Coinbase card rewards that were super attractive at one point are now discontinued completely. They used to offer 4% in XLM reward, which was a hell of a deal. After that, the company reduced the rewards to 2%. This move got it a lot of criticism; however, a lot of users continued to use the Coinbase card. After all, a 2% cashback on any purchase is better than nothing. Well, no more, as users might not get any rewards for using the Coinbase card again.
Coinbase card rewards are discontinued completely
A Reddit post shared that how Coinbase discontinuing the reward system has been a sad day for crypto. The user shared that when he went to select a new reward, there was no option. This makes a lot of sense as these rewards burn a lot of cash for Coinbase, and during a bear market, that is not viable. If they want to survive through this, unnecessary cash burn must be avoided.
However, there are users speculating that Coinbase might have just removed the old rewards and will bring in the new one soon. It is like users cannot choose the new rewards until the old rewards expire. So, there is a chance that the reward system might stay. We must also note that Coinbase’s website continues to talk about rewards and how one can earn crypto without buying.
Should you get the Coinbase card?
If you are into crypto and are using Coinbase, then using the card can be a good option. This is provided if the rewards are not gone and come back soon. The previously known reward system awarded attractive cashback in BTC, ETH, XLM, and many other cryptocurrencies for every purchase with no limits. There is, however, a 2.49% fee involved when you concert the crypto rewards to the dollar. It also offers less customer protection since it is not a credit card. Coinbase card is a good option, but there are a lot more cards that give equivalent or even better rewards.
What are your thoughts as Coinbase card rewards are discontinued completely, says a Reddit user? And were you using the coinbase card or a similar crypto reward card? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.