Coinbase now has its own debit card | Bitcointalksearch.org

gentlemand

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Quote from: Noidremained on March 02, 2020, 05:34:23 AM

one good thing about the coinbase card is that your crypto is only converted to fiat when you spend it on something whilst for a lot of other cards your crypto will be converted to fiat when you top up the card. (and it's available in my country)

I have cards that do both. They both have useful points. Sometimes you want to secure a certain amount of fiat ahead of time. It's very annoying when you were planning a purchase and there's a huge change in the exchange rate before you're ready to buy. I wouldn't want only one option.

Noidremained

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one good thing about the coinbase card is that your crypto is only converted to fiat when you spend it on something whilst for a lot of other cards your crypto will be converted to fiat when you top up the card. (and it's available in my country)

Rajbir1994

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Thank you so much for sharing this thread here. I just got this news from another website. So I would like to share this link here: https://all-stocks.net/coinbase-set-to-launch-the-first-crypto-visa-debit-card-coinbase-card/ Hope all coinbase users will be excited.

TryNinja

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Quote from: vit05 on April 15, 2019, 06:01:59 PM

Some people are being very radical. The interesting thing about this proposal is that you can only have Bitcoins in your "savings account" and still buy practically anything. You no longer need to have fiat, for ordinary purchases, if you live in a country served by that card. It is one of the first steps, not the last one, to use Bitcoin as a store of value.

And all this for only:

Quote

£4.95 for the card
2.49% "crypto liquidation fee" on transactions (yes, 2.5% fee for ALL purchases)
2.49% + 0.2% on EEA transactions
2.49% + 3% on international transactions

From: https://support.coinbase.com/customer/portal/articles/2969910-coinbase-card-faq

No thanks. Like I said, I’m not supporting a bunch of mercenaries for the sake of “supporting Bitcoin usage”.

vit05

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Some people are being very radical. The interesting thing about this proposal is that you can only have Bitcoins in your "savings account" and still buy practically anything. You no longer need to have fiat, for ordinary purchases, if you live in a country served by that card. It is one of the first steps, not the last one, to use Bitcoin as a store of value.

LTU_btc

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Wow, these Coinbase fees are ridiculous, especially crypto liqudation fee. So, I would have to pay this fee every time when I want to spend crypto? Sorry, but no. But I think that Coinbase knows well what they are doing, and even with these fees they probably will find enough customers using this card. But with such fees policy, I hope that Coinbase will fail.

Quote from: o_e_l_e_o on April 15, 2019, 02:29:55 PM

Last time I checked Revolut lets you 'buy' crypto but you can't withdraw it and you can't deposit it.

Is there any proof that you have actually bought crypto? Or that they have bought it on your behalf? Or is it essentially just a tracker fund?
[/quote]
Here is one response from Revolut about crypto:
https://community.revolut.com/t/proof-of-revolut-crypto-account/19440

Quote

Your cryptocurrency exposure is stored on our internal ledger (which is a record of all debits, and credits that occur within the Revolut platform) and is used to attribute funds to your account

But actually, there is no proof that Revolut hold that crypto, it's just words

gentlemand

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Quote from: o_e_l_e_o on April 15, 2019, 02:29:55 PM

Is there any proof that you have actually bought crypto? Or that they have bought it on your behalf? Or is it essentially just a tracker fund?

I've never seen links to any actual addresses so best to treat it as a tracker fund indeed. I'd be interested to see what they do when there are violent movements. You hear very, very little about it so I've no idea how much use it's getting. I think you need a paid account to access it.

o_e_l_e_o

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Quote from: gentlemand on April 15, 2019, 02:09:25 PM

Last time I checked Revolut lets you 'buy' crypto but you can't withdraw it and you can't deposit it.

Is there any proof that you have actually bought crypto? Or that they have bought it on your behalf? Or is it essentially just a tracker fund?

Quote from: TryNinja on April 15, 2019, 02:17:49 PM

I prefer to sell my BTC and use my bank cc than to support this shitshow from Coinbase.

Agreed. I can sell my bitcoins for zero or negligible fees peer-to-peer, on localbitcoins, on a number of exchanges, etc., and then use my credit card to earn money on the fiat I am then spending. There is literally no reason I would want to use this card.

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Quote from: RodeoX on April 15, 2019, 02:09:47 PM

So there is an issuance fee... But what else? What is the rate and is there a transaction fee? I assume there is or it would be a cheaper way to sell.

Apparently, this is more like an money-grab scheme by Coinbase than an actual useful service. Just take a look at those fees:

Quote from: o_e_l_e_o on April 13, 2019, 04:30:04 PM

Quote from: TryNinja on April 13, 2019, 04:00:25 PM

Can I get a source on that, because if it’s true then that’s pretty terrible.

https://support.coinbase.com/customer/portal/articles/2969910-coinbase-card-faq

£4.95 to buy the card or a replacement card
1% fee on any cash withdrawal over £200 per month.
2% fee on any international cash withdrawal over £200 per month
2.49% "crypto liquidation fee" on any transaction
2.49% + 0.2% on any EEA transaction
2.49% + 3% on any international transaction

It's seriously terrible, but exactly what is to be expected from Coinbase. I really don't know why anyone continues to use this exchange with all their scummy behavior like insider trading and breaking their own rules to list the shitcoin bags that they themselves are holding. Now they want us to pay even more ridiculous fees for the privilege of giving up control of our coins to them. Sorry, but what is the customer getting out of this?

I prefer to sell my BTC and use my bank cc than to support this shitshow from Coinbase.

RodeoX

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So there is an issuance fee... But what else? What is the rate and is there a transaction fee? I assume there is or it would be a cheaper way to sell.

gentlemand

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Quote from: o_e_l_e_o on April 15, 2019, 02:07:02 PM

Oh well. I thought some of them actually offered in-app cryptocurrency trading? I can't imagine they would be shutting down accounts for being linked to crypto exchanges when they offer cryptocurrencies themselves.

Last time I checked Revolut lets you 'buy' crypto but you can't withdraw it and you can't deposit it. That makes it rather more locked down than if you were funnelling trillions from some Tor exchange.

All these crypto friendly places seem to fuck up eventually. Fidor was supposed to be the answer to everyone's hopes but you can only send out from it and I've heard of people being fucked by them shutting them down for crypto related stuff.

I'm willing to guess that many people with problems massively abuse these platforms, but plenty of others don't at all.

o_e_l_e_o

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Quote from: gentlemand on April 15, 2019, 01:57:50 PM

They're more twitchy about shutting people down than your average bank.

Oh well. I thought some of them actually offered in-app cryptocurrency trading? I can't imagine they would be shutting down accounts for being linked to crypto exchanges when they offer cryptocurrencies themselves.

I'm sure this card from Coinbase will have a market, it's just the fees are massively disappointing (as with almost everything to do with Coinbase). I'm also sure they will eventually roll it out worldwide, but I'll be sticking to localbitcoins, thanks.

gentlemand

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Quote from: o_e_l_e_o on April 15, 2019, 01:50:41 PM

Could you not use one of the new digital-only banks like Starling, Monzo, or Revolut? As far as I am aware, they are all pretty crypto friendly, and they all offer cards for free with no fees to use. You obviously have to turn your bitcoins in to fiat and load up your card on your own, but I'd be more than happy to do that if it means I don't have to use Coinbase, never mind their stupid fees.

They're more twitchy about shutting people down than your average bank. They leach off real banking so they're going to be double anxious to keep them sweet. They're also problematic with plenty of exchanges so to load them you'd have to go through your conventional account so there's no point.

o_e_l_e_o

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Quote from: gentlemand on April 14, 2019, 06:30:04 PM

The UK is also the world centre of crypto users having their bank accounts closed for no good reason so for me at least a card is an attractive option and worth the cost for occasional use. I don't want any bank involvement if I can help it.

Could you not use one of the new digital-only banks like Starling, Monzo, or Revolut? As far as I am aware, they are all pretty crypto friendly, and they all offer cards for free with no fees to use. You obviously have to turn your bitcoins in to fiat and load up your card on your own, but I'd be more than happy to do that if it means I don't have to use Coinbase, never mind their stupid fees.

gentlemand

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Quote from: Crypto Girl on April 13, 2019, 10:30:27 PM

F*ck the fees, are they being serious right now? The fees are ridiculous and only dumb people will jump into it.
Never used coinbase either since it didn't support my country but even it's supported I don't give a damn and using traditional debit cards are way more convenient and cost efficient.

This coinbase's card are hilarious to think, I mean it's still under the "bank" after all.

In the UK the only alternative is Wirex. They charge £1 a month for the card and their spread is pretty goddamn big. I can't be bothered to work it out but I think they're probably going to be quite similar in how much they cost to use.

Wirex are flaky as fuck and their app is constantly going down or they shut down the exchange option to the card on a regular basis. Coinbase may be assholes but at least they run a functioning operation.

The UK is also the world centre of crypto users having their bank accounts closed for no good reason so for me at least a card is an attractive option and worth the cost for occasional use. I don't want any bank involvement if I can help it.

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High fees or not there are still a lot of people who will agree to pay. We currently don't have many options and when we have one it doesn't work for the long term. I would prefer to rely on a card from Coinbase than something like Monaco or Tenx even if I don't know about these projects, we've been hearing about them since last year, do they have a card that works?

electronicash

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though its just for UK residents. not all of us like coinbase but its a good development still.

this will also be a good thing for crypto who promises such development for they can now also do the same like the Monaco debit card and Tenx project. With these two also have their cards distributed and get used by users will be a solid proof of adoption.

o_e_l_e_o

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Quote from: nc50lc on April 13, 2019, 10:37:17 PM

This is quite misleading, it looks like that there's 5%+ fee for every international or EEA Purchases (crypto liquidation fee included).

This is certainly how I understand it. To use the card to settle in fiat anywhere, you have to liquidate your crypto, so there would be a 2.49% charged on any and every transaction. Any transaction outwith the UK but within the European Economic Area would incur an additional 0.2% on top of that (2.69% total), and any international transaction would incur an additional 3% (5.49% total). I also wonder, then, whether this also means a 2.49% liquidation fee on cash withdrawals. Given that this is Coinbase, I usually assume the worst possible scenario is the right answer.

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Quote from: o_e_l_e_o on April 13, 2019, 04:30:04 PM

2.49% "crypto liquidation fee" on any transaction
~~2.49%~~ + 0.2% on any EEA transaction
~~2.49%~~ + 3% on any international transaction

This is quite misleading, it looks like that there's 5%+ fee for every international or EEA Purchases (crypto liquidation fee included).
I've added "strikethrough" to fix it.
You also forgot to mention about the "chargeback".

So this concludes that Coinbase isn't much of an Exchange nor a Crypto-payment processor but a full pledged Bank.

Buy hey, it's a great way to spend your Bitcoins to non-crypto accepting Merchants and establishments. With this, Coinbase funds can even be used to pay Electric, Water and other Bills like the one we have in ASIA.

Crypto Girl

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Quote from: o_e_l_e_o on April 13, 2019, 04:30:04 PM

£4.95 to buy the card or a replacement card
1% fee on any cash withdrawal over £200 per month.
2% fee on any international cash withdrawal over £200 per month
2.49% "crypto liquidation fee" on any transaction
2.49% + 0.2% on any EEA transaction
2.49% + 3% on any international transaction

F*ck the fees, are they being serious right now? The fees are ridiculous and only dumb people will jump into it.
Never used coinbase either since it didn't support my country but even it's supported I don't give a damn and using traditional debit cards are way more convenient and cost efficient.

This coinbase's card are hilarious to think, I mean it's still under the "bank" after all.

o_e_l_e_o

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Quote from: TryNinja on April 13, 2019, 04:00:25 PM

Can I get a source on that, because if it’s true then that’s pretty terrible.

https://support.coinbase.com/customer/portal/articles/2969910-coinbase-card-faq

£4.95 to buy the card or a replacement card
1% fee on any cash withdrawal over £200 per month.
2% fee on any international cash withdrawal over £200 per month
2.49% "crypto liquidation fee" on any transaction
2.49% + 0.2% on any EEA transaction
2.49% + 3% on any international transaction

It's seriously terrible, but exactly what is to be expected from Coinbase. I really don't know why anyone continues to use this exchange with all their scummy behavior like insider trading and breaking their own rules to list the shitcoin bags that they themselves are holding. Now they want us to pay even more ridiculous fees for the privilege of giving up control of our coins to them. Sorry, but what is the customer getting out of this?

TryNinja

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Quote from: o_e_l_e_o on April 13, 2019, 03:39:38 PM

I want to spend bitcoin by scanning a QR code and paying direct. I don't want to trust a third party to do it for me - if I wanted that, I wouldn't be here in the first place. Coinbase have already said they will be taking 2.5% in fees on every transaction, and knowing how scummy Coinbase are, I have no doubt that you will get the worst possible exchange rate imaginable.

Wtf? Is this legit? Can I get a source on that, because if it’s true then that’s pretty terrible. I thought everyone was overreacting with the “I can do that with my bank cc”, but if you need to pay 2,5% just to spend your coins, then I don’t see why anyone would use this. Thank god there are free options like this in my country, because I would never get back on using Coinbase with them pulling this kind of shit.

o_e_l_e_o

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Quote from: mindrust on April 12, 2019, 12:50:13 AM

It is a good step to raise crypto awareness and adoption but once people find out that they don't need a plastic card to spend crypto, they'll dump them.

Visa is just trying to get a bite of the new game.

Personally I against Coinbase after all the shit they put lately and Visa is a bank. Any product coming from this combination can't be good for us.

Pretty much this.

I want to spend bitcoin by scanning a QR code and paying direct. I don't want to trust a third party to do it for me - if I wanted that, I wouldn't be here in the first place. Coinbase have already said they will be taking 2.5% in fees on every transaction, and knowing how scummy Coinbase are, I have no doubt that you will get the worst possible exchange rate imaginable.

Things that I can currently pay for with a card, I pay for with my credit card and make 2-3% cashback. Why would I use my card to buy on Coinbase and be charged their over the top fees, and then use their card to pay for things and be charged their over the top fees a second time?

This is good for Coinbase and no one else.

milewilda

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Its sad that this is currently available for UK but i do expect that it would roll out anytime soon and its good to see that Coinbase already have debit card but still....
It nothing different if i do just simply used up my own traditional Debit card.

Quote from: LeGaulois on April 11, 2019, 02:27:13 PM

No BTC logo on the card Embarrassed

I can do that with my bank, irony...

This is the thing why im discouraged.lol

hugeblack

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The only advantage of that card is the possibility of spending directly from cryptocurrencies, but unfortunately, I only see it as an attempt from that coinbase to be the crypto bank.

I hope that the effort will be developed to solve the solutions without resorting to Visa cards by supporting a card with a mini LN card that enables individuals to buy, sell and discount the balance of crypto balance.

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@timerland
Without a banking licence, Coinbase can't issue its own Visa/Mastercard. Like all other similar services offering a card, they need to use a 3rd party. But I won't be surprised if Coinbase gets a license within 5 years, it has been developing in this direction for several months.

Quote from: mindrust on April 12, 2019, 12:50:13 AM

Visa is just trying to get a bite of the new game.

Personally I against Coinbase after all the shit they put lately and Visa is a bank. Any product coming from this combination can't be good for us.

Avoid.

Visa doesn't have much to do with it, it's a deal between Coinbase and Paysafe. BTW, Visa is not a bank .

mindrust

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It is a good step to raise crypto awareness and adoption but once people find out that they don't need a plastic card to spend crypto, they'll dump them.

Visa is just trying to get a bite of the new game.

Personally I against Coinbase after all the shit they put lately and Visa is a bank. Any product coming from this combination can't be good for us.

Avoid.

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Quote from: Potato Chips on April 11, 2019, 03:20:00 PM

>Only avail in UK
>will roll out in other European countries in the oncoming months.

kinda expected Wink

. most of what I see is only available in European countries. I hope they won't be stuck in only providing it there for years.

And I think you meant debit card. As the name says, credit cards are for credits where the funds that'll be used are borrowed which shall then be repaid later.

You're right. My bad.
I edited the title.

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Another good development in crypto. I wonder how they can establish the limit per person. What are the factors involved to get higher limits? Would it depend on the holdings and history of a particular person in that exchange?

Edit: The OP should change it to debit card not credit card. Debit and credit cards are different. The reason why I asked for the limits. I thought they are issuing credit card.

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Quote from: timerland on April 11, 2019, 06:19:17 PM

Have they actually teamed up with VISA or just one of those card issuers like Wavecrest in the past?

I found this at the bottom of their Card's page:

Quote

This card is issued by Paysafe Financial Services Limited. Paysafe Financial Services Limited is authorised
by the Financial Conduct Authority under the Electronic Money Regulations 2011 FRN: 900015 for the issuing of the electronic money and payment instruments.

https://www.coinbase.com/card

I guess they would only be able to issue one directly from VISA if they got a banking license. Otherwise, they need some kind of middleman.

timerland

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Quote from: kenzawak on April 11, 2019, 01:18:44 PM

Coinbase And Visa Are Making Bitcoin, Ethereum, Ripple's XRP And Litecoin Payments A Reality

"Coinbase has teamed up with global payments processor Visa to try to change that, launching the Coinbase Card which allows users to "spend crypto as effortlessly as the money in their bank.

Have they actually teamed up with VISA or just one of those card issuers like Wavecrest in the past?

The product itself that they are offering in my opinion is fundamentally no different than what Wirex offered, or a bunch of other crypto debit card services. They are all based off the same idea, automating the crypto-fiat transaction, etc.

But if they were able to establish some sort of direct relationship with visa themselves, it could prove to be a lot more stable than what other services had in the past, which was constant issues with regulation and card issuers turning on them. That could prove successful given how a bunch of businesses had to completely restructure their model given the problems Wavecrest had in the past. But the fact that this is only offered to a restricted bunch of countries, and is not anonymous, will probably lower its potential.

LTU_btc

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OP, please correct title of your thread - Coinbase launched debit card, not credit card, it's a big diference.
Interesting news. Currently there is lack of crypto debit cards in the market, so Coinbase now see big opportunities. So far they haven't published main information about their card - monthly fees, ATM withdrawal fees, limits and etc. If fees will be low and limits big enough, probably I'm going to order this card. But I predicted that this card will be not available in my country very soon. Despite that I live in EU, Coinbase started to allow to buy/sell crypto on their platform in my country only in the end of last year. Probably same thing will happen with debit cards.

Potato Chips

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>Only avail in UK
>will roll out in other European countries in the oncoming months.

kinda expected Wink

. most of what I see is only available in European countries. I hope they won't be stuck in only providing it there for years.

And I think you meant debit card. As the name says, credit cards are for credits where the funds that'll be used are borrowed which shall then be repaid later.

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Currently only available to the U.K citizens, unfortunately, but I hope it will expand soon enough. I wonder how many new customers this card will bring to the company, Coinbase becomes really big. At least, I expect this solution will last a little longer than advcash and others. The card is issued by Paysafe.

No BTC logo on the card Embarrassed

I can do that with my bank, irony...

kenzawak

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Coinbase And Visa Are Making Bitcoin, Ethereum, Ripple's XRP And Litecoin Payments A Reality

https://www.forbes.com/sites/billybambrough/2019/04/10/coinbase-and-visa-are-making-bitcoin-ethereum-ripples-xrp-and-litecoin-payments-a-reality/#74eda9a15943

"Coinbase has teamed up with global payments processor Visa to try to change that, launching the Coinbase Card which allows users to "spend crypto as effortlessly as the money in their bank.
...
The Visa debit card, which has a £4.95 ($6.50) card issuance fee, can be used to spend Coinbase bitcoin, ethereum, Ripple's XRP, and litecoin balances "in millions of locations around the world," by converting the cryptocurrency to fiat when the card is used—the merchant or store gets paid in traditional fiat currency.

Coinbase users can choose which cryptocurrency is used on the card through a new app which supports all crypto assets available to buy and sell on the Coinbase platform. The app also offers instant receipts, transaction summaries, and spending categories, to help people keep track of their spending."

Topic: Coinbase now has its own debit card (Read 392 times)