Coinbase is set to roll out its first-ever branded credit card this fall — the Coinbase One Card — in partnership with American Express. Targeted exclusively at U.S. subscribers of its Coinbase One plan, this card offers an enticing 2% to 4% Bitcoin back on all purchases, depending on the amount of assets held in the user’s Coinbase account. Let’s dive deeper into the rollout, its wider impact on Coinbase’s business model, and what it means for both users and the market.
Introducing the Coinbase One Card
The Coinbase One Card is a credit (not debit) card issued in collaboration with American Express, enabling subscribers to earn Bitcoin rewards on everyday spending. Cardholders start at a base rate of 2% Bitcoin back, rising to 4% based on their Coinbase asset holdings. The metal card itself is engraved with the iconic Bitcoin genesis block and is exclusively available to Coinbase One members living in the United States.
American Express will support the new card with its usual suite of benefits — from travel protection and purchase security to exclusive offers — seamlessly integrated into users’ American Express ecosystem.
Two-tier Coinbase One access: Basic and Premium
Coinbase also introduced a more accessible version of Coinbase One — the Basic tier, priced at $4.99/month or $49.99/year.Similar to the premium $29.99/month tier, Basic includes:
- 2-4% Bitcoin back via the One Card (annual plan required)
- Zero trading fee on the first $500/month of trades
- 4.5% APY when holding up to $10,000 in USDC stablecoins
- Staking rewards, and $10/month in Base network gas credits
This suite of products shows that Coinbase is finding a larger reliance on recurring subscription-based revenue streams, a critical sales lever as traditional transaction revenue becomes more and more volatile over time.
Financial Backdrop: Subscription Revenue On The Rise
In the first quarter of 2025, Coinbase’s subscription and services revenue racked up an all-time high of $698 million, a 9% increase from quarter to quarter — nearly catching their total transaction revenue of $1.26 billion. The company has expected subscription revenue of between $600-680 million in Q2, a slight decrease from the prior year, a combination of some pressures in the market and a less amount of blockchain rewards. Total Q1 revenue was $2 billion, which was 24% over the prior year, and a touch below what analysts expected.
The value of variable and recurring revenues — by means of subscription plans, custodial service, staking, and infrastructure — is that they provide a hedge against volatility associated to price fluctuations in crypto assets. And the One Card adds a layer: crypto rewards tied to spending, creating incentives for users to hold assets on Coinbase.
Strategic Ripple Effects and Competitive Landscape
Coinbase’s extension into credit cards follows a broader movement toward crypto — with companies such as Crypto.com, Gemini, Kraken, and OKX, also offering crypto-linked debit/credit products. The feature that stands out with Coinbase is the 4% Bitcoin back, but even more importantly, the partnership with American Express and of course their perks.
But critics have pointed out that reward incentives tied to in-wallet balances could lead to debt and potentially users will keep crypto on a centralized exchange where they would feel responsible to make additional trades, which moves away from the self-custody ethos that is a central ethos of Bitcoin. Coinbase says security is front of mind and returns user winnings through increased security features 98% cold storage and two-factor identification, and with the American Express chargeback policy, whatever else happens to that BTC wallet, the financial principal also rests with users.
Final Thoughts: Will this Reshape Mainstream Crypto Adoption
The Coinbase One Card is more than a new reward scheme — it symbolically and practically bridges everyday spending with crypto accumulation. For active crypto users who pay balances responsibly, the combination of up to 4% BTC back, No trading fees, staking boosts, and USDC yield is compelling.
But skeptics worry that introducing a credit-based model might introduce debt risk and pull away from Bitcoin’s core ethos of financial autonomy. The next few months will reveal uptake rates, consumer behavior, and whether this model can sustainably support Coinbase’s long-term goal of recurring revenue and mainstream crypto adoption.
