Gemini, a cryptocurrency exchange, has finally launched its long-awaited crypto rewards credit card. First announced in April 2021, the card was initially anticipated in the summer of the same year. Now, the card is available for new applications to the more than 500,000 people on its waitlist and anyone else who's interested.
- Gemini has officially launched the Gemini Credit Card for new applications.
- The card offers up to 3% back on select purchases, with instant rewards when each transaction is made.
- The card allows users to redeem rewards in the form of more than 60 cryptocurrencies, which are listed on its platform.
Detailing 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 3% back on up to $6,000 spent annually on dining, 2% back on groceries and 1% back on everything else.
With a few exclusions, cardholders will earn rewards for a purchase the instant they use their card. According to the cryptocurrency exchange, it's 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 allows you to exchange your rewards for more than 60 different cryptocurrencies, and you can change your reward currency as often as you like. There's no exchange fee when you earn rewards, but you may be assessed a fee if you sell or convert your crypto afterward.
Here are some other details:
- No annual fee
- No foreign transaction fee
- Choose from black, silver or rose for your stainless steel card design
- Instant access to a digital card upon approval
- World Mastercard benefits, including offers with DoorDash, HelloFresh, Lyft, and ShopRunner
Should You Apply for the Gemini Mastercard?
The Gemini Mastercard offers the chance 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 currencies that 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 Visa Signature Card offers a flat 1.5% back on everything on an ongoing basis, and the SoFi Credit Card offers a flat 2% back on everything if you redeem your rewards for crypto or other eligible options.
That said, those cards don't offer nearly as many currencies, so the Gemini Credit Card could be a better choice if you want different currencies and don't want to pay a conversion fee.
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. What's more, you can't redeem your rewards for cash unless you sell your assets, which can trigger a taxable event. So, you'll also want to consider a cash-back credit card that can give you the choice to invest in crypto or do anything else 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 the best fit for you, your spending habits, and your goals.
If you're interested in applying for the card, you can start by getting pre-qualified on Gemini's website. This process doesn't impact your credit.