Topic: Coinbase and credit cards (Read 4762 times)

I have a MasterCard and bought via coinbase. Never been charged as a 'cash advance' as someone above claims. It goes through as if you bought your weekly grocery shopping. Coinbase do charge circa £1 for every £40 spent buying Bitcoin. One thing I've noticed is that they randomly change your limit allowed. I started at £100 daily limit. They then increased this to £500 then lowered it to £40. I've not had a valid reason out of them for this. Maybe I was buying too much coin.

Edit to add, I also have a Visa debit card linked on coinbase. It's exactly the same £40 current daily limit and cost to buy.

thats a pretty nice limit you got there. i wouldnt mind getting a trezor for christmas tbh lol. 

I haven't bought any coins from coinbase,but I old alot to them and it was a pretty good overall experience. I sell them my coins and they add the money direct to my bank account and they paid the fees and everything.

Interesting Update, and rather substantial in my opinion...
After making my comments I went to my www.Circle.com account and was planning on doing a "test" buy using my credit card.  I had no intention of following through, but just really wanted to see what the limits were.  Last time it limited me to $100 I saw.

But my current Credit Card limit is now at $3000.00.  Instant Purchase too.  That means I can use my Credit Card to Instantly Purchase up to $3000.00 in bitcoin using www.Circle.com.

LOL - I am going to be in soooo much trouble when my wife finds out what I just did   LOL

Looks like the kids are getting Trezors loaded with Bitcoin from Santa this year   ROFL

Peace,
- david

Actually, I just did more research, and while you are correct, it seems limited to only certain types of Credit Cards....

SOURCE: https://support.coinbase.com/customer/portal/articles/2144698

QUOTE:
How do I buy bitcoin with a credit or debit card in Europe and the UK?

Nov 04, 2015   
You can buy bitcoin with a credit or debit card if your card supports ‘3D Secure’. With this payment method, you will not have to pre-fund your account to buy bitcoin. You can purchase bitcoin instantly without waiting for a bank transfer to complete.
 
To determine if your card supports 3D Secure, you can contact your credit/debit card provider directly or simply try adding it to your Coinbase account. You will get an error message if your card does not support 3D Secure. Some banks will require various security steps to authorize a purchase using 3D Secure. Some of the methods you may see will be a text message, a bank provided security card, or security questions.

This method is not available for customers outside of Europe and the UK. For help with instant purchases in the US, please refer to the following article: How does Coinbase use my credit card?

Soooo.... continuing to U.S. Customers:

SOURCE: https://support.coinbase.com/customer/en/portal/articles/1913170

EXCERPT:
How does Coinbase use my credit card?

Oct 09, 2015   
This article is for US based customers.

After verifying your VISA or MasterCard credit card, the instant buy option becomes available. When you place an instant buy order, Coinbase runs an authorization check with your card provider before processing the order.

Your credit card is not charged for instant buy orders. Instant buy orders use the same ACH payment method applied to standard purchases from your bank account. This enables Coinbase to offer instant buys with the same low 1% fee.

​If the payment from your bank fails for any reason, Coinbase will attempt to reclaim lost funds from your Coinbase bitcoin wallet. If your bitcoin wallet balance is insufficient to cover this, the credit card is charged for the outstanding amount. Coinbase assesses an additional fee of 2.96% on transactions where your primary payment method fails and your credit card must be charged to complete your purchase. An additional cash advance / ATM fee may be applied by your bank, depending on your agreement with them.

Mastercard and Visa credit cards, not debit see https://support.coinbase.com/customer/en/portal/articles/1392080-which-credit-cards-can-be-used-for-instant-purchases-

First it is a debit card and not a credit card. Are big differences between both. Even that this depends from the "rights" given to the debit card which some times make it practically like a credit card (at least in the use). For example normally the debit card must be used only at ATM's to take your money and that's all. But some banks give such cards even the right to buy at internet or at the POS, quality these of credit cards.

As for the fees and the lack of other info you have totally right. Is not correct issue such tool and not give its costs or other qualities connected with that which are very important. This seems a trick to distribute as many as it will be possible using the marketing and the good name of the business. But is not a fair behavior. I am a user of Coinbase and like it as a customer. Give quality and low costs for the services I use (wallet) and give good prices in the buy and sell of bitcoin. So, if will continue in this way even this card must be competitive compared with the others actually at market or which can be created.

#1 USING a Credit Card (as in having it on file) with Coinbase, and using it as a backup to purchase Bitcoins

...... is different from.....

#2 GETTING a Coinbase DEBIT card (not Credit Card - no such thing as a Bitcoin "Credit Card" yet) which comes from Shift Payments (Satoshi Labs) and is a Visa, and is currently no charge/fee to use (except the $10 setup fee which actually pays for the Plastic Card to be shipped to you)

It has been a while since I opened a Coinbase Account but here is my recollection and experience.

The real purpose of using a Credit Card with Coinbase is that if you have a Card on file, it increases your limits and transaction speed when purchasing out of your direct bank account link.  

Basically, Coinbase will let your direct bank link purchases go much faster and at larger volumes if you have a Credit Card on file.  This is sort of normal "insurance" for financial companies.  My Paypal account does the same sort of thing I think.  It's like increasing the level of your verification.

In regards to actually making a purchase of Bitcoins with a Credit Card - I don't actually see the ability to BUY with my Credit Card.  It is clearly listed as a BACKUP funding source - in the event the bank funds aren't there.  But even if I am wrong and you can (it would be small limit) - it isn't Coinbase you have to worry about regarding the fees.  I think their fee would be the same.  BUT the Credit Card company DOES charge you a fee.  Purchases of Bitcoin in the Visa/Mastercard financial system are treated as "Cash Advances" not retail purchases.  So whatever your card charges for a Cash Advance is what you will be charged.  Normally it ain't cheap.

Basically, buying Bitcoin with a Credit Card sounds nice, but isn't the best method.  I just linked my bank account.  I know all the paranoid delusionals on here get freaked out about that - but honestly, that is the way everyone does everything in almost all current systems - including Paypal.

IF you feel you really want "anonymous" bitcoins - go buy some "Local" bitcoins.   But even the Bitcoin ATM's will require detailed info - especially as you get into larger amounts of bitcoin.  And ultimately when you spend them they can track them eventually if they wanted to.  Unless you get totally freaky and time consuming with excess security issues.

And in regards to use of cards - they accept Visa and Mastercard according to my internal "Add a Card" portal.  I use Visa.

UPDATE: I checked my histories, and it is www.Circle.com that allows bitcoin purchases with Credit Cards, but everything above I wrote is still applicable... low limits and Credit Card Co treats it as a Cash Advance with higher fee. Not worth it in my opinion.

Getting into Bitcoin is a new, sometimes scary and leery experience.  Was for me.  I don't trust anyone.  And my 1st transaction was soooooo slow, and I was hyper paranoid, and I cussed out coinbase reps several times, fired off complaints etc.  But everything went through after a nerve wracking week or so.  Then it got quicker and quicker as I developed a history.  Now I don't think about it much.   They are huge.... and stealing from me or screwing up my money just gives them a black eye as I post trash about them all over the web.  They don't want that.  And they are regulated to hell and back so their higher ups can now go to prison if they act crappy.

Hope this helped.  Good luck.

Peace,
- david

they just can provide visa card and if you wanted to see FAQ here's the link https://www.shiftpayments.com/faq , shift card with coinbase card is the same if im not wrong

I have a couple of questions about using a credit card on Coinbase:
What types of cards do they accept? (Is it just Visa?)
What are the fees for using a credit card?
What is their refund policy for credit cards?
I'm probably being stupid, but I've had a look on their website and can't seem to find the answer. Thanks in advance!