Key Points

• The Coinbase One Card now offers all US users up to 4% Bitcoin back on purchases after removing its waitlist, making it accessible to hundreds of thousands of Americans who registered interest.
• Rewards are tiered based on cryptocurrency holdings at Coinbase, starting at 2% Bitcoin back for all users and scaling to 4% for those with larger asset balances.
• The card requires an active Coinbase One subscription starting at $49.99 annually, positioning it as part of Coinbase's broader strategy to grow recurring subscription revenue.

Introduction

Coinbase has officially opened access to its Coinbase One Card for all US subscribers after ending the waitlist period, partnering with American Express to deliver up to 4% Bitcoin rewards on every purchase. The move represents a significant expansion of cryptocurrency rewards cards in the mainstream market and reflects Coinbase's push to diversify beyond trading fee revenue. For points enthusiasts considering cryptocurrency rewards alongside traditional travel credit cards, this launch creates new options in a space previously dominated by competitors like Gemini.

What the Coinbase One Card Offers

The Coinbase One Card delivers Bitcoin rewards on every purchase with rates determined by how much cryptocurrency you hold on Coinbase, starting at 2% for all cardholders and scaling up to 4% for users with larger asset balances. Unlike many rewards cards with category restrictions, the tiered rate applies to all eligible purchases across spending categories.

The card carries no annual fee for the card itself and charges no foreign transaction fees. However, there's an important catch: you must maintain an active, paid Coinbase One membership to open and keep the card account active, with the Basic tier requiring an annual subscription.

Subscription Requirements:

• Basic Tier: $49.99 annually (card access included)
• Preferred Tier: Available at higher monthly rates
• Premium Tier: Full feature access with enhanced benefits

The Basic tier subscription gives members access to Bitcoin rewards on purchases, zero trading fees on up to $500 worth of trades monthly, 4.5% APY on the first $10,000 of USDC, and protection for up to $1,000 worth of crypto from unauthorized account access.

The card also provides access to American Express benefits including exclusive experiences, offers, and purchase protections.

How the Rewards Scale Works

The tiered rewards structure creates an interesting dynamic. All cardholders start with 2% back in Bitcoin, but can earn up to 4% by depositing more cryptocurrency on the Coinbase platform. You can hold any asset to qualify for higher tiers, including stablecoins like USDC or even traditional USD.

According to Coinbase Senior Director of Product Ben Shen, early users have spent more than $100 million through the card, averaging $3,000 per month in spending. This suggests significant adoption among early access members.

Important Limitations:

The enhanced cashback rates above 2% are capped at the first $10,000 per calendar month. After hitting this threshold, you'll earn the base 2% rate on additional spending.

Not all transactions qualify for Bitcoin rewards, including cash equivalent transactions and gambling purchases. Coinbase reserves the right to determine transaction eligibility and can deny or claw back rewards.

Comparing to Other Crypto Rewards Cards

The Coinbase One Card enters a competitive space. Gemini launched a credit card in 2023 offering up to 3% crypto cashback on purchases with support for various digital assets from Bitcoin and Ethereum to stablecoins.

Key Differences:

Gemini Credit Card:

• Offers category-based rewards: typically 4% on gas and transit up to a cap, 3% on dining, 2% on groceries, and 1% on everything else
• No subscription required
• Rewards can be received in Bitcoin, Ethereum, Solana, or dozens of other supported assets

Coinbase One Card:

• Flat-rate rewards across all spending categories
• Requires paid subscription ($49.99+ annually)
• Bitcoin-only rewards focus
• Potential for higher 4% rate but with $10,000 monthly cap on elevated earnings

If your spending is heavy in dining or transit categories, Gemini's card could outperform a flat 2% Coinbase earn rate. However, if you can reach 4% with your Coinbase holdings, the flat rate becomes more attractive for uncapped general spending (up to the $10,000 monthly threshold for the enhanced rate). For comparison, traditional 2% cash-back cards like the Citi Double Cash offer simpler flat-rate rewards without subscription requirements.

The Subscription Revenue Strategy

The launch timing reveals strategic positioning. Coinbase is simultaneously introducing the Basic tier to make its service "more accessible to everyone," suggesting the previous $29.99 monthly Coinbase One pricing had achieved limited adoption despite growing to more than one million members since 2023.

Coinbase's subscription business brought in $698.1 million in Q1 2025 compared to $1.26 billion in trading revenue, with analysts highlighting this recurring revenue as a key factor in long-term investor confidence. The card serves as both a customer acquisition tool and a mechanism to increase assets held on the platform.

Critics note that the mandatory subscription requirement and the rewards structure that incentivizes keeping larger balances at Coinbase may prioritize the company's revenue growth over pure customer value. The frequently cited crypto principle "not your keys, not your crypto" raises concerns for users who prefer hardware wallets or self-custody.

Tax Considerations

One notable benefit: Bitcoin rewards earned through spending won't appear on 1099 tax forms generated by Coinbase, although taxes may apply if those rewards are later sold. This simplifies recordkeeping compared to treating each rewards transaction as a taxable event. Understanding credit card benefits you might not know about can help maximize the value of any rewards card.

Who Should Consider This Card

Strong fit for:

• Active Coinbase users already holding assets on the platform
• Those who want Bitcoin exposure through everyday spending
• Users who would benefit from other Coinbase One perks (trading fee savings, USDC yield)
• People comfortable with centralized exchange custody

Not ideal for:

• Users prioritizing self-custody and hardware wallets
• Those spending primarily in Gemini's bonus categories (dining, transit)
• Anyone uncomfortable with cryptocurrency price volatility
• People who won't use enough Coinbase features to justify the subscription cost
• Those seeking the flexibility of traditional travel rewards cards with transferable points

The Broader Market Context

The positioning matters: Gemini markets its product as a convenient spending tool for earning crypto rewards, while Coinbase frames its American Express card as something more symbolic with the Genesis Block data etched into the metal card design. This Bitcoin-focused branding appeals to users who see themselves as part of Bitcoin's founding ethos rather than just seeking exposure to multiple cryptocurrencies.

The launch comes during favorable regulatory conditions for crypto products, making it an opportune time for Coinbase to introduce subscription-driving offerings. The card represents part of a larger ecosystem play as Coinbase expands beyond pure exchange functions into comprehensive financial services. For context on evaluating whether travel credit cards are worth it, similar principles apply to crypto rewards cards.

Bottom Line

The Coinbase One Card brings legitimate value for crypto enthusiasts already committed to the Coinbase ecosystem, particularly those who can reach higher reward tiers and utilize the broader Coinbase One benefits. With early adopters spending an average of $3,000 monthly, the card appears to be gaining traction as a top-of-wallet option for its target audience.

However, the mandatory subscription creates a higher barrier to entry than no-annual-fee competitors. Whether the 2-4% Bitcoin rewards justify a $49.99+ annual membership depends heavily on your spending patterns, existing Coinbase usage, and comfort with keeping crypto assets on an exchange. Understanding the cost of choosing the wrong credit card for your financial goals applies equally to crypto and traditional rewards.

For those seeking simple Bitcoin exposure through spending without exchange balance requirements, traditional 2% cash-back cards combined with manual Bitcoin purchases might offer more flexibility. But for active Coinbase users, the combination of purchase rewards, trading fee savings, and USDC yield can create meaningful value beyond the subscription cost.

You can join the waitlist and apply for the Coinbase One Card through Coinbase to start earning Bitcoin on everyday purchases. The card is now available to all US-based Coinbase One subscribers. For a comprehensive comparison of American Express credit cards, explore our detailed guides to see how this offering fits within the broader rewards landscape.

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