting to have to deal with all of the exchange fees. I like some of the extra benefits the Crypto.com card has like the Netflix and Spotify thing.

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It's nice to have these new additions in the crypto card industry. It's going to be huge in the next few years. VISA being the major player wants to get in on it before others.

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Yes, I agree with that. We should only see it expand as time goes by.

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We don't have such cards available in India. Would be great to have some cool reward systems associated to these services. Getting crypto for spending crypto works! :P

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I have applied for the crypto.com VISA, but they keep on asking for a bill that's emitted on my name, I upload all sort of them and nothing. The Binance one has been of use so far.

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That is cool. I haven't even looked at sign up process yet for the Coinbase one.

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Well I don't really think I would open another debit card unless there was a incentive for me to leave my funds in their USD wallet. At least the money I have should be working for me and netting me some type of returns.

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I think the only benefit is the crypto back on purchases. It is kind of interesting Coinbase hasn't come out with their own token yet. I am guessing maybe it is just a matter of time. Either that, or they want to avoid that so it doesn't conflict with their stock offering.

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I haven't dug into the details, but like you I got the email and was curious at the least. I didn't buy my first crypto on Coinbase, but darn near did.

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I haven’t looked at this iteration yet, but I had a CoinBase debit card about 4 years ago before it was pulled from the US Market. At that time it was pulling direct from my BTC wallet balance, no need to load it specifically or convert to USD or equivalent stable coin beforehand. The biggest downside is that it technically then creates a taxable event with every swipe!

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I was looking at some of the terms of this and it sounds like it pulls from your available crypto balance as well. Not your USD wallet like I thought it might.

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