Coinbase has announced that it has removed transaction fees for its Coinbase Card (opens in new tab) to allow customers to more easily spend their cryptocurrencies (opens in new tab).
The popular cryptocurrency exchange (opens in new tab) is reimagining the crypto spending and earning experience by removing transaction fees and giving users more opportunities to earn rewards.
While Coinbase customers often spend USDC and other stablecoins (opens in new tab), crypto spending fees on other assets are viewed as a barrier when it comes to using crypto for everyday purposes. For this reason, the company has decided to remove the transaction fee for crypto spending on its Coinbase Card to provide customers with more flexibility in regard to how they spend their crypto or cash.
At the same time, as customers spend more, Coinbase wants to make it easier for them to fund purchases on their crypto debit cards by giving them more options to easily load up their cards. They can now do so by getting some or even all of their paycheck deposited into Coinbase with no fees on direct deposits.
Rotating and unlimited rewards
One of the ways in which Coinbase Card encourages users to explore and learn more about different cryptocurrencies is through crypto rewards (opens in new tab).
According to a new blog post (opens in new tab) from Coinbase, customers will soon have the opportunity to easily earn new assets from a rotating list of crypto rewards just by swiping their card. With the company’s rotating rewards structure, customers will continue to earn up to four percent back on every purchase.
While these rewards have an expiration date, if a customer doesn’t select a reward when the next rotation launches, Coinbase will automatically give them a reward with the highest crypto-back rate so that they can diversify their earnings.
In addition to rotating rewards, Coinbase customers can continue to earn unlimited crypto rewards when they use their Coinbase Card anywhere Visa debit cards are accepted.
Coinbase plans to remove the waitlist later this spring so that all US customers (except those in Hawaii) can sign up for Coinbase Card and begin spending their crypto more easily both online and in stores.