Gemini, a cryptocurrency platform, has announced a partnership with Mastercard to offer a crypto rewards credit card. The card will launch this summer, but interested consumers can join a waitlist to get first access to apply when it's available.

Key Takeaways

  • Gemini plans to launch a new crypto rewards credit card in the summer of 2021.
  • The card will offer up to 3% back on qualifying purchases.
  • Cardholders can choose to receive their rewards in any of the more than 30 cryptocurrencies offered on the Gemini platform.
  • Unlike the BlockFi Bitcoin Rewards Credit Card, the first crypto-based rewards card, the Gemini Credit Card won't charge an annual fee.
  • Cardholders will also receive real-time access to rewards as they earn them.

Crypto Takes Another Meaningful Step With the Credit Card Industry

The BlockFi Bitcoin Rewards Credit Card, which was announced in December 2020, was the first crypto-powered rewards credit card on the market. However, the card's $200 annual fee may give consumers a valid reason to think twice.

With the new Gemini Credit Card, however, there is no annual fee, potentially making it more appealing to diehard crypto enthusiasts and curious novices alike. 

The card was announced earlier this year and currently has more than 140,000 people on its waitlist. They will have first access to apply for the card when it officially launches this summer. The card will be available in all 50 states.

While it's not the first crypto rewards card on the market, Gemini boasts that it'll be the first crypto rewards card to deliver rewards in real time, a feature that's uncommon even among mainstream credit cards. 

With two crypto rewards credit cards hitting the market in 2021, it's likely that we'll continue to see similar products from other cryptocurrency platforms in the near future.

How the Gemini Credit Card Will Work

The Gemini Credit Card will offer up to 3% back in the form of bitcoin or one of the other more than 30 cryptocurrencies on Gemini's platform, giving users a lot of flexibility. In contrast, the BlockFi Bitcoin Rewards Credit Card only offers bitcoin rewards.

Gemini Credit Card holders will earn up to 3% back on dining, 2% on groceries, and 1% on everything else. Customers will have the option to transfer their crypto rewards to Gemini Earn, a platform that functions similarly to a high-yield savings account but pays depositors up to 7.4% APY on their cryptocurrencies.

The metal card will be available in black, silver, or rose gold. Like the Apple Card, it won't show a credit card number, providing added security. 

As a World Mastercard credit card, the Gemini card will also give users access to Mastercard benefits with partners like DoorDash, HelloFresh, Lyft, Fandango, and ShopRunner. 

If you're interested in the card, you can add your name to the waitlist. You'll also need to open a Gemini account in order to open the credit card account.