Coinbase Debit Card

Just got the coinbase debit card and it's really a sweet deal. I signed up to be on the waitlist without even reading through it. Just did a read through and realized what an amazing deal it is. You get 4% back if you choose XLM, absolutely no fees if you use USDC, and it's interest bearing (soon to be 4%, currently 0.15%), and it's FDIC insured. Wow. I am absolutely impressed. Easy as pie interfere to manage too. This feels game changing.

Check it out if you haven't. Can't see any huge negatives. Will update if I see any "catch" worth noting.

Edit: For those asking, there is no fees to exchange when using USDC and no fees to add USDC. There are no taxes when using USDC as 1 USD always equals 1 USDC. The "cashback" is treated as a rebate as of now. The only taxable event is when you sell XLM for a gain or loss.

The fees you read about are when you use another crypto, like bitcoin. They have to sell that and convert to USD to use. That costs a trading fee and is a taxable event. DO NOT DO THIS. Just use your bank account to buy USDC for FREE and use USDC to make purchases. You can select it in the app. Also, don't forget to change your cash back from BTC to XLM. Also, don't forget to sign up for the 4% APY on USDC waiting list, if you're into that sort of thing. ;)

Edit 2: I read there is a limit of $2,500 daily no fee limit. Beyond that would be a fee. But $2,500 is a good amount. Just be careful if you're buying something more expensive with it. Check the math to see if you win or use another card.

I'm sure there are other factors to consider. If you do your own taxes, it could be annoying as there is no tax to pay, but you'll have to figure out how to report the transactions. The reward side can be tricky, im guessing. Tax laws and regulations can change all the time, and banks are fighting crypto hard, so qho knows what the laws will be next month. But to me, it's crazy not to get these types of rewards because you are worried about how to report it.

DYOR, but ill be using this for all my daily purchases and keeping my daily spend under $2,500.