get a credit card so we can do instant transfers at Coinbase

[chadwhitacre]

You have to add a credit card in order to do instant transfers at Coinbase. Otherwise it takes four days. With instant transfer they still pull from your bank account, and only hit your credit card as a fall-back. They don't accept a debit card, however.

[chadwhitacre]

Has to be a VISA, to boot, apparently.

[chadwhitacre]

Maybe we should get a card with airline miles for a perk. :-)

[chadwhitacre]

http://www.dailymarkets.com/creditcards/5-frequent-flyer-credit-cards-offering-bonus-miles/
http://www.nerdwallet.com/blog/top-credit-cards/nerdwallets-best-airline-credit-cards/

[clone1018]

Do we need a business card or a personal card?

[chadwhitacre]

Do we need a business card or a personal card?

Not sure.

/me browsing http://www.nerdwallet.com/card-details/card-name/Capital-One-Venture-Rewards

[chadwhitacre]

I kinda hate credit cards, but to work with Coinbase it would really be better to have a CC attached.

Of course, since the CC is only used as a backup funding source, we would expect it to never get hit by Coinbase. We should always be able to fund from our bank account or something is horribly broken.

[chadwhitacre]

I've ticketed btc payout automation as #1960.

[chadwhitacre]

+1 from @iElectric via IRC.

[xnyhps]

+1. Payouts losing 10% of their value by the time you can spend them sucks.

[chadwhitacre]

Payouts losing 10% of their value by the time you can spend them sucks.

To be fair, btc payouts as currently implemented could also result in a 10% gain. ;-)

[uskudnik]

+1 from @kiberpipa :)

[chadwhitacre]

Went for the Capital One Spark Cash for Business. Here's a review and here's my chat with customer service:

Chat Information: Welcome to our Capital One chat service! One of our Application Specialists will be right with you. This chat will be monitored and recorded.
Chat Information: Hi, this is Taylor. Whom do I have the pleasure of chatting with today?
you: Hi Taylor, my name is Chad.
Taylor: Thank you, Chad. How can I help you today?
you: I'm looking to apply for a Spark Business card and wondering which option to choose and how to approach the application.
Taylor: You are at the right place. I appreciate your interest in Capital One’s business credit card.
you: Also, I should note that this conversation will be monitored and recorded and shared on the Internet.
you: Thanks! :-)
you: So here's the situation:
Taylor: Your online security is important to us. That is why we are committed to safeguarding your personal information to keep it secure and confidential.
you: I'm not sure I'll qualify for a Spark Cash.
you: Thanks.
you: But the card is only going to be used for moving escrow between a couple accounts.
you: So in fact there's very little chance of default.
Taylor: To apply for Spark Cash Credit Card you need to be in our excellent credit level. Let me tell you how we determine excellent credit level at Capital One.
you: /me listening
Taylor: Let's see, do BOTH of these statements describe you? You have never declared bankruptcy or defaulted on a loan, nor have been more than 60 days late on any credit card, medical bill, or loan in the last year. You have had a loan or credit card for three years or more with a credit limit above $5,000.
you: Does a mortgage count for the second question?
you: Car loan would work too, I guess.
Taylor: Yes, if you have had mortgage loan for three years or more with a credit limit above $5,000, it will certainly count.
Taylor: Yes, that's right.
you: Cool, maybe that'll work after all.
you: I'm going to apply for the Spark Cash and see how that goes.
you: Thanks for your help, Taylor! :-)
Taylor: That's great! Would you like me to take you through the features of Spark Cash Credit Card?
Taylor: You're welcome.
Taylor: Are you planning to apply for this card now?
you: Yeah, I have the application mostly filled out.
you: I got nervous at the parts about annual personal income and annual business revenue.
Taylor: Great! In order to apply for a Spark Business Credit Card you would have to meet this criteria: You're at least 18 years old and have the ability to make financial decisions for the business. In other words, you need to be an Owner, Partner, President, Treasurer, Vice President or CEO.
you: Because those numbers are relatively low.
you: But as mentioned this will be used for escrow transfers, so income/revenue are fairly irrelevant.
Taylor: I can understand. You can enter an estimate annual income.
Taylor: I will be happy to stay on the chat while you complete your application. This way if you have any questions, I will be right here to assist you.
Taylor: Let me also inform you that, once you receive your card you do have an option to enroll our online banking service and manage your account online without any hassle.
you: Will I be able to set up an autopayment?
you: I want the balance paid off every month from another account.
Taylor: Yes, you can certainly set up auto payment once you receive your card by calling to our customer relations.
you: Is there a cost or fee associated with that?
Taylor: No, there is no fee it's free of cost!
you: Cool, thanks. :-)
you: Okay!
you: Application submitted!
Taylor: You're welcome. Could you please verify as to what message appeared in the screen after submitting the application form?
Taylor: I haven't heard from you in a few moments. Are you still with me?
Taylor: I'm sorry we are unable to continue our chat. Since I haven't heard from you, I am required to close this chat session. If you need any assistance in the future, please do not hesitate to contact us.
Last text message received
Chat Information: Our chat session has ended. It’s been a pleasure helping you. Please use the Capital One chat service again soon.

[chadwhitacre]

It'll be a couple weeks before I can get this online w/ Coinbase.

[chadwhitacre]

We get 2% cash back and the annual fee (after year 1) is $59. So we need to move at least $2,950 per year through the card to cover the annual fee. Oh crap. But Coinbase only hits your credit card if the bank account fails as a funding method. I was thinking we'd be moving enough through the credit card that we'd easily offset the $59 annual fee. But if all the money is coming from our bank account then that won't be true. We have one year with no annual fee. Let's get the card in hand and see what happens with Coinbase. Maybe we can run everything through the credit card instead of the bank account anyway?

[predkambrij]

+1 from @kiberpipa

[seanlinsley]

@whit537 what's happened with this?

[chadwhitacre]

We have a credit card and I've done our first instant buy w/ Coinbase. Good to close!

[domenkozar]

\o/