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Coinbase has ended the waitlist for its long-anticipated credit card, officially rolling out the Coinbase One Card* on the American Express network, issued by First Electronic Bank.
The new card is available exclusively to Coinbase One members, the company’s paid subscription tier that includes benefits like zero trading fees and priority customer support.
This launch marks Coinbase’s first full-scale entry into the traditional credit card market and the first time Amex has powered a crypto-rewards product.
A Credit Card Built Around Membership
The Coinbase One Card* functions as a traditional rewards credit card issued on the Amex network. Members earn up to 4% bitcoin back on every purchase, with rewards deposited directly into their Coinbase Digital Asset Wallet.
The card charges no foreign transaction fees or annual fees, but is only available to Coinbase One subscribers. The base Coinbase One plan that grants access to the card is the Basic annual plan, which costs $49.99 per year.
Unlike Coinbase’s earlier debit product, this is a full credit card with revolving balances and purchase protections, accepted anywhere Amex is supported.
Battle of the Bitcoin-Back Cards
Among crypto rewards cards, The Gemini Credit Card® stands out as one of the more established options. Issued by WebBank and operating on the Mastercard network, it offers tiered rewards: Earn 4% back per dollar on gas, EV charging, transit, taxis and rideshare purchases up to $300 in spend per month, 3% back on dining, 2% back on groceries and 1% on all other purchases.
Rewards post instantly to your Gemini account and can be taken in any of the 50-plus supported cryptocurrencies, not just Bitcoin. The card has no annual fee or foreign transaction fees and doesn’t require a subscription, making it a low-maintenance way to earn crypto on everyday purchases.
Compared to The Gemini Credit Card®, the Coinbase One Card* offers a flat rate of up to 4% back, which may appeal to users seeking simplicity over tiered categories.
However, the Coinbase One Card* is available only to Coinbase One members, which comes at a minimum subscription cost of $49.99 a year. Higher plan tiers cost more for added perks like zero trading fees and priority support. For users who don’t already use those benefits, the extra fee could eat into the card’s overall earnings.
Competing Beyond Crypto
The Coinbase One Card*’s challenge will be convincing mainstream consumers that Bitcoin rewards are as stable, or as flexible, as traditional cash-back card rewards.
While integration with the Amex network adds trust and usability, rewards earned in Bitcoin remain subject to market volatility and can fluctuate in value. Earning 4% back in Bitcoin could translate into more or less return on your spending, depending on market conditions.
In contrast, traditional cash-back cards like the Citi Double Cash® Card or Wells Fargo Active Cash® Card offer a consistent return in U.S. dollars for no annual fee.
For many consumers, the trade-off between the potential upside of crypto rewards against the reliability of cash back will determine whether Coinbase’s model feels rewarding or risky.
Bottom Line
The Coinbase One Card* blends familiar credit card perks with digital rewards, letting users earn Bitcoin on everyday purchases through the Amex network.
For active Coinbase One subscribers who already have a paid membership, trade often or want to keep their spending and rewards in one place, the card may be a convenient option. Others may benefit more from a traditional, no-annual-fee cash-back credit card.
All information about Coinbase One Card has been collected independently by Forbes Advisor