Gemini Launches Crypto Rewards Credit Card


Gemini, a cryptocurrency exchange, has finally launched its long-awaited crypto rewards credit card. First announced in April 2021, the card was originally planned for the summer of the same year. Now the card is available for new applications for the more than 500,000 people on its waiting list and anyone else interested.

Key points to remember

  • Gemini has officially launched the Gemini credit card for new applications.
  • The card offers up to 3% cashback on select purchases, with instant rewards on every transaction.
  • The card allows users to redeem rewards in the form of over 60 cryptocurrencies, which are listed on its platform.

Details of the new Gemini credit card

The Gemini credit card is the latest crypto rewards credit card to officially hit the market. The card, issued by WebBank and on the Mastercard network, offers a 3% cashback on up to $6,000 spent annually on meals, 2% on groceries and 1% on everything else.

With a few exclusions, cardholders will earn rewards for a purchase as soon as they use their card. According to the cryptocurrency exchange, this is the only crypto rewards credit card with this feature.

Unlike other crypto rewards credit cards, which may limit you to earning Bitcoin and Ethereum, the Gemini credit card lets you redeem your rewards for over 60 different cryptocurrencies, and you can change your reward currency as often as you like. There are no exchange fees when you earn rewards, but you may be charged fees if you sell or convert your crypto afterwards.

Here are some other details:

  • No annual fee
  • No foreign transaction fees
  • Choose from black, silver or pink for your stainless steel card design
  • Instant access to a digital card after approval
  • World Mastercard benefits, including offers with DoorDash, HelloFresh, Lyft and ShopRunner

Should you apply for the Gemini Mastercard?

The Gemini Mastercard offers the opportunity to earn cryptocurrency with your everyday purchases. As with other crypto rewards credit cards, it allows crypto enthusiasts to maximize their holdings and novices to dip their toes into the world of crypto without risking their own investments.

Compared to other crypto rewards options, this card offers the most currency you can earn. But depending on your spending habits, you may be able to get more total value with another card. For example, the BlockFi Rewards Signature Visa Card offers a flat 1.5% cashback on everything on an ongoing basis, and the SoFi credit card offers a flat 2% cash back on everything if you redeem your rewards for crypto or other qualifying options.

That said, these cards don’t offer as many currencies, so the Gemini credit card might be a better choice if you want different currencies and don’t want to pay conversion fees.

While a crypto rewards credit card can make it easier to invest in digital assets, it’s important to keep in mind that cryptocurrency prices can be extremely volatile in the short term. Additionally, you cannot redeem your rewards for cash unless you sell your assets, which may trigger a taxable event. So, you’ll also want to consider a cashback credit card that can give you the choice to invest in crypto or do whatever you want.

As with any credit card, it’s important to take the time to research all of your options and compare them to determine which is best for you, your spending habits, and your goals.

If you want to apply for the card, you can start by pre-qualifying on Gemini’s website. This process does not affect your credit.

Source link


Comments are closed.