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Gemini and Mastercard are collaborating on a new cryptocurrency credit card

Gemini, a cryptocurrency exchange, has partnered with Mastercard to provide a bitcoin rewards credit card. The card will be available this summer, but interested customers can sign up on a waitlist to be among the first to apply when it becomes available.

TAKEAWAYS IMPORTANT

In the summer of 2021, Gemini wants to issue a new crypto rewards credit card.
On qualified purchases, the card will give you up to 3% back.
Cardholders can pick among more than 30 cryptocurrencies on the Gemini platform to earn their rewards.

The Gemini Credit Card, unlike the BlockFi Bitcoin Rewards Credit Card, which was the first crypto-based rewards card, would not have an annual fee.
Cardholders will now be able to access incentives in real time as they are earned.

With the Credit Card Industry, Crypto Takes Another Important Step

The BlockFi Bitcoin Rewards Credit Card was the first crypto-powered rewards credit card on the market when it was unveiled in December 2020. The card’s $200 annual charge, on the other hand, may cause users to reconsider.

The new Gemini Credit Card, on the other hand, has no annual fee, which could make it more enticing to both diehard crypto devotees and curious newcomers.

The card was unveiled earlier this year and has a waiting list of over 140,000 people. When the card is formally launched this summer, they will be the first to apply. All 50 states will be allowed to use the card.

While Gemini isn’t the first crypto rewards card on the market, it claims to be the first to distribute rewards in real time, a feature that isn’t common even among standard credit cards.

With two cryptocurrency rewards credit cards set to launch in 2021, it’s probable that we’ll see more of the same from other cryptocurrency platforms in the near future.

What Is the Gemini Credit Card and How Does It Work?

The Gemini Credit Card would reward users with up to 3% in bitcoin or one of the other more than 30 cryptocurrencies available on Gemini’s platform, offering them a lot of options. The BlockFi Bitcoin Rewards Credit Card, on the other hand, solely offers bitcoin rewards.

Holders of the Gemini Credit Card can earn up to 3% back on dining, 2% back on grocery, and 1% back on everything else. Customers will be able to move their cryptocurrency earnings to Gemini Earn, a platform that works like a high-yield savings account but pays depositors up to 7.4% APY on their cryptocurrencies.

The metal card will be available in three different colors: black, silver, and rose gold. It, like the Apple Card, will not display a credit card number, increasing security.

The Gemini card, as a World Mastercard credit card, will grant customers access to Mastercard perks through partners such as DoorDash, HelloFresh, Lyft, Fandango, and ShopRunner.

You can sign up on the waitlist if you’re interested in the card. In order to open a credit card account, you’ll also need to open a Gemini account.

What do you think?

Written by Trevanna Gordon

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