Checking out Coinbase Card
I'm sure a number of you have heard of the Coinbase Card. I've even seen a few posts on Hive about it. Yeah, I did sign up for the waitlist and I got my clearance to apply a week or so ago. Of course, given how non-essential it is in my life, I haven't found the motivation to go beyond this step:
Ugh, again? It's like Coinbase has several different entities handling this KYC stuff. I'll get around to it when I have some free time later this weekend. In the meantime, I thought it might be worth my time to read some of the terms and conditions. I know most of you don't, but it's a good practice, especially if you want to use a financial service.
So, they link your card to a Coinbase Wallet account. No, this is different from Coinbase.com app and Coinbase Pro app. If you have done some of the learn to earn activities on Coinbase, you'd know there are three different apps.
As I recall, I'm pretty sure the Wallet app does not allow you to hold fiat currency in it. But, it does have USDC, so that's good enough. The nice part about the Card is that you could use the virtual one well before you receive the physical card.
Diving a little deeper, it's always nice to know the limits of your card. You don't want to end up being unable to pay because you didn't know you couldn't do x, y, and z. In short, most of us will most likely never load almost $10000 there, or even use the ATM that many times a day. Although, the number of times you can reload in a given period could be useful.
Finally, the most important part: the fees.
Remember when I said Coinbase Wallet doesn't have a fiat option? This means that you will pay a conversion fee each time unless you are using USDC. At least, that's how I interpret it. I imagine MetaBank, the issuer is going to get those fees.
It does make you wonder if that 1% BTC or 4% XLM cashback is worth it. Based on what I read around the internet, it would seem citizens of US do not have to pay taxes on the rebates. However, it's important to log the prices for when you received them. That will help you save some money in taxes when you do sell them for profits.
It's still an evolving product. There could be other cashback options in the future and the fee structure might change. I guess we shall see.
Meanwhile, I'll get around to this KYC process when I feel like it.
Posted Using LeoFinance Beta
I think this may happen but I feel like they would also charge you for it anyways.
Posted Using LeoFinance Beta
They can't do that blatantly, but I'm sure they can have Coinbase to charge you some fees for other reasons.
I was forced to use Coinbase yesterday as the Binance Faster Payments has again ceased to work blocking the fiat conduit. I am not a fan, they are too nosey.
I'm all right with Coinbase. Never really had a problem with them. But yeah, I'm raising an eyebrow for the number of times people need to KYC to use all their services.
Like all cards the cash back is pretty dismal. It's good though as now you can use cryptocurrancy as cash so no tax here in Australia if I buy goods and services with it!
Posted Using LeoFinance Beta
My fiat cashbacks are 1.5% for almost everything. Then, there are few select categories for 5%. So, it's not all bad, but they are nothing stellar.
It is nice that Australia doesn't tax you for using crypto as cash.
It's a great little exemption, except they get you with the fact no one accepts it yet 🤣 I'm sure they will change it eventually.
Lol Oof on the no one accepts it part.
Yeah, I am not in a hurry. I was thinking it might be cool to sign up for one, but at this point I just don't think I have a use case for it. Perhaps if I was sitting on a ton of USDC that I wanted to spend, but that just isn't the case right now. Thanks for doing the hard work of reading all the fine print for us!
Posted Using LeoFinance Beta
Haha you are welcome.
Yeah, I might get it for fun. Not sure how much I would use it either.
If you hold Fiat you don't have fees for withdrawals?
Posted Using LeoFinance Beta
I don’t think you can hold fiat in Coinbase Wallet.
In the Coinbase.com and CoinbasePro, you can.
good to know! thanks
I have one. I'm going to sell it to a collector in 30 years. :)
It's definitely a good relic to have.
If the card will allow for the integration of the three different Coinbase apps, then that will be nice - an added advantage.
Before, I don't used to read the terms and conditions of things before signing up but of recent study, I do take time out to read the careful in order to be certain of what I'm signing up for.
It’s better to read a bit into it or you might get a surprise later when it comes to money.
Exactly...