Coinbase is reportedly preparing to launch a new American Express credit card in the United States, specifically designed for bitcoin customers. The card will be available exclusively to subscribers of Coinbase One, the company's paid membership program. Cardholders will have the opportunity to earn up to 4% cashback in Bitcoin on their purchases, with the reward rate scaling based on the assets they hold on the Coinbase platform. The card is expected to have no foreign transaction fees and will offer the flexibility of being repaid using a linked bank account or cryptocurrency held on Coinbase. Additionally, users will gain access to standard American Express benefits, such as exclusive offers and events. It's noted that the Bitcoin rewards earned through spending will not be reported on 1099 tax forms, though taxes may apply if the rewards are later sold.