For those like me that are interested in passive income, the COINBASE debit card is a way to get 4% back in purchases you were going to make anyway. Request the card through Coinbase-for me there was a lengthy wait to actually receive the card. Proper to receiving the physical card, you’ll receive a “virtual” card that you can use anywhere the physical card isn’t required.
Once your account is set up, you must choose how you want your rewards. There are multiple cryptocurrencies that you can receive the rebate in. There are multiple choices at 4% back, and some at 1%. I choose the XLM 4% rebate; you can exchange any XLM earned for whatever your preferred cryptocurrency is and Coinbase charged no fee, so choosing one of the 4% options is a no brainier to me.
How I use the card is pretty simple. I purchase USDC for which there is no transaction fee. There is the option to make purchases using any cryptocurrency, but you will pay a 2.49% transaction fee, unless you use USDC. The card then works like a prepaid debit-you load it up and can spend up to that amount. I don’t like to carry a large balance, so I’ll throw $100 at it for day to day transactions until I need to reload. I’ll put more on it before I go to the grocery store, for example-$200 in groceries ends up being $8 rebate that can then be turned into Bitcoin or any other supported cryptocurrency. If I’m making an online purchase, I’ll put in enough to cover the purchase.
The rebates are quick; usually by the next day. To make it easier, put your card in your mobile wallet for contactless payments. Play around with what merchants work best-for example, the gas pump is not the best place to use the card as they will place a $75 or $100 hold on your account for up to 30 days. Almost every other transaction I’ve completed has been similar to any other debit card transaction.
Follow me and keep your eyes peeled for more real life uses and experiences in the Crypto world.
