Coinbase Card Users Can Now Spend Crypto on Apple Pay & Google Pay; 2.49% Fee on Every Purchase
Cryptocurrency exchange Coinbase announced on Tuesday that it had integrated its Coinbase card with both Apple Play and Google Play.
Coinbase Card can now be added to both the payment services, and you can spend your crypto everywhere and earn crypto rewards on all your shopping.
Powered by Marqeta, the card is issued by MetaBank, a member of FDIC, under a license from Visa U.S.A. Inc.
Coinbase Card is a debit card; it doesn’t impact your credit score and involves no application fees.
Starting this week, Coinbase will select customers from its waitlist that will start earning up to 4% back in crypto rewards (1% in Bitcoin or 4% in Stellar). Crypto rewards is an optional Coinbase offer, noted the exchange.
All the cryptos will be converted to USD by Coinbase automatically, and the funds will be transferred to your Coinbase Card, minus the conversion fee, which is 2.49% on all purchases except for USDC, to use for purchases and ATM withdrawals.
With mobile payments growing steadily in the US, up 29% in 2020 due to measures like lockdown taken to control the coronavirus pandemic and millions of people already using Apple Pay or Google Pay all over the world, it makes sense that Coinbase has introduced such a service for crypto users.