Coinbase Card Review — A Complete Overview Of This Visa Debit Card
Coinbase, one of the world’s largest cryptocurrency exchanges, launched its own branded card in the United Kingdom. With it, clients can spend digital currencies in a convenient way without waiting for withdrawals to hit their bank accounts.
Coinbase has partnered with Paysafe — a digital payments solutions provider — to issue their Visa debit cards in the United Kingdom. This prepaid Bitcoin card can be managed from an app, enabling users to keep track of all their financial transactions on the go.
Coinbase’s solution works a bit differently than other cryptocurrency cards in the market. Instead of topping up the card with digital assets before using it, the equivalent amount of crypto is liquidated immediately into British Pounds (GBP) at the time of each transaction.
How to order a Coinbase Card?
Over the years, Coinbase has succeeded in building smooth, highly intuitive platforms characterized by pure design and simplicity. But applying for the Coinbase Card is far from that.
Once you’ve downloaded the new app, you need to connect it to your Coinbase account and fulfill some additional personal information before getting to apply for the Coinbase crypto card.
This app is used to link your different cryptocurrency balances to the Coinbase Card. For example, you can use your Bitcoin balance to pay in restaurants and your Ethereum balance for transport. Apart from accessing your transaction history, the app also lets you monitor your expenses with instant digital receipts divided into multiple categories.
While you can start using the Coinbase Card through the virtual card immediately after the registration, the physical card will take between 5 and 7 business days to arrive to your door. Taking into account that this Bitcoin card is only available in the United Kingdom, delivery times seem quite excessive.
Which countries are supported by the Coinbase Card?
At the moment, only UK residents are eligible to order a Coinbase Card. However, Coinbase UK CEO Zeeshan Feroz said that the idea is to extend this offer to other European countries.
“Coinbase Card is currently only available in the UK, but we plan to support other European countries in the coming months.”
Where can you use the Coinbase Card?
The Coinbase Card is a contactless VISA card that can be used everywhere VISA is accepted. With this Bitcoin card, you can pay online and offline in the United Kingdom and the rest of the world. It also allows you to withdraw cash in most ATMs out there.
For security reasons, the first transaction with your physical Coinbase Card must be made with PIN. Afterwards, you can use NFC (Near Field Communication).
Which currencies are connected to the Coinbase Card?
Within the Coinbase Card app, you can select between multiple payment sources such as Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) to name a few.
“Coinbase Card supports all crypto assets available to buy and sell on the Coinbase platform,” the San Francisco-headquartered cryptocurrency exchange wrote in a statement.
In case you’re wondering what cryptocurrencies are supported by Coinbase and Coinbase Pro, here is an updated list.
What are the purchase limits of the Coinbase Card?
While these aren’t the best debit card limits in the market, it is unlikely that an average client will be frustrated by them. The Coinbase Card offers the following spending limits:
Daily: 10,000 GBP
Monthly: 20,000 GBP
Yearly: 50,000 GBP
If you are planning to use the Coinbase Card to withdraw your crypto assets, be aware of the daily ATM withdrawal limit of 500 GBP.
Coinbase Card fees
Coinbase Card fees are right in the middle between the most expensive Bitcoin debit cards, such as BitPay and CryptoPay, and highly competitive alternatives like Crypterium or Wirex.
The Coinbase Card issuance fee is 4.95 GBP. This same fee applies for issuing a new one in case of lost or stolen. There are no fees associated to the mobile application or security features such as 2FA (two-factor authentication) and cryptocurrency KYC/AML.
Coinbase does not charge an ATM withdrawal fee for amounts under 200 GBP. Above that, a 1.00% fee applies for transactions in the United Kingdom and a 2.00% fee elsewhere.
Using the Coinbase Card for traveling isn’t cheap. The purchase fee for international transactions is 3.00%. To both domestic and international transactions, Coinbase Card users should add a crypto liquidation fee (exchange cryptocurrencies to fiat) of 2.49%.
Is the Coinbase Card safe?
As previously mentioned, the Coinbase Card is managed through its own app. With it, users have access to multiple security features. Two-factor verification is one example. Coinbase recommends the following solutions: Google Authenticator, Duo and Microsoft Authenticator.
The app is also protected by end-to-end encryption. Another distinctive feature is the one that enables users to freeze cards instantly if lost or misplaced. The Coinbase Card app allows customers to get assistance 24/7 without leaving the application or access FAQ.
Coinbase Card — the best Bitcoin debit card?
The Coinbase Card is far from being the best cryptocurrency debit card in the market. Not because of its fees, but rather its limited availability. To date, only UK residents have access to it. Another important point preventing the Coinbase Card to be the best Bitcoin card is the separate app needed to manage it. Crypterium, another key player in the crypto prepaid card business, has integrated all card management features to its main app, which significantly increases convenience for users.