Author

Topic: Coinbase Instant Buy, 1% Fee (Read 3612 times)

hero member
Activity: 854
Merit: 1000
January 21, 2014, 06:38:37 AM
#10
I`ve heard that if you link a credit card to your account on Coinbase, they`ll allow you to instantly buy 1 BTC per day. What I`m wondering, and what I hope someone can confirm is, if you keep a low balance in your bank account, they would then draw funds from the `backup` credit card, correct? From the customer`s perspective, wouldn`t this be ideal?

What I mean is, most of us with our dirty FIAT credit cards get rewards, such as 1% cash back. If we could `force` coinbase to utilize the credit card, would we not be essentially making exchanges for free (ie. nullifying the 1% coinbase exchange fee)? Anyone try this?
They mark it as cash advance.  You won't get any rewards.
full member
Activity: 166
Merit: 100
January 21, 2014, 05:00:04 AM
#9
why do they need a cc? can't you just wire the funds?
hero member
Activity: 826
Merit: 1000
January 17, 2014, 10:06:48 AM
#8
It was so much better when they didn't need a CC to verify. I mean seriously my SS number and bank info isn't enough?
legendary
Activity: 1162
Merit: 1001
January 15, 2014, 11:41:25 PM
#7
Not brave enough to try this out considering you might get smacked with oodles of charges from your cc.
legendary
Activity: 1512
Merit: 1124
Invest in your knowledge
January 15, 2014, 11:28:07 PM
#6
This is probably a worthless post because it should go without saying... BUT

Coinbase REALLY needs to get a better handle on the Instant Buy deal... I mean... I am currently trying to obtain a friggen Visa card solely because I hate getting screwed over by Coinbase's 4 business day hold on purchases...

Gaw!

I am loath to use credit cards and this really doesn't sit well with me...

Coinbase... are you listening?


Yes
member
Activity: 117
Merit: 10
My Precious!
January 15, 2014, 10:04:13 PM
#5
This is probably a worthless post because it should go without saying... BUT

Coinbase REALLY needs to get a better handle on the Instant Buy deal... I mean... I am currently trying to obtain a friggen Visa card solely because I hate getting screwed over by Coinbase's 4 business day hold on purchases...

Gaw!

I am loath to use credit cards and this really doesn't sit well with me...

Coinbase... are you listening?
full member
Activity: 153
Merit: 100
January 15, 2014, 09:59:05 PM
#4
I`ve heard that if you link a credit card to your account on Coinbase, they`ll allow you to instantly buy 1 BTC per day. What I`m wondering, and what I hope someone can confirm is, if you keep a low balance in your bank account, they would then draw funds from the `backup` credit card, correct? From the customer`s perspective, wouldn`t this be ideal?

What I mean is, most of us with our dirty FIAT credit cards get rewards, such as 1% cash back.

Credit card purchase may be coded as "cash advance" by the Bank and it wouldn't be counted for cash back either. In that case its not advisable to purchase with CC. YMMV
KJO
full member
Activity: 173
Merit: 100
January 15, 2014, 08:20:42 PM
#3
I`ve heard that if you link a credit card to your account on Coinbase, they`ll allow you to instantly buy 1 BTC per day. What I`m wondering, and what I hope someone can confirm is, if you keep a low balance in your bank account, they would then draw funds from the `backup` credit card, correct? From the customer`s perspective, wouldn`t this be ideal?

What I mean is, most of us with our dirty FIAT credit cards get rewards, such as 1% cash back. If we could `force` coinbase to utilize the credit card, would we not be essentially making exchanges for free (ie. nullifying the 1% coinbase exchange fee)? Anyone try this?

First, the credit card must be a visa. Coinbase will not accept a mastercard for ID verification.

Second, you are right, the credit card will only be used if your bank account funds are low and they need additional funds to satisfy payment.

I don't know anything about 1% rewards but it could theoretically work.
newbie
Activity: 4
Merit: 0
January 15, 2014, 11:26:20 AM
#2
Bump. Has anyone tried/had success with this?
sr. member
Activity: 350
Merit: 253
November 26, 2013, 03:46:56 PM
#1
I`ve heard that if you link a credit card to your account on Coinbase, they`ll allow you to instantly buy 1 BTC per day. What I`m wondering, and what I hope someone can confirm is, if you keep a low balance in your bank account, they would then draw funds from the `backup` credit card, correct? From the customer`s perspective, wouldn`t this be ideal?

What I mean is, most of us with our dirty FIAT credit cards get rewards, such as 1% cash back. If we could `force` coinbase to utilize the credit card, would we not be essentially making exchanges for free (ie. nullifying the 1% coinbase exchange fee)? Anyone try this?
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