5 Things to Know About the Gemini Credit Card
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Gemini — a company offering products that allow you to buy, sell and store cryptocurrency — also offers the Gemini Credit Card. Issued by WebBank, it features no annual fee and the chance to snag up to 4% back in cryptocurrency through everyday spending. The card runs on the Mastercard payment network and offers various benefits from that payment network.
Here's what to know about the Gemini Credit Card.
1. Rewards come in the form of cryptocurrency
You can choose from more than 50 cryptocurrencies for your earned rewards, including Bitcoin and Ether. 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.
If you like the idea of redeeming rewards for crypto but also want more flexibility, consider the Venmo Credit Card. Redemption options include cryptocurrency, but also a statement credit or a transfer to a bank account, debit card, or another Venmo account.
2. You can earn up to 4% back
The Gemini Credit Card earns a higher rewards rate in useful everyday spending categories:
4% back on gas at the pump and on electric vehicle charging, on up to $200 in spending per month (then 1% back).
3% back on dining.
2% back on groceries.
1% back on all other purchases.
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.
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.
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.
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.
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