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A new crypto-earning credit card has entered the fray, featuring no annual fee and the chance to snag up to 3% back in cryptocurrency through everyday spending.
The Gemini Credit Card was announced in January 2021 but had a waitlist at the time. As of May 2022, applications were opened to Gemini account holders who have gone through a verification process. (For U.S. residents, Gemini says that means you may need to provide documentation such as a passport or driver's license to be verified.)
Gemini is a company offering products that allow you to buy, sell and store cryptocurrency. The Gemini Credit Card is issued by WebBank. It runs on the Mastercard payment network and offers various benefits from Mastercard.
Here's what to know about the Gemini Credit Card.
1. Rewards come in the form of cryptocurrency
You can choose from more than 60 cryptocurrencies for your earned rewards, including Bitcoin, Ethereum and Dogecoin. Rewards are earned in real time as you make purchases. This structure is different from most rewards credit cards, which tend to pay out rewards at the end of each billing cycle. It also means you can benefit from any appreciation in the price of your rewards from the moment of the card transaction.
You can earn only one cryptocurrency at a time. However, you can switch which cryptocurrency you earn any time between transactions.
2. You can earn up to 3% back
The Gemini Credit Card earns a higher, uncapped rewards rate in two useful everyday spending categories:
3% back on dining.
2% back on groceries.
1% back on all other purchases.
Beginning Nov. 15, 2022, all new and existing Gemini cardholders will receive bonus rewards on certain spending for a limited time: Earn 10% back in crypto on gas and EV charging purchases for a full calendar year, up to $2,400. The promotion is capped at $200 spent on these purchases per calendar month.
3. You must have a Gemini Exchange account
Because your rewards are in the form of cryptocurrency, there has to be a place for them to go. As you earn, your rewards get deposited into a Gemini Exchange account, which is an account through which you can buy and sell cryptocurrency.
After that, you can opt to transfer your crypto rewards into Gemini Earn, an interest-bearing account. Gemini Earn can be likened to a high-yield savings account, while a Gemini Exchange account for cryptocurrency trading is like a brokerage account.
You can sell crypto rewards you've amassed in your Gemini Exchange account and then move that cash to a bank account, but it's not possible to use earned crypto rewards as a statement credit toward your monthly Gemini card bill.
4. The card provides instant gratification
Not only are rewards earned in real time, but you can also use the Gemini Credit Card instantly upon approval by adding it to your mobile wallet.
You don't need to be an existing Gemini customer to get the card, but when you apply for it, a Gemini Exchange account will be created for you if you don't have one.
5. The design will turn heads
No self-respecting crypto credit card will skimp on style, and the Gemini Credit Card delivers with a metal card design in silver, black or rose gold. The card lacks a visible credit card number for both sleekness and security, but you can access your number if needed from the Gemini app or website.