In a significant move for cryptocurrency adoption, Gemini has partnered with global payments leader Mastercard and issuer WebBank to introduce a groundbreaking crypto rewards credit card. Slated for release in the summer of 2021, this card is designed to allow U.S. consumers to earn cryptocurrency on their everyday purchases seamlessly.
This initiative represents a major step forward in merging traditional finance with the digital asset ecosystem. It enables users to accumulate crypto rewards without altering their existing spending habits, effectively bridging a crucial gap for mainstream entry into the cryptocurrency world.
Key Features of the Gemini Credit Card
Earn Crypto on Everyday Spending
Cardholders can earn up to 3% back in cryptocurrency on qualifying purchases. Rewards are paid out in Bitcoin or any of the 30+ other supported cryptocurrencies available on the Gemini platform. These earnings are automatically deposited into the user’s Gemini account, making the process effortless and integrated.
Real-Time Rewards Distribution
Unlike conventional credit cards that distribute rewards monthly, the Gemini card offers real-time rewards. This means users receive their crypto rewards almost instantly after a transaction is completed. This approach provides cardholders immediate ownership and the potential to benefit from price appreciation from the very moment the reward is earned.
No Annual Fee and Premium Support
The card comes with no annual fee, ensuring that users receive the full value of their rewards. Additionally, cardholders have access to 24/7 live customer support, enhancing the overall user experience and providing assistance whenever needed.
Security and Design
The physical card is a sleek, metal design available in black, silver, or rose gold. It is contactless and built with security as a priority. Sensitive information, such as the full card number, is omitted from the card itself. Instead, users can securely access these details through the Gemini app, which requires two-factor authentication for added safety.
Instant Access and Digital Management
Once approved, users can immediately add the card to their mobile wallet via the Gemini app and start using it for online, in-app, and in-store purchases. Full digital management features are available, including transaction history, balance alerts, and payment credential controls.
World Mastercard Benefits
As a World Mastercard, it includes valuable perks such as:
- Exclusive offers with partners like DoorDash, HelloFresh, Lyft, and ShopRunner.
- Advanced security protections including Mastercard ID Theft Protection™, Zero Liability, and Price Protection.
- Access to Priceless® Experiences, offering unique digital and city-based activities.
The Vision Behind the Card
Tyler Winklevoss, CEO of Gemini, emphasized the card’s role in simplifying crypto adoption: “As more consumers look to enter the crypto ecosystem, the Gemini Credit Card gives them an easy point of entry and an effortless way to earn crypto as a reward without changing their daily spending habits.”
Linda Kirkpatrick, President of North America at Mastercard, added: “Consumer choice is at the center of Mastercard’s strategy. Our work with Gemini connects consumer needs with next-generation assets and delivers a ground-breaking experience.”
Reward Structure and Flexibility
The card offers tiered rewards:
- 3% back on dining purchases.
- 2% back on groceries.
- 1% back on all other purchases.
Users also have the option to transfer their earned crypto into Gemini Earn, an interest-earning program, to further grow their digital asset holdings.
Availability and How to Apply
The Gemini Credit Card will be available to residents in all 50 U.S. states and will be accepted anywhere Mastercard is used. The initial launch is expected in the summer of 2021, with priority access given to those on the waitlist. Over 140,000 people had already joined the waitlist prior to the official announcement.
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Frequently Asked Questions
What makes the Gemini Credit Card different from other crypto cards?
This card stands out by offering real-time crypto rewards, meaning you receive your rewards immediately after making a purchase rather than waiting until the end of the billing cycle. It also supports over 30 different cryptocurrencies for rewards and has no annual fee.
How do I access and use my crypto rewards?
Rewards are automatically deposited into your Gemini account. From there, you can hold, trade, or transfer them. You can also opt to move rewards into the Gemini Earn program to generate interest on your assets.
Is the Gemini Credit Card available outside the United States?
At launch, the card is only available to residents in all 50 U.S. states. There has been no official announcement regarding international availability.
What are the security features of the card?
The card uses advanced security measures including two-factor authentication for app access, a design that omits sensitive data from the physical card, and Mastercard’s suite of protections like Zero Liability and ID Theft Protection.
Can I use the card for international purchases?
Yes, as it is a World Mastercard, it can be used internationally anywhere Mastercard is accepted. Standard foreign transaction fees may apply, so it's best to check the terms and conditions.
How do I join the waitlist for the card?
You can no longer join the original waitlist as the card has launched. For the latest information on new product features or future availability, it is best to 👉 check the official platform for updates.