FinTech News
Gemini Plans Crypto Rewards Credit Card
With Bitcoin and cryptocurrencies once again garnering a ton of public attention, there seems to be a renewed interest in making such assets as accessible as possible. This not only includes the likes of PayPal allowing users to buy Bitcoin and other tokens but also introducing ways for customers to acquire crypto assets. On that note, the FinTech Gemini has just opened the waitlist for its planned Bitcoin rewards credit card set to arrive later this year.
According to Gemini, the upcoming credit card will allow users to earn up to 3% back on their purchases, with rewards coming in the form of Bitcoin and other crypto assets. Furthermore, earned rewards will automatically be deposited into the cardholder’s Gemini account. While it wasn’t revealed which network the credit card will operate on, the company did say that it will be “widely accepted wherever major cards are accepted” and will be available to U.S. residents of all 50 states.
The launch of Gemini’s rewards credit card comes as the company has acquired Blockrize. Not by coincidence, Blockrize had been working on creating a Bitcoin rewards credit card prior to Gemini’s purchase. In fact, a reported 10,000 people had already added their names to that product’s waitlist. As a result, Gemini says that those customers will have priority access to the upcoming card.
In a statement announcing the credit card, Gemini CEO Tyler Winklevoss said, “The Gemini Credit Card will make it easier for any consumer to invest in Bitcoin and other cryptos without changing their existing behavior.” He added, “Rather than deciding how and when to buy crypto, customers can do so when making their everyday purchases. We’re excited to welcome the Blockrize team to Gemini and work together to continue to mainstream crypto.”
Gemini’s upcoming credit card isn’t the only crypto rewards cards making its way to market. In December, BlockFi opened the waitlist for its Bitcoin Rewards Credit Card, which will offer users 1.5% cashback on everything they buy. Those accumulated funds will then be converted to Bitcoin and deposited into users’ BlockFi accounts each month. Although the card will also feature a welcome bonus of $250 in Bitcoin once customers spend at least $3,000 on the card in their first three months, it will also will carry a $200 annual fee. Meanwhile, outside of credit cards, the Bitcoin rewards app Fold is in the process of rolling out its own debit cards that give customers the opportunity to earn cryptocurrency on their purchase through various means.
Even though Bitcoin has fallen some from recent record highs, it’s still enjoying a significant surge in interest ever since it broke through the $20,000 mark late last year. This enthusiasm is sure to carry over to Gemini’s rewards credit card as it gives mainstream customers an easy way to capitalize on the crypto craze. However, with few details available, those joining the waitlist now may not be as interested in the finished product — especially if it ends up carrying an annual fee like the BlockFi card will. With that, expect to see more from Gemini in regards to their credit card product in the coming weeks.
