Thread by @baconesq

A thread on the @coinbase Card - using the card on everyday items, ATMs that accept it, Fees, etc. 🧵⬇️

So far I have had 0 issues - whether that has been using it online or a local store (food, clothes, travel & even ammo)

Daily spend limit is $2.5k with no fees so long as there is $USDC in your account - using any other crypto has a 2.49% transaction fee on all purchases

Now some ATMs/Banks do not accept the card to take out cash via their ATM:
@BankofAmerica - 🚫
@HSBC - 🚫
@Chase - ✅
@WellsFargo - ✅
@TDBank_US - ✅

I will continue to add to this list below so make sure to check back in as I test more Banks/ATMs.

The max ATM withdrawal $1k per day. The ATM fee is around $3-3.50 - that is included in you $1k a day - so max really is $980 since ATMs withdrawals are done so in $20 increments

When taking out cash you must make sure you hit "savings" not "checking" account for it to work

Cashback - I am earning 4% back on every purchase right now in $XLM (likely better than any credit card)

You have 4 options for 4% back - $XLM, $GRT, $AMP & $RLY

You have 4 options for 1% back - $BTC, $ETH, $DOGE & $DAI

You do not earn cashback on ATM withdrawals

"The IRS classifies cryptocurrency as “property” for tax purposes. This means that each time you use your card and sell cryptocurrency, you will be treated as having sold property in a taxable transaction."

So long as USDC trades at par with USD, the use of your card with USDC should not result in the recognition of gain or loss. - why you should only load your card with $USDC - no fees and no taxable events bc you probably already incurred it

Some more FAQs:

- You can add your Coinbase Card to Apple Pay or Google Pay for mobile payments.

- Refunds are denominated in the value of the USD amount at the time of the transaction.

- Funds must be in your coinbase acct- not Coinbase Pro, Wallet, Prime or Commerce Balance

I have not had to deal with any fraud or refunds yet so we will see how their customer service is - I will update the thread when that time comes (it is inevitable in todays world)

They also say we can use the card "around" the world - I have not been able test that out yet

You can read the @coinbase card FAQs here: help.coinbase.com/en/coinbase/tr…

**This is NFA or Tax Advice**

Any questions or tips please make sure to add them below!⬇️