Gemini Cardholders will receive up to 3% back as rewards in over 60 different cryptocurrencies.
Cryptocurrency exchange Gemini has finally unveiled its long-awaited crypto rewards credit card for U.S.-based customers. The card, which comes almost one year after being announced, will now be available for new applications to over 500,000 who’ve been on the waiting list and anyone else interested.
According to a press release, the Gemini Credit Card will be available in all 50 U.S. states and enable users to earn crypto rewards on their everyday spending with their no annual fee card. Issued by WebBank and on the Mastercard network, the card becomes the latest crypto rewards card to hit the market officially. Sherri Haymond, executive vice president, Digital Partnerships at Mastercard, said:
“Mastercard and Gemini share in the belief that providing relevant and innovative crypto rewards experiences will not only empower consumers but also unlock access to the digital currencies ecosystem.”
The only crypto rewards credit card with this feature
Cardholders will earn rewards for purchasing the instant they use their card with a few exclusions. Users will earn 3% back on up to $6,000 spent annually on dining, 2% back on groceries, and 1% back on everything else. According to the cryptocurrency exchange, it’s the only crypto rewards credit card with this feature. Pravjit Tiwana, CTO of Gemini said:
“We developed the Gemini Credit Card to offer a simplified way to invest in crypto without asking consumers to change their daily behavior. With the Gemini Credit Card, users also have access to a single trusted platform to buy, sell, store, and earn real interest in crypto. We couldn’t be more excited to make it widely available across the United States.”
Gemini says other benefits will include:
- No foreign transaction fees
- Theft protection
- A stainless steel card in three color options for a card that doesn’t charge fees on transactions
Compared to other similar cards with reward options, the Gemini card offers more currencies than users can earn. However, depending on your spending habits, other cards in the market may provide more excellent total value.
Some examples include BlockFi Rewards Visa Signature Card offering a flat 1.5% back on everything ongoing. The SoFi Credit Card offers a flat 2% back on everything if you redeem your rewards for crypto or other eligible options.
Crypto rewards credit cards are the newest incentive-style payment option meant to reward users with the ability to earn cryptocurrencies. These cards can be great for varying degrees of crypto enthusiasts—from the crypto curious person who is finally ready to dabble in cryptocurrency but does not have the risk tolerance for jumping into the market to those deep into crypto—the ones who have a strong belief in the longevity of the digital currency movement and its potential for growth and profit.