This New Credit Card Rewards You in the Crypto of Your Choice
by Lyle Daly | Updated July 21, 2021 - First published on May 19, 2021
Want to earn cryptocurrency through your credit card rewards? You won't need to wait much longer.
The Gemini cryptocurrency exchange was one of the first companies to announce it would offer a crypto credit card. Details were scarce at the time, but now, Gemini has revealed much more about the rewards card it will launch this summer with Mastercard and WebBank. There's no annual fee, it earns up to 3% back, and you get your crypto rewards in real time.
Based on that, the Gemini Credit Card looks promising. If you're interested in earning crypto rewards on your everyday spending, read all about what this card will offer below.
Earning crypto rewards with the Gemini Credit Card
With the Gemini Credit Card, you can earn the following amounts on purchases:
- 3% back on dining
- 2% back on groceries
- 1% back on all other purchases
Those rates are fairly competitive with what you'd find on other no annual fee credit cards.
You can earn rewards in any crypto that's available on the Gemini exchange, including Bitcoin and Ethereum. There are also no exchange fees to acquire your crypto rewards. Gemini has a solid crypto selection, although it's worth noting that some of its competitors offer more options. And there are popular cryptocurrencies that currently aren't available with Gemini.
One key feature this card offers is real-time rewards, meaning you get your crypto right away. Most rewards credit cards send you rewards at the end of the billing cycle. Since the price of crypto can rise and fall so rapidly, real-time rewards are practically a must. By getting your crypto rewards immediately, you won't miss out on any gains if the price goes up.
Crypto rewards are obviously the main draw of the Gemini Credit Card. But it has other perks well worth mentioning.
Upon approval, you get instant access to your card through the Gemini app. You can then view the card number and add it to mobile wallet apps. There's no need to wait until you get the physical card in the mail to start using it.
The Gemini Credit Card is a World Mastercard®, which offers the following benefits:
- 3 months free of DashPass, DoorDash's delivery service
- 5% back on every HelloFresh order for use on future purchases
- A $5 credit once per month toward your next ride when you take three Lyft rides in a month
- A free ShopRunner membership for free two-day shipping and returns at over 100 stores
- Complimentary cell phone protection with up to $1,000 in yearly coverage ($600 maximum per claim and up to two claims per year)
Credit cards will be made of metal and available in black, silver, and rose gold. A unique aspect of the design is that sensitive information, such as the card number, is removed from the physical card. Cardholders can access that through the Gemini app, which requires two-factor authentication. The app also allows you to manage and freeze your card.
Signing up for the Gemini Credit Card
If the Gemini Credit Card piques your interest, you can join the waitlist. Those who do will get updates from Gemini and can apply before the general public. There are currently over 140,000 people on the waitlist, so it's safe to say that this card has gained a strong following.
Applications will be open to residents of all 50 U.S. states. You don't need to have an account with Gemini to apply for the card -- during the application process, Gemini will create an account for you.
As a pioneer in the crypto rewards space, the Gemini Credit Card is one of the most interesting credit cards I've seen. Earning Bitcoin and other cryptos on your spending is an exciting concept. The big question is whether cardholders will be as keen on the concept if crypto prices start dropping. But at the moment, Gemini has a long list of consumers ready to give its credit card a shot.
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About the Author
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.
Lyle Daly owns Bitcoin and Ethereum. The Motley Fool owns shares of and recommends Bitcoin.