FinTech News

Gemini Announces Details on Upcoming Crypto Credit Card

Earlier this year, the cryptocurrency exchange platform Gemini opened the waitlist for its planned crypto rewards credit card. Since then, a reported 140,000 people have joined said list. In turn, Gemini has now revealed more details on the products, including the rewards multipliers and some clever elements that make it unique.

In terms of rewards, the Gemini Credit Card will earn up to 3% back on dining as well as 2% back on groceries. Additionally, cardholders will earn 1% back on everything else. Not only will all of these rewards be issued in cryptocurrency — including Bitcoin or any of the more than 30 cryptocurrencies Gemini offers on its platform — but they’ll also be automatically deposited in real-time. As Gemini notes, this will allow customers to benefit from any price increases that may occur after they earn their rewards. Meanwhile, this also gives users the opportunity to deposit their crypto rewards into a Gemini Earn account and earn interest on their funds.

Also notable is that the Gemini Credit Card will carry no annual fee. Elsewhere, perhaps taking a page from Apple, the physical card will be made of metal and only display the cardholder’s name (the 16-digit card number can be accessed via the Gemini app but will not be printed on the card). That said, unlike the Apple Card which currently only comes in white, cardholders will be able to choose between black, silver, and rose gold card designs. Additionally, the card will be a Mastercard, entitling customers to World Mastercard benefits, including recently-announced perks on DoorDash.

While the Gemini Credit Card isn’t the only crypto rewards card making its way to market, these latest details do seem to put it ahead of competitors such as BlockFi. With a $200 annual fee and only 1.5% in rewards, the BlockFi credit card may not look nearly as attractive when compared to what’s planned with the Gemini card. That said, it should be noted that BlockFi’s product does include other benefits such as increased APY rates for its interest-earning crypto accounts and more.

Overall, the Gemini Credit Card is starting to look like a pretty solid option for those interested in the cryptocurrencies. With no annual fee and rewards up to 3%, it’s on par with (although perhaps slightly below) more traditional options such as the Capital One SavorOne. However, the real-time rewards aspect helps make it unique in addition to the crypto-earning elements. Naturally, the metal card design is also likely to attract users of a certain stripe. So, while this card does come with some risks inherent to the cryptocurrency market, it could certainly serve to bring some current credit card enthusiasts and beyond into the world of crypto