Coinbase’s New Amex Credit Card Promises to Pay Cashback in Bitcoin — Is It Worth a Look?

The ‘premium credit cards’ of the world might dangle a coupon book of discounts, deals, and credits, but wouldn’t you rather just get 3% cash back? What about 4%? …in Bitcoin? Taking a page from Robinhood’s playbook, crypto competitor Coinbase is rolling out a new credit card with eye-catching rewards — and, naturally, a few strings attached.

• The new Coinbase One Credit Card will offer 2% to 4% back in Bitcoin on “every purchase,” with the exact rate based on how much you hold on the platform.
• To be eligible for the card, users will have to subscribe to Coinbase One, which now has a basic tier priced at $50 per year.

Credit for crypto natives: Coinbase is looking to turn some of its 1M+ paying subscribers — already active traders — into everyday spenders. However, late to the game, it’ll have to throw elbows to compete with other crypto-focused cards like the complicated Crypto.com Card and Gemini Credit Card, both of which offer competitive rewards. That 4% pitch might sound sweet, but without details on the asset thresholds required to earn it, it may fall short of shaking users’ recent loss of confidence.