Coinbase Card Review
Coinbase Card is a crypto debit card that enables cardholders to directly spend their crypto assets on everyday purchases wherever Visa is accepted. The card currently supports 9 popular crypto assets and is available in most European Economic Area (EEA) countries.
Note: Coinbase Card is currently not available in the US.
Pros and Cons
- Efficient - The Coinbase Card enables users to spend crypto assets from their existing Coinbase wallet. It supports contactless payments, enabling cardholders to tap their cards against a POS machine at physical stores rather than swiping or inserting a chip when making a payment.
- Legitimacy - Coinbase is the first cryptocurrency exchange to become a Visa principal member. The company expects that this status will lead to additional features, services, and cardholder availability in more countries.
- Exchange Fees - A 2.49% crypto liquidation fee will be charged whenever cardholders make an online or in-store purchase with their crypto assets. This fee is steep in comparison to other card issuers.
- Limited Availability - Cardholder eligibility is currently limited to EEA residents.
- No Cash Balance Support - The Coinbase Card does not support the spending of fiat balances in your account. Cardholders are required to use their crypto asset balances, which includes the 2.49% liquidation fee.
Coinbase Card Overview
|Supported Currency||EUR, GBP|
|Issuing Exchange||Coinbase Pro|
|Virtual Card Support|
|Available in US|
|Available Regions||UK & EEA|
|Card Delivery||5-7 business days|
|Top Up Assets||ETH, XRP, BTC, ZRX, REP, BAT, BCH, XLM|
|Top Up Stablecoins||DAI|
|Top Up Methods||Crypto Deposit, Direct Deposit, ACH Credit, SWIFT, SEPA|
|Mobile Wallets||Google Pay|
|Issuing Bank||Paysafe Financial Services Limited|
|Benefits & Rewards||No Rewards|
Benefits & Rewards
The Coinbase Card does not currently offer cardholder benefits or rewards.
Coinbase Card Notable Fees and Limits
Physical Card Issuance
Virtual Card Issuance
Coinbase Card Spending Limits
Daily Top Up
How to Get the Card
In order to qualify for a Coinbase Card, existing Coinbase exchange users must request a card through the Coinbase Card mobile app.
The card application process works as follows:
- Cardholders use their existing Coinbase exchange account credentials to log in and sign up for a card.
- The same KYC registration requirements for a Coinbase exchange account apply to cardholders. Users who pass the initial Coinbase exchange account identity verification process shouldn’t have a problem applying for a Coinbase Card.
- Coinbase charges a physical card issuance fee of £4.95 or €4.95. This fee is paid using the crypto asset balance in your linked Coinbase exchange account. Cardholder applicants can pay with BTC, ETH, LTC, BCH, XRP, BAT, REP, ZRX, or XLM. Fiat currency is not supported for card issuance fee payments.
- According to Coinbase, cards are mailed out every afternoon, Monday through Friday.
- Applicants who sign up for a Coinbase Card should receive their card in the mail within 5 to 7 business days.
Mobile App Experience
The Coinbase Card mobile app is used for card registration, card activation, and fund deposits.
Here are a few key details about the mobile app:
Once a cardholder receives their card in the mail, they can easily use the Coinbase Card mobile app to activate the card. In the package, cardholders will find the physical card, along with a letter that includes the card’s activation code.
Cards can also be activated via phone. To find a local support number, go to the mobile app and tap ‘Card Settings’ > ‘Call Support’. Be sure to have your activation code ready when calling.
Adding Fiat & Crypto Assets
The Coinbase Card is linked to the existing balance of your Coinbase exchange account. The card does not currently support direct fiat currency deposits or spending, but fiat can be used to purchase crypto assets via your Coinbase exchange account.
The available crypto balances are BTC, ETH, LTC, BCH, XRP, BAT, REP, ZRX, XLM, and the recently-added DAI stablecoin.
Coinbase enables you to deposit crypto assets, which can then be spent with the debit card.
Accepted fiat currency deposit methods vary for each country. Most users from EEA countries can deposit via PayPal, 3-D Secure, debit card, or credit card. From there, users must convert fiat currency to a crypto asset supported by Coinbase Card. Options include BTC, ETH, LTC, DAI, BCH, XRP, BAT, REP, ZRX, or XLM.
Withdrawing Crypto Assets
Mobile app users can withdraw crypto assets to external wallets by paying standard blockchain transaction fees. The average cost of BTC withdrawals, for example, is around $0.10. In order to initiate a crypto withdrawal, Coinbase typically requires users to complete identity verification first. Specific account limits based on verification status can be found on the Account Levels page.
How to Use the Card
Using Coinbase Card for purchases is comparable to using traditional debit cards, with only a few slight differences.
- Cardholder deposits or purchases crypto assets on their Coinbase exchange account.
- Cardholder links their Coinbase exchange account to their Coinbase Card account.
- Cardholder directly spends crypto assets online or in-store at any Visa-approved merchant.
- Visa verifies that there are sufficient funds available to complete the cardholder’s transaction.
- Coinbase converts crypto assets to fiat currency on behalf of the cardholder.
- The merchant receives payment in their local fiat currency, regardless of which crypto asset has been selected.
Coinbase Card Alternatives
|Supported Currency||EUR, GBP||USD||EUR, GBP|
|Physical Card Issuance Fee||$4.95||$9.95||Free|
|Domestic ATM Fee||1%||$2||$1.75|
|Crypto-to-Fiat Fees||2.49%||Varies 0.5%-1%||1%|
|International Transaction Fee||3%||3%||3%|
|Mobile Wallets||Google Pay||Google Pay, Apple Pay|
|Available Regions||UK & EEA||U.S||UK EEA & SG|
Frequently Asked Questions
Is Coinbase Card available to residents of the United States?
No. The Coinbase Card is currently unavailable to US residents.
Does Coinbase Card support Apple Pay?
No. The Coinbase Card does not currently support Apple Pay.
Does Coinbase Card support Google Pay?
Yes. Coinbase Card customers in Belgium, Finland, France, the Republic of Ireland, Italy, Slovakia, Spain, Croatia, Poland, Denmark, Norway, Sweden, and the United Kingdom are able to use Google Pay.
Does Coinbase require Coinbase Card applicants to identify themselves via KYC?
Yes. Coinbase Card users are required to verify their identities. They must have a Level 2 Coinbase account in order to request a card.
Users will have to verify the following KYC information:
- Phone number
- Valid photo ID
- Personal information, including proof of address
How do I add funds to my Coinbase Card?
Coinbase Card does not currently support fiat currency spending. Fiat may be used to purchase crypto assets via a Coinbase exchange account.
Card users may add funds via Coinbase exchange deposit methods to the supported crypto account balances they wish to utilize.
Users can deposit crypto assets directly into the supported account balances. They may also use fiat to purchase crypto assets on Coinbase, which is then available to be spent from the Coinbase debit card.
Accepted fiat currency deposit methods vary based on country. Users from most EEA countries can deposit via SEPA, 3-D Secure, debit card, or credit card. From there, users must convert their fiat currency to a Coinbase-supported crypto asset.
Can I spend crypto assets directly using my Coinbase Card?
Yes. The physical card supports the direct spending of crypto assets for online and in-store purchases at Visa-approved merchants. Cardholders are required to link their Coinbase exchange account to a Coinbase Card account. Crypto assets can be spent via the Coinbase Card mobile app or the physical debit card.
What fees are associated with using the Coinbase Card?
Coinbase Card fees are generally higher when compared to traditional debit cards:
- Physical card issuance fee - Coinbase charges £4.95 or €4.95. There is no monthly maintenance or dormancy fee.
- ATM withdrawal limit - After reaching the monthly limit of £200 or €200, cardholders are charged a 1.00% fee for all ATM withdrawals.
- International transactions - Purchases made to merchants outside of the EEA include a 3% international purchase transaction fee.
- Intra-EEA transactions - In some instances, if a cardholder makes a purchase within the EEA, Coinbase charges an Intra-EEA transaction fee of 0.2%.
- Crypto liquidation fee - Cardholders must pay a 2.49% crypto liquidation fee on all transactions.
- High fees - Cardholders are required to pay an astronomically-high total fee of 5.49% for international transactions.
Does Coinbase support contactless payments?
Yes. Coinbase Card supports contactless payments (NFC enabled) for in-store purchases.
Are there spending limits attached to Coinbase Card?
- Daily Purchase Limit: £10,000 / €10,000
- Monthly Purchase Limit: £20,000 / €20,000
- Yearly Purchase Limit: £100,000 / €100,000
- Daily ATM Withdrawal Limit: £500 / €500
Does Coinbase Card have a mobile app?
Yes. The Coinbase Card mobile app (available on iOS and Android) is used for card registration, card activation, and fund deposits.
Conclusion: Is Coinbase Card Worth It?
Coinbase is undoubtedly one of the most reputable cryptocurrency exchanges. With this worldwide name recognition, one would expect the Coinbase Card to be a high-quality option. Unfortunately, these expectations are unfounded.
High transaction fees, low ATM withdrawal limits, and limited global availability are the main drawbacks to this crypto debit card. Many customers have complained that the mobile app user experience is also lacking, especially when compared to the main Coinbase exchange app.
It’s difficult to envision the Coinbase Card gaining traction without a significant reduction in fees across the board.
Due to becoming a Visa principal member in February 2020, Coinbase may be able to offer additional services and market expansion. This change would make Coinbase Card a more viable option. Coinbase may issue Visa cards directly to consumers, rather than relying on third party banks. This could result in the removal of extremely high additional fees.
At this time, with the subpar current fee structure and lack of cardholder benefits and rewards, it’s hard to make a convincing argument in favor of Coinbase Card.