Key Takeaways
- Coinbase will debut its first credit card in partnership with American Express, offering up to 4% bitcoin back on purchases.
- The card is exclusive to Coinbase One members in the U.S., with a waitlist now open and more details expected this fall.
- Gemini's Mastercard-based credit card has already provided U.S. users with instant bitcoin rewards and no annual fee since its earlier launch.
Coinbase has announced the upcoming launch of its first branded credit card, the Coinbase One Card, which will operate on the American Express network.
This new offering will provide up to 4% bitcoin back on every purchase and will be available exclusively to Coinbase One members in the United States.
The card is being issued by First Electronic Bank, in partnership with Cardless.
Launch
At Coinbase’s State of Crypto Conference, Will Stredwick, SVP, Global Network Services at American Express, emphasized the significance of the new card:
“In today’s world, we see real potential in the combination of Coinbase and bitcoin with the Powerful Backing of American Express, and what the card offers is an excellent mix of what customers are looking for right now.”
The Coinbase One Card will integrate bitcoin rewards with unique benefits, offers, and protections available through the American Express network.
The waitlist for interested customers has opened, with further details expected in the fall.
Luke Gebb, EVP of Amex Digital Labs, added:
“American Express views bitcoin and blockchain technologies as part of the evolving financial infrastructure with real potential to deliver faster, more efficient ways to move value. Our focus is on practical, compliant applications that create long-term value for customers.”
Gemini Card
While Coinbase’s announcement is significant, it is not the first bitcoin rewards credit card in the U.S. market.
The Gemini Credit Card, issued by WebBank and available on the Mastercard network, has offered instant bitcoin rewards since its launch.
Gemini cardholders can earn up to 4% back on categories like gas and EV charging, 3% on dining, and 2% on groceries, with no annual fee. The Gemini card also provides a $200 bitcoin welcome bonus.
