Top U.S. crypto exchange Coinbase is adding rewards of up to 4% crypto-back to Coinbase Visa holders who use their cards on either Apple Pay or Google Pay.
The offer will only be good for specially selected customers on the waitlist for a Coinbase Visa debit card, so if you haven’t already applied, the loyalty program may be just the push you need to do so. Coinbase hopes.
Using the Coinbase card on either of the mobile payment apps will make participant eligible to receive either 1% of their everyday purchases in Bitcoin, or 4% in Stellar Lumens. Which would seem to be a no-brainer, but maximalists will no doubt disagree.
It is not alone in this. Competitors Gemini BlockFi and SoFi either have or have announced crypto reward credits.
The BlockFi Rewards Visa Signature Credit Card and Gemini Credit Card are both is also wait listed. BlockFi offers 1.5% back in BTC on all purchases, rising to 2% if you spend $50,000 annually. There’s a three-month sign-up bonus of 3.5%. Gemini splurges for 3% in Bitcoin or any crypto the exchange lists for dining, 2% on groceries, and 1% on other purchases.
Either way, as the blog post announcing the programs said, “splurging for guacamole with your Coinbase Card is a no-brainer when you can earn” that kind of crypto. You might even go all in and spring for chips.
As ever in the consumer loyalty business, it’s wise to read the footnotes. Notice that little No. 2 at the end of this sentence?
“Starting this week, we’ll invite select customers off the waitlist to begin earning up to 4% back in crypto rewards².”
The corresponding No. 2 at the bottom of the post reads: “²Coinbase will automatically convert all cryptocurrency to US Dollars and transfer the funds to your Coinbase Card (less conversion fees) for use in purchases and ATM withdrawals.”