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Coinbase One Card Review 2025: Is This 4% Bitcoin Rewards Card Worth It?
July 1, 2025
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The cryptocurrency credit card landscape has been volatile, with many cards disappearing as quickly as they launched. But Coinbase, the largest U.S. crypto exchange, has entered the arena with its new Coinbase One American Express Card, promising up to 4% back in Bitcoin on all purchases. With applications opening in fall 2025, here's everything you need to know about this highly anticipated crypto rewards card.
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What Is the Coinbase One Card?
The Coinbase One Card is an American Express credit card that earns Bitcoin rewards on every purchase. Unlike traditional cash back cards, your rewards are deposited directly into your Coinbase account as Bitcoin, potentially allowing your rewards to appreciate (or depreciate) with the crypto market.
Key Features:
- Up to 4% back in Bitcoin on all purchases
- No annual fee for the card itself
- American Express acceptance and benefits
- No foreign transaction fees
- Stainless steel construction
The Catch: Tiered Rewards Based on Your Coinbase Holdings
The card's rewards structure is tied directly to how much you hold in your Coinbase account:
- Tier 1: 2% back with less than $10,000 in Coinbase assets
- Tier 2: 2.5% back with $10,000–$49,999 in assets
- Tier 3: 3% back with $50,000–$199,999 in assets
- Tier 4: 4% back with $200,000 or more in assets
Important Limitation: The higher rates (above 2%) only apply to the first $10,000 in purchases each calendar month. Any spending beyond that earns the base 2% rate.
The Real Cost: Coinbase One Membership Required
While the card has no annual fee, you must maintain a Coinbase One membership to qualify. The basic tier costs $49.99 annually, making this effectively a $50 annual fee card.
Coinbase One Benefits Include:
- Zero trading fees on the first $10,000/month in trades
- 4.5% APY on USDC holdings (first $30K, then 4.1%)
- 10% bonus on staking rewards for eligible cryptocurrencies
- $10/month in Base network transaction credits
How Does It Compare to Other Crypto Cards?
Gemini Credit Card®
- Rewards: 3% on dining (capped), 2% on groceries (capped), 1% everything else
- Annual Fee: $0
- Crypto Options: 50+ cryptocurrencies to choose from
- Verdict: More flexible crypto selection, but lower base rate
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Crypto.com Visa Card
- Rewards: Up to 5% back in CRO tokens (requires staking)
- Annual Fee: $0 (but requires CRO staking for higher tiers)
- Limitations: Prepaid card format, complex staking requirements
- Verdict: Higher potential rewards but more complicated
Venmo Credit Card
- Rewards: 3% in the top category, 2% in the second, 1% elsewhere
- Crypto Feature: Auto-convert cash back to Bitcoin, Ethereum, Litecoin, or Bitcoin Cash
- Annual Fee: $0
- Verdict: Flexible – keep cash or convert to crypto as desired
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SoFi Credit Card
- Rewards: Flat 2% back, redeemable for crypto investments
- Annual Fee: $0
- Verdict: Simple, but requires manual crypto purchases
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Tax Implications You Need to Know
Unlike cash back rewards, Bitcoin rewards create potential tax complications:
- When Earned: The Bitcoin rewards likely aren't taxable when received (treated as rebates)
- When Sold: If Bitcoin appreciates and you sell, you'll owe capital gains tax on the increase
- Record Keeping: You'll need to track the cost basis of each reward deposit for tax purposes
Should You Get the Coinbase One Card?
Consider This Card If:
- You're bullish on Bitcoin's long-term prospects
- You already hold significant assets on Coinbase ($50K+ for meaningful benefits)
- You're comfortable with crypto volatility affecting your rewards
- You value the Coinbase One membership benefits beyond just the card
Skip This Card If:
- You prefer guaranteed reward value over potential appreciation
- You don't want to maintain large crypto holdings
- Tax complexity concerns you
- You can get similar or better rates with traditional cash back cards
The Bottom Line
The Coinbase One Card offers an intriguing proposition for crypto enthusiasts, but it's not for everyone. The 4% rate requires a substantial $200,000 commitment to Coinbase, and the $10,000 monthly cap on elevated earnings limits its value for high spenders.
For most people, a simple 2% cash back card paired with manual Bitcoin purchases might offer more flexibility and similar results without the complexity. However, if you're already deep in the Coinbase ecosystem and believe in Bitcoin's future, this card could be a convenient way to accumulate crypto through everyday spending.
Our Verdict: A solid option for crypto enthusiasts with significant Coinbase holdings, but traditional rewards cards remain more practical for the average consumer.
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Editorial Disclosure: Opinions expressed here are those of Kudos alone, not those of any bank, credit card issuer, hotel, airline, or other entity. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post.
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