I was on the waitlist and today received an email stating that it is open for application. The https://www.coinbase.com/legal/creditcard/rewards program offers from 2 - 4% in rewards. This card is on the AmEx network and issued by First Electronic Bank.
The reward tiers are finally published (AOC = assets on coinbase):
- Tier 1 – 2.0% of Eligible Purchases, if AOC is under $10,000;
- Tier 2 – 2.5% of Eligible Purchases, if AOC is between $10,000 and $49,999.99 (the 2.5% Rewards Rate applies to the first $10,000 in Eligible Purchases per calendar month, with a 2.0% Rewards Rate for all Eligible Purchases in excess of $10,000 per month);
- Tier 3 – 3.0% of Eligible Purchases, if AOC is between $50,000 and $199,999.99 (the 3.0% Rewards Rate applies to the first $10,000 in Eligible Purchases per calendar month, with a 2.0% Rewards Rate for all Eligible Purchases in excess of $10,000 per month); and
- Tier 4 – 4.0% of Eligible Purchases, if AOC is equal to or greater than $200,000.00 (the 4.0% Rewards Rate applies to the first $10,000 in Eligible Purchases per month, with a 2.0% Rewards Rate for all Eligible Purchases in excess of $10,000 per month).
This card has no foreign transaction fee, has no fee for the card however like Amazon and Costco a membership is required. The basic Coinbase One membership is $49 p.a.
I tried the approval process, but after about ten minutes received the dreaded "something went wrong" error…
Here is an update on the latest.
After initially receiving the "something went wrong" message, I received a request to verify my identity. I did so by uploading a photo of my ID, then received another message that it required additional review. Sometime later I received an approval for 15K SL and 28.24% APR, which I accepted.
The downside to crypto "cash back" is every reward is a "buy" and requires tracking for capital gains reporting on taxes when sold as the cost basis would likely be different for every reward. The mandatory Coinbase One membership does included a pre-filled IRS form 8949 so at least the tediousness of manually entering those transactions is avoided.
They had me at "17g Metal Card" and lost me at "pay $49 for basic membership first, before we tell you if you will be approved for the Amex card".
Guess you have to pay to play, so you can pull the lever on the coinbase slot machine to see if you can win the metal card. Lol
Crypto.com VS cards have better crypto benefits for less, but must be CRO coin.
I've been staking CRO since last year, and just recently opened the Jade card that requires holding 5k. The rewards were 3% unlimited CRO for every purchase on this card but they just upped it to 4.5% with their new Basic/Plus/Pro/Private levels. I'm currently PRO level.
There's also a welcome bonus. Here is more information: https://crypto.com/us/cards
@Drifter73 wrote:They had me at "17g Metal Card" and lost me at "pay $49 for basic membership first, before we tell you if you will be approved for the Amex card".
Guess you have to pay to play, so you can pull the lever on the coinbase slot machine to see if you can win the metal card. Lol
When I applied, I did not pay anything until I accepted the card. The $49 membership fee was then charged to the new card automatically.
@SeaProbe wrote:
@Drifter73 wrote:They had me at "17g Metal Card" and lost me at "pay $49 for basic membership first, before we tell you if you will be approved for the Amex card".
Guess you have to pay to play, so you can pull the lever on the coinbase slot machine to see if you can win the metal card. Lol
When I applied, I did not pay anything until I accepted the card. The $49 membership fee was then charged to the new card automatically.
Sweet!... I guess i read the details wrong.. I may have to circle back to the app. 😉