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Are you a Coinbase user or someone who has at least thought about using Coinbase for buying and selling crypto?
Did you know that Coinbase actually offers a free debit card?
Many people are surprised to find out they can get a debit card from Coinbase and use it to make purchases using the blockchain.
But how much are fees and what are the limits when using it? How would you go about getting a Coinbase debit card?
I answer these and more in the post below.
In This Post:
- Is There a Coinbase Debit Card?
- How Does Coinbase Debit Card Work?
- How Do I Get a Coinbase Debit Card?
- What Is the Coinbase Debit Card Limit?
- Is Coinbase Debit Card Instant?
- Is Coinbase Debit Card Worth It?
- What Are the Fees With the Coinbase Debit Card?
- What Should I Do if I Have Problems Using My Coinbase Debit Card?
- Wrapping Up
Is There a Coinbase Debit Card?
Yes, there is a Coinbase debit card available. A Coinbase debit card is a prepaid Visa card that allows users to purchase anywhere Visa is accepted. It works just like a typical debit card, but it has some added features.
Benefits of Using a Coinbase Debit Card
With a Coinbase debit card, there are several advantages. Some of them include:
- No monthly fees
- No annual fee
- No minimum balance requirement
- No ATM withdrawal limits
- No foreign transaction fees
- No hidden charges
- No expiration date
- No international transaction fees
- No CVV code
- No network fees
- No overdraft protection
- No maintenance fees
- No late fees
And so forth.
Therefore, if you are looking for a way to easily convert cryptocurrencies into fiat currency without having to worry about fees, a Coinbase debit card could be perfect for you.
However, before you go ahead and purchase a Coinbase debit card, let us list down some of its drawbacks as well.
Drawbacks of Using a Coinbase Debit Card
Some of the disadvantages of using a Coinbase debit card include:
- There are no rewards programs
- There are no cash back offers
- There are no customer service representatives
- There is no customer support
- There is no insurance coverage
- There is no warranty
- There is no reimbursement policy
Another disadvantage is the 2.49% cryptocurrency liquidation fee. Coinbase charges a 2.49% cryptocurrency conversion fee on all transactions made with the Coinbase debit card. As a result, when you use this debit card to buy cryptocurrencies, you will also need to pay an extra 0.02% fee.
Therefore, these are some of the main reasons you should not consider buying a Coinbase debit card. However, this doesn’t mean that you can’t use one at all. You can still use a Coinbase debit card by paying with Bitcoin Cash.
How to use Coinbase debit card by paying with Bitcoin cash
To use a Coinbase debit card to buy cryptocurrencies in the most accessible manner, you have to first convert your Bitcoin Cash into USDT or USDC. To do this, follow the steps below:
- Go to Coinbase.com
- Click on the “Buy/Sell” tab
- Select “Bitcoin Cash” from the dropdown menu
- Enter the number of coins you wish to sell
- Choose the payment method you prefer, i.e., debit card or bank transfer
- Proceed further and complete the rest of the process
- Once everything is done, click on the “Confirm Buy” button
- You will receive a confirmation email once the entire process is completed
- Now, you can withdraw your funds via a Coinbase debit card
- You can now use your Coinbase debit card to buy anything else you desire
Remember to keep your wallet safe because any unauthorized access would lead to losing your money.
Note: If you want to buy more than 1 million dollars worth of cryptocurrencies, you may have to contact Coinbase directly.
Note: The above steps only work if you already own Bitcoin Cash. However, if you don’t yet own any Bitcoin Cash, you can buy it through Coinbase.
You can close your Coinbase debit card by logging into your account and clicking on Wallet settings. Then click on Wallet limits and set the amount to zero.
To view the current balance of your Coinbase debit card, log in to your account and go to Wallet settings. Then scroll down to the bottom of the page and click on balance.
How Does Coinbase Debit Card Work?
Once you link your Coinbase account with your bank account, you will be given a virtual MasterCard debit card that works exactly like a physical card.
When you swipe your Coinbase debit card at merchants, the merchant will see your virtual card instead of your actual card. As a result, this means that you won’t be charged additional fees.
You can pay for your purchases without worrying about your credit score since the transactions are recorded on the blockchain.
When you buy anything on Coinbase, they will automatically deduct the value from your wallet. It means that when you purchase something using a Coinbase debit card, you will first need to transfer the money from your wallet to the Coinbase wallet.
Once you have done that, you can enter the amount you wish to spend in the “Amount” field. Then, click on the “Buy Now” button. You will then be redirected to an external website where you can complete the payment process.
Once you have completed the payment process, the Coinbase team will send you a confirmation email. Once you receive the confirmation email, you can withdraw the funds from your Coinbase wallet to your bank account or credit card.
The Coinbase debit card also works by scanning QR codes. So, if you are going somewhere where you don’t have access to a smartphone, you can scan the QR code and pay for your purchases. You can follow these steps;
- Step 1: Go to Coinbase website
- Step 2: Click on the link to open up the page
- Step 3: On the top right corner, click on the three dots icon
- Step 4: Select “Scan Wallet Code”
- Step 5: Enter the address of your wallet
- Step 6: Confirm the transaction
- Step 7: The funds will now be transferred to your wallet
How Do I Get a Coinbase Debit Card?
To apply for a Coinbase debit card, all you need to do to follow these steps;
- Step 1: Visit the official website of Coinbase.com
- Step 2: Click on “Get Started”
- Step 3: Choose an option depending upon whether you want to create a new wallet or link your existing wallet.
- Step 4: Fill out the form and submit it.
Once you have applied, you will receive an email confirming your application.
How to get your first Coinbase Debit Card
Now that you have applied for a Coinbase debit card and received confirmation, it is time to get started with the actual process.
Here is how to get your first debit card from Coinbase.
- Step 1: Log in to your Coinbase account.
- Step 2: Go to the Wallet section.
- Step 3: Click on “Add Funds.”
- Step 4: Select the type of card you would like to buy.
- Step 5: Enter the amount of money you would like to add to your card.
- Step 6: Once you enter the amount, click “Continue.”
- Step 7: You will be redirected to the payment page, where you can choose the payment method.
- Step 8: Choose the method of payment and complete the transaction.
- Step 9: The next step is to verify your identity.
- Step 10: After verifying your identity, you will receive a text message containing your unique PIN.
- Step 11: Next, you will need to confirm the PIN by entering it on the screen.
- Step 12: Finally, you will be able to use your Coinbase debit card.
To get a Coinbase debit card, you need first to buy bitcoin. Then you will transfer the bitcoins to an exchange where they are converted into fiat money. Finally, you will send the fiat money to the Coinbase wallet, which will then issue you a prepaid Visa card.
You can also choose to sell your coins on another platform and receive the funds in fiat currency. It is called “exchange-to-fiat” conversion. Therefore, if you plan to use your Coinbase debit cards for online purchases, make sure you convert the bitcoins to fiat currency before transferring them to the Coinbase wallet.
What Is the Coinbase Debit Card Limit?
There is no specific limit on the number of transactions per day. However, there is a daily spending limit of $1000.If you exceed the daily limit, you will not transact any more until the following day.
However, one has an option to increase their Coinbase debit card limit, to do this;
- Step 1: Log in to your Coinbase account
- Step 2: Click on Account Settings.
- Step 3: Scroll down to the bottom of the page and select “Wallet Limits”
- Step 4: Set up your wallet limits and select increase limits.
Increasing the Coinbase debit card limit helps you avoid overdraft fees and manage your finances better.
Is Coinbase Debit Card Instant?
Yes! It takes just a few minutes to activate your Coinbase debit card. Once activated, you can start using it immediately. Moreover, the activation process is completely free.
Is Coinbase Debit Card Worth It?
Yes! If you want to purchase goods or services online, a Coinbase debit card is worth it. You don’t even need to worry about your credit card information being stolen, as all the transactions are done through blockchain technology.
Furthermore, since the Coinbase debit card is linked to your bank account, you don’t have to provide any personal details when making payments. As a result, you can save time and energy while shopping online.
In addition, the Coinbase debit card doesn’t charge any foreign transaction fee. Therefore, it is worth getting one.
What Are the Fees With the Coinbase Debit Card?
No charges apply to the initial setup of your Coinbase debit card. However, some other fees may apply depending upon the type of card you choose.
For example, if you decide to get a physical card, you will have to pay a monthly maintenance fee of $5.On the other hand, you will have no such costs if you opt for a virtual card.
Additionally, if you want to add additional features like international travel insurance, you will have to pay extra.
What Should I Do if I Have Problems Using My Coinbase Debit Card?
If you face any problems while using your Coinbase debit card, you can contact the Coinbase customer support team via email.
Alternatively, you can call them on the phone at +1 855 945 6999. They will help you resolve the issues within 24 hours.
You’ll need to send an email request for anything else, including retrieving your account if it’s been disabled. Additionally, Coinbase features a support area where you may find solutions to the majority of your questions.
Although Coinbase does not feature live chat support, the accessible customer service solutions are likely to provide you with the assistance you require.
In conclusion, a Coinbase debit card is a great way to shop online without worrying about the safety of your financial data. As a result, you can spend less time and money on shopping.
Also, it is easy to set up and use. Thus, anyone who wants to make purchases online can benefit from it. However, a Coinbase debit card is not used in places where cash withdrawals are allowed.
Therefore, if you live in a country where cash withdrawals are permitted, you should consider buying something else instead. Also, if you are outside the US, you should check whether your local laws allow you to withdraw funds from your Coinbase account. As mentioned earlier, there are many advantages of using a Coinbase debit card. So, if you are planning to buy cryptocurrencies, you must try out a Coinbase debit card.