Gemini Credit Card Launches

Over a year after it was announced, the Gemini Credit Card is now available in all 50 U.S. states. Salt Lake City, Utah, based WebBank is issuing the Gemini Card, which uses Mastercard as its sole card network. Since opening its waitlist last April has received over 500,000 sign-ups.

Cardholders can earn up to 3% crypto back on dining, 2% crypto back on groceries, and 1% crypto back on everything else, says Gemini, with crypto rewards paid into user’s Gemini accounts instantly.

Cardholders can use the card anywhere Mastercard is accepted, and will be able to choose from more than 60 different cryptocurrencies, including Bitcoin, Ethereum, Dogecoin, and others, for their crypto back bonuses. The card is made of stainless steel and comes in three colors – silver, rose gold, and black.

For security reasons the 16-digit card number is removed from the physical card and is only available to cardholders through the Gemini mobile or web application. Other security features include Mastercard ID Theft Protection, Zero Liability, and Price Protection. Customers can get a digital version of their Gemini Credit Card on the Gemini mobile or web application immediately after approval.

How the Gemini Credit Card Works

When a cardholder makes a transaction, Gemini converts the reward’s USD value into the cryptocurrency of the cardholder’s choice and deposits it into the cardholder’s Gemini account. For most merchant categories, this happens as soon as the transaction is approved. This differs to many card cash reward schemes, where the cashback isn’t credited for days or sometimes weeks.

Cardholders can alter their crypto reward as often as they choose, allowing them to earn a diverse range of coins throughout the month. Gemini says there will be no yearly fees or foreign transaction fees with their card and no hidden fees associated with receiving cryptocurrency incentives.

Some rewards may not be applied immediately, however. For example, purchases made at online merchants (including online grocery delivery merchants), hotels, gas stations, and can rental companies are only eligible for rewards once the transaction posts (also known as clears or settles) to a user’s account, which usually takes 24-72 hours.

The 1% back on crypto doesn’t apply at all on some purchase types. These include gift cards, prepaid debit cards, travelers checks, precious metals, casino chips, cryptocurrency, lottery tickets or other cash equivalents, amongst others.

The 3% crypto back on dining is capped at a $6000 annual spend, at which point the rate drops to 1%. The annual interest rates on unpaid balances will range from 13.24% to 24.24%, depending on a user’s credit rating.

Gemini’s CTO Pravjit Tiwana says that in 2021 the crypto industry reached a tipping point, with 44 percent of crypto owners in the United States reporting their first purchase during the year. He says Gemini developed its card to offer a simplified way for people 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,” he says.

Check rates and fees for crypto’s most popular credit and debit cards here.