Coinbase Launches Bitcoin Rewards Credit Card with Amex

The Coinbase One Card represents a historic collaboration between cryptocurrency exchange Coinbase and financial services giant American Express. Issued by First Electronic Bank and operating on the American Express network, this marks the first time American Express has powered a crypto rewards product. The partnership combines traditional credit infrastructure with the growing appeal of digital assets, signaling mainstream financial networks’ increasing openness to blockchain-based rewards systems.

Unlike Coinbase’s earlier debit offerings, the Coinbase One Card is a true credit card featuring revolving balances, purchase protections, and acceptance at all locations that accept American Express cards. This distinction places the product squarely within the traditional credit card landscape while introducing cryptocurrency rewards to a broader audience. The card’s availability exclusively through the Coinbase One subscription program creates a bundled financial offering that integrates trading, holding, and spending cryptocurrency within a familiar payment framework.

The card’s reward structure offers between 2% and 4% Bitcoin cashback, with the exact percentage depending on the user’s cryptocurrency holdings on the Coinbase platform. All cardholders are guaranteed a minimum of 2% cashback, with rewards automatically credited to the user’s Coinbase Digital Asset wallets. This automated reward distribution eliminates the need for manual transfers and integrates seamlessly with users’ existing cryptocurrency portfolios.

Access to the Coinbase One Card requires a Coinbase One subscription, priced at $49.99 annually. This membership tier offers additional benefits including zero trading fees and priority customer support. While the card itself carries no annual or foreign transaction fees, the mandatory subscription cost must be factored into the overall value proposition. Cardholders can pay bills using a linked account or directly by using cryptocurrency held on the exchange, providing flexibility in payment methods without incurring international transaction fees.

The partnership represents a strategic move for both companies in bridging the gap between traditional finance and digital assets. For American Express, the collaboration provides entry into the digital asset space without directly managing or custodying cryptocurrency, while aligning with one of the largest players in the crypto ecosystem. For Coinbase, the partnership enhances their goal of creating a unified financial ecosystem where customers can seamlessly transition between traditional and digital financial activities.

The launch raises important questions about whether crypto-based rewards can compete with traditional cash-back programs. Unlike established cards like the Citi Double Cash or Wells Fargo Active Cash cards that offer fixed, predictable returns in USD, Bitcoin rewards are subject to market volatility. A 4% cashback in BTC could be worth significantly more or less depending on market conditions, creating both opportunity and risk for cardholders. This volatility is what gives the card its appeal but also introduces an element of uncertainty not present in traditional rewards programs.

The removal of the waitlist for the Coinbase One Card makes the product available to thousands of U.S.-based users, accelerating adoption of this hybrid financial product. As mainstream financial networks continue to explore blockchain integration, the success of this partnership could signal broader acceptance of cryptocurrency within traditional payment systems and potentially pave the way for similar collaborations across the financial industry.