SAN FRANCISCO–Coinbase has officially ended the waitlist for its long-anticipated credit card, and has now rolled out the Coinbase One Card on the American Express network, issued by First Electronic Bank.
According to Coinbase, the new card is available exclusively to Coinbase One members, the company’s paid subscription tier that includes benefits like zero trading fees and priority customer support.
The launch marks Coinbase’s first full-scale entry into the traditional credit card market and the first time Amex has powered a crypto-rewards product, Forbes notes in its analysis.
Bitcoin Rewards
The Coinbase One Card functions as a traditional rewards credit card issued on the Amex network, and allows members to earn up to 4% bitcoin back on every purchase, with rewards deposited directly into their Coinbase Digital Asset Wallet.
The companies said the card charges no foreign transaction fees or annual fees, but is only available to Coinbase One subscribers. The base Coinbase One plan that grants access to the card is the Basic annual plan, which costs $49.99 per year.
“Unlike Coinbase’s earlier debit product, this is a full credit card with revolving balances and purchase protections, accepted anywhere Amex is supported,” Forbes reported. “The Coinbase One Card*’s challenge will be convincing mainstream consumers that Bitcoin rewards are as stable, or as flexible, as traditional cash-back rewards.”
