Coinbase Visa. It’s everywhere you want to be
Coinbase has recently released a debit card backed by VISA, that allows you to earn 1-4% cash back in crypto. I decided to sign up on the waitlist several months ago to give it a try. After being placed on the waitlist, it took about 2 weeks to be notified they were shipping a card to me. While you wait for the physical card to arrive, they allow you the option to use the card for online purchases until your card comes.
So it’s a pretty basic setup. You can either spend stablecoins or things like Bitcoin. They provide a whole list of assets. If you wish to avoid any fees, simply load your card with USDC. By doing so you eliminate any funds and do not incur a taxable transaction to the IRS. Simply link your bank account or use Any USD you have in your Coinbase portfolio. If you choose to use a crypto to spend,they automatically sell a portion of your selected asset to cover the cost. However there are two things to keep in mind if you choose this option. There is a flat fee of 3.49% on the purchase and it is considered selling your crypto and therefore a taxable event in the eyes of the IRS. So I would recommend avoiding this option!!
Damnit Mike! Where can you use it???
Good question! You can use it pretty much everywhere you can a regular Vids card but there are a few exceptions that it won’t let you, and a couple they say they don’t want you to haha! In my experience I have found it isn’t able to use to pay credit bills. You also can’t use it for hookers and blow(every crypto bro is crying right now!) so don’t try. I tried to use it for a lap dance but I didn’t know where I should swipe it lol. Jokes,jokes. Coinbase also does not want you to use it for gambling purposes or money orders. I guess they don’t want you to use money orders because you could almost make an infinity cash loop! But they have a safeguard against that kind of. Think about it…fund the card,buy a money order,get the cash back, deposit the money order into your bank account, fund the card and repeat all over again! Lol. Seriously though, don’t.
I have found that when you do an ACH transfer from your bank to fund the card, it is available immediately to spend, instead of having to wait the normal 6 days for ACH transfers to clear. If the amount of money you deposit exceeds your total portfolio value however, you will need to wait for the funds to clear to be able to spend. So if you have $1000 in crypto, and you load $1200 on your card, you can spend $1000 immediately. The other $200 would have to wait 6 days as well as any other future money deposited until you have some room cleared up.
Cash back
The CB card allows you to earn 1-4% on select cryptos for every dollar spent. This can really add up over time! My personal favorite is 4% cash back in AMP. I’m so excited because I feel AMP has a lot of potential and is currently estremely undervalued right now. Check out my story on AMP
https://www.publish0x.com/confessions-of-a-crypto-enthusiast/amp-be-early-for-the-revolution-xznxpqr
Here’s a list of cash back reward
1% cash back
BTC
ETH
Dogecoin
Dai
4% cash back
AMP
XLM
GRT
Rally
All in all definitely a great card. And also a great way to passively build your crypto profile. I definitely recommend it. But listen,none of this is financial advice! I’m just an old Biker and a working shmuck like the rest of you! So I value my money. These are just my opinions. Below you will find some referral links. Please use them if you are interested. If you enjoyed this article, please follow me and maybe slide the tip to the left! Haha I also accept any tips of any kind. Be kind to each other and remember…Don’t let your meat loaf!!
Sign up for Coinbase using my link and we can each get $10 in Bitcoin https://www.coinbase.com/join/dodd_4za?src=ios-link
Join Celsius Network using my referral code 113068c979 when signing up and earn $50 in BTC with your first transfer of $400 or more! #UnbankYourself
https://celsiusnetwork.app.link/113068c979
Join Hodlnaut using my referral code qjrOLxGN9 and earn 30 USDC* T&Cs apply.
https://hodlnaut.com/join/qjrOLxGN9