Gemini Credit Card™ Review: Earn Rewards in More Than 50 Cryptocurrencies

Turning your credit card rewards into an investment usually requires extra steps. The Gemini Credit Card™ makes it much easier. You'll earn rewards on your purchases that instantly turn into cryptocurrency. You can choose from over 50 currencies, including popular options like Bitcoin and Ethereum. Plus, there's no crypto exchange fees to turn your rewards into crypto. While it's a neat idea, the Gemini Credit Card™ rewards rates aren't super competitive, and crypto credit card rewards have a lot of downsides compared to other types of rewards. Read our full Gemini Credit Card™ review for a deeper look at the pros and cons.

This credit card is a good fit for: The crypto-curious who want an easy way to earn crypto without extra purchase fees.

Top perks

Although the currency is different, the perks for the Gemini Credit Card™ are similar to most rewards cards.

Earn up to 3% back in crypto

The Gemini Credit Card™ earns purchase rewards in a cryptocurrency you choose. The amount you earn depends on the type of purchase:

• 3% back in crypto on dining purchases ($6,000 annual spending cap)
• 2% back in crypto on grocery store purchases
• 1% back in crypto on other purchases

While some crypto credit cards work through a multistep process, the Gemini Credit Card™ automatically converts your rewards into the crypto you designated in your account. The amount of cryptocurrency you receive is based on your rewards earnings and the value of the crypto at the time you earn those rewards. Rewards are disbursed right away for most purchases.

For example, say you make a $100 restaurant purchase with your Gemini Credit Card™ and have Bitcoin selected as your crypto of choice. You'll receive $100 worth of Bitcoin based on the value of Bitcoin at the time of your purchase.

Transactions that frequently involve pre-authorization amounts, such as gas or rental cars, may not earn rewards right away. Instead, you'll need to wait for the transaction to post. In that case, the actual amount of crypto you receive will depend on the value at the time the transaction posts and your rewards are paid out.

Choose from 50-plus cryptocurrencies

Gemini allows you to choose the currency in which your rewards are paid out.

The list contains more than 50 currencies, including some of the most popular:

• Bitcoin (BTC)
• Ethereum (ETH)
• Filecoin (FIL)
• Zcash (ZEC)
• Bitcoin Cash (BCH)
• Litecoin (LTC)
• Dogecoin (DOGE)
• Tezos (XTZ)

You can change the type of currency you earn at any time through your online account. This will only change the type of currency you earn on future rewards, however, it won't change the rewards you've already earned.

No annual card fee

There's no annual card fee to have a Gemini Credit Card™ account, regardless of how much you use it. This is a nice perk for a niche card like the Gemini Credit Card™. For one, if you're at all interested in maximizing your rewards, chances are good you have other cards with better rewards rates for your everyday purchases.

Since there's no fee, the best use is probably to keep the Gemini Credit Card™ around to earn a bit of crypto on small purchases that don't fit into common bonus categories. Or you could set it up to autopay a small monthly charge -- maybe a streaming service -- and just accumulate a little bit of crypto every month. Many crypto exchanges charge a fee to purchase crypto, so this could be a simple way to accumulate some crypto without the surcharges.

No foreign transaction fees

The Gemini Credit Card™ doesn't charge any foreign transaction fees. This means no extra fee on purchases in a foreign currency or that route through a foreign bank. While having 0% foreign transaction fees is common with travel cards, it's less common with cash back cards -- or cash back equivalent cards like this one. However, it does make a certain kind of sense for a crypto card, as crypto is frequently lauded for its ability to reduce friction for international payments.

Read more: Best No Foreign Transaction Fee Credit Cards

World Mastercard benefits

The Gemini Credit Card™ is a World Mastercard that comes with a suite of Mastercard benefits, including:

• Retailer perks: Mastercard regularly offers discounts with partners, including DoorDash, Lyft, and ShopRunner.
• Mastercard concierge: You can get help with making reservations or purchasing gifts from a helpful World Mastercard concierge.
• Travel services: Get expert assistance with trip planning and finding discounts from Mastercard's Travel & Lifestyle managers.

In the scheme of things, this is a basic perk common to most Mastercards, but it's worth mentioning as the other perks of the Gemini Credit Card™ are limited.

What could be improved

The downsides for the Gemini Credit Card™ should be seriously considered before applying.

No sign-up bonus rewards or intro APR offer

The Gemini Credit Card™ offers no welcome offer of any kind. One way most rewards credit cards entice new cardholders is through some type of welcome bonus. Most commonly, this is a sign-up bonus of extra rewards. It may also include a 0% intro APR offer. Both types of welcome bonus can add a lot of value, so the lack definitely makes the Gemini Credit Card™ a lot less appealing. (You can buy a lot of crypto with even one $200 cash back sign-up bonus.)

Crypto is a lot more complex than cash

Crypto has a number of major downsides when compared to cash:

• Hard to use: You can turn cash back rewards into just about anything, but crypto is harder to use. Most retailers don't accept it and you can't redeem it for statement credit. You'll need to sell your crypto to do anything with it, and this may come with extra fees.
• Constantly changes value: As with any type of investment, crypto changes in value depending on the market. The crypto you earn with this card may increase in value, but it could also decline.
• Can complicate your taxes: Although credit card rewards aren't generally taxed, crypto profits are taxable. If you sell the crypto you earn from this card, any profit can be subject to capital gains tax. (Gemini suggests consulting a tax advisor for guidance.)

All of this means that while crypto can be fun to invest in and experiment with, it isn't a viable cash alternative for most people. If you want credit card rewards you can actually turn into free travel or even statement credits, check out our other credit card reviews.

The opportunity cost is high

The two bonus rewards categories for the Gemini Credit Card™ -- dining and groceries -- are two of the most popular rewards categories out there. You can easily find another card with more rewards in either category, sometimes much more. The best restaurant cards can earn at least 4x points per dollar on dining. And the top grocery rewards cards earn up to 6% back. You'll want to think about how much rewards value you could be losing if you use the Gemini Credit Card™ for these purchases.

Read more: Best Cash Back Credit Cards

You can't pay your credit card bill with crypto

In what may be a bit of irony, you can't actually pay your Gemini Credit Card™ with crypto. Nope, you'll need to pay your credit card bill with old-fashioned U.S. dollars from your regular bank account. That said, if you're really determined, you can use your crypto -- but you'll need to sell it first. Then you can deposit the money from the sale into your bank account and use it to pay your credit card bill from there.

There's a waitlist to apply for a card

If you've looked at all the pros and cons so far and are ready to apply -- well, you can't quite yet. There's currently a waitlist to apply for the Gemini Credit Card™. Once on the list, you'll need to wait for Gemini to send you an invitation to apply. (It's first-come, first-served.) Keep in mind, even when you get your invitation, you still need to actually apply for the card; approval isn't guaranteed.

There isn't a lot of information on the credit score needed for a Gemini Credit Card™. Based on similar cards, you'll probably need to have at least good credit to get approved, but your entire credit profile (not just your score) will be taken into account. You'll also need to be eligible for a Gemini Exchange account, since that's where your crypto rewards will live.

Read more: The Complete Guide to Understanding Your Credit Score

The Gemini Credit Card™ is a solid option for folks who want to play in the crypto market and won't miss having easy-to-use credit card rewards. The bonus categories are common enough that there's a real opportunity cost to using the Gemini Credit Card™ instead of other rewards cards. And there's not even a sign-up bonus to make up for that shortcoming. But there's no annual fee or cost to convert the rewards to crypto. So, if you want an easy way to earn crypto without disrupting your budget, this could be a solid option.

Keep reading: Best Credit Cards

Our credit card methodology

At The Motley Fool Ascent, we rate credit cards on a five-star scale (1 = poor, 5 = best). Our rating criteria includes rewards rates, welcome bonuses, fees, and perks like travel credits and 0% intro APR offers to evaluate our ratings.

We combine these factors with an evaluation of brand reputation and customer satisfaction to ensure you're getting the best card recommendations. Learn more about how The Ascent rates credit cards.