Coinbase Just Launched a Bitcoin Card — But Should You Bite?

Coinbase Joins Hands With Amex to Launch Bitcoin Cashback Credit Card American Express and Coinbase just rolled out the Coinbase One Card, a metal credit card that promises up to 4% cashback in Bitcoin on every purchase — a shift that can reshape crypto rewards and shake up the crowded fintech landscape. Rolled out at the State of Crypto Summit and for U.S. Coinbase One members later this fall, the card marks Coinbase’s inaugural foray into the credit arena, after its earlier Visa debit offering. Bitcoin Rewards, Amex Perks, and a Premium Flex The Coinbase One Card is unique in its stainless steel build emblazoned with Bitcoin’s Genesis block—a reference to crypto history and a flex for aficionados. And yet, it’s the rewards that make it shine: 2–4% Bitcoin cashback on every purchase, rates pegged to your Coinbase asset balances. Amex perks : No foreign transaction fees, premium travel protections, and event access. Crypto rewards : 4.5% APY interest on USDC, 5% staking rewards on ETH/SOL, and $10/month Base network gas credits for active users. App connectivity : Less time spent on managing spend and monitoring rewards, and directly send BTC to your Coinbase wallet, all within the app. “This is what the new Coinbase One Card looks like. Very cool – each one is metal and engraved with the genesis block. It’s also the first crypto credit card powered by American Express. With cashback paid in bitcoin, of course.” — Brian Armstrong (@brian_armstrong), June 12, 2025 How Does It Compare with Gemini and Others? The Coinbase card beats out the Gemini Mastercard—3% back in Bitcoin or other cryptocurrency, and no yearly fee—on rewards and Amex’s high-end network. But it’s only for U.S. Coinbase One members, which means a $29.99/month subscription (or $4.99/month for the Basic version with less benefit). Gemini, however, offers more accessible crypto assets (40+ tokens), instant rewards, and no yearly fee, which is better for occasional use. Feature Coinbase One Card Gemini Mastercard BTC Rewards Up to 4% Up to 3% Network American Express Mastercard Subscription Req. Yes ($29.99/mo) No Crypto Choices Bitcoin only 40+ tokens Instant Rewards No Yes Availability U.S. subscribers only All U.S. residents The Plan: Subscriptions and a Futures Funnel Coinbase’s move is about more than customer advantages — it’s an attempt to establish recurring revenue and steer users into its expanding universe of crypto products, such as its coming-soon U.S. perpetual futures platform. By linking the card to Coinbase One, the company shifts its model away from wild trading fees (which raked in $1.26 billion in Q1 2025) toward less volatile subscription revenue — $698 million in the most recent quarter and growing. The card roll-out coincides with Coinbase’s regulatory push to offer U.S. consumers CFTC-compliant perpetual futures trading, a previously offshore-served product. By rewarding cardholders in Bitcoin and fitting smoothly into apps, Coinbase aims to create a sticky system by which users spend, earn, and eventually trade derivatives—under one roof. Interchange Economics and Regulatory Obstacles The partnership with Amex allows Coinbase to tap into premium interchange rates — fees merchants pay per card swipe — and offer card members top-tier benefits. But it also puts the card squarely in the crosshairs of continuing Senate politics around credit card swipe fees and crypto regulation. Any changes to interchange policies or stablecoin legislation have an impact on the economics of the card and its reward system. Who Should Consider the Coinbase One Card? The card makes the most sense for active crypto users who already benefit from Coinbase One’s zero trading fees and staking rewards, and who pay off their balances monthly. For casual spenders, the subscription fee may outweigh the rewards—especially with alternatives like Gemini’s no-fee card on the market.

Source: Coinpaper