Gemini Credit Card Review 2024: Is It the Best Crypto Card?
TLDR
This Gemini Credit Card review will explore the crypto rewards program of up to 3% for everyday spending.
Take your pick from 60+ crypto with instant deposits to your Gemini account. Moreover, there are no hidden annual or foreign exchange fees, and the card’s metal designs are sure to turn around heads.
You’ll need a Gemini account and pass credit checks to get the card. Watch out for potential fees like interest, late payment, etc.
It’s a compelling offer for crypto enthusiasts, yet there’s an APR percentage drawback that can impact reward value.
Gemini Credit Card at a glance
| Attribute | Information |
|---|---|
| Coinwebs rating | ⭐⭐⭐⭐ (4.5 stars) |
| Supported Cryptocurrencies | 60+ Crypto |
| Cashback Rewards | 1% to 3% |
| Regulatory Compliance | NYSDFS |
| Redeem Rewards Options | Gemini Account |
| Geographical Availability | 50+ US States |
| Customer Support | Live Chat & Email Support |
| Security Features | Mastercard ID Theft & Zero Liability Protection |
Overview of the Gemini card
The Gemini credit card was first announced in April 2021 and launched by Gemini Exchange, founded by Tyler and Cameron Winklevoss.
This credit card stands out for its perks and no exchange fees while redeeming rewards.
Moreover, the Gemini credit card is the only one that deposits your crypto rewards immediately – no need to wait a month for reward conversion.
The card offers varying reward rates on purchases, so you can earn your preferred crypto whether you shop anywhere.
Who should use it?
The Gemini credit card is a solid pick if you want a cost-effective way to earn rewards on crypto spending. And it does not cost you anything to get yourself a card.
Whether you dine, shop, or travel, you can now earn crypto instant rewards that can be invested using the Gemini exchange. This means that you can get the best out of crypto price fluctuations.
Besides, the Gemini Mastercard is not as complex as traditional credit cards, so don’t worry about it if you are a beginner.
You will have access to dedicated customer support, always there to help you with any complications.
Finally, the card also has the option to personalize colors – choose any from the three different shades.
Eligibility criteria
To apply for the Gemini card, you need to meet the following eligibility criteria:
- You must be at least 18 (or 19 in Alabama and Nebraska).
- You must have a valid U.S. Social Security Number.
- You must have a U.S. mailing address (P.O. boxes are not accepted).
- You must have a Gemini account or sign up for one during the application process.
- You must pass a credit check and meet the creditworthiness standards of WebBank.
What are the advantages of a Gemini card?
Gemini credit card users enjoy valuable perks. Let’s explore its benefits:
No annual fee or foreign transaction fees
Unlike traditional cards, the Gemini credit card doesn’t charge foreign transaction fees.
Similarly, you won’t have to worry about currency conversion rates for overseas purchases with this credit card. This is great, as the fees charged by other cards can be quite high.
Earn crypto rewards with every purchase
Depending on your spending habits, you can earn up to 2% in Bitcoin cash back or up to 4% in Ethereum cash back.
But earned crypto rewards can’t be used as a statement credit toward your monthly Gemini card bill.
Instantly access your crypto rewards
Rewards earned by Gemini credit card are instantly deposited into your Gemini account.
That means the crypto assets you earn land in your account the moment you swipe, not a month later – allowing you to grow your portfolio faster.
So, no more unnecessary waiting potentially subjects users to unfavorable exchange rates.
Great customer support
Gemini’s customer service team is available 24/7 to answer any questions and help you with any issues.
Similarly, you can contact their help center with articles to help you troubleshoot problems or connect with them via social media for more personalized support.
Key features of the Gemini card
Let’s explore some of its key features:
Global Mastercard benefits
Gemini credit card runs on the Mastercard payment network and has various benefits.
For example, Gemini credit cardholders are eligible for Mastercard’s Zero liability protection and identity theft resolution service.
We looked into numerous customer reviews when reviewing these features, and the resolution services sounded good.
Moreover, these benefits are available to all Mastercard cardholders and can vary depending on your card type. You can also take advantage of the exclusive Mastercard World Elite Program offer, travel rewards program, and more.
- Retailer benefits: Mastercard frequently features discounts in collaboration with partners such as DoorDash, Lyft, and ShopRunner.
- Mastercard concierge: A supportive World Mastercard concierge is at your service to aid you in making reservations or acquiring gifts.
- Travel support: Obtain expert help planning trips and discovering discounts through Mastercard’s Travel and lifestyle managers.
Gemini mobile app for easy accessibility
Gemini’s credit card mobile wallet app makes managing your rewards. We tested it after downloading it from Playstore, and it worked smoothly.
The app lets you quickly pay your bill, check account balances, download statements, and transfer funds between your accounts.
And the option to set up alerts to help stay on track stood out as the most practical feature to us.
You can freeze your card in case of fraud or upon losing your card through the app. But don’t worry; you can retain everything when you regain access.
Rewards redeeming options
We used our card for most purchases and received instant rewards. And the best part is to decide how to use these rewards, making it a personalized financial toolbox.
If you’re considering saving up for something big, you can turn your rewards into a fund that grows over time. Or use it instantly.
Interestingly, we managed and used our rewards using the Gemini Card app, which controls its users’ financial journey.
Not to forget that you can redeem your rewards in multiple cryptos currently available on Gemini.
Security-first design
Apart from a sleek design, it does not carry the card number, thanks to its security-first design. You can access your card number anytime on the Gemini mobile or web app.
The card also features two-factor authentication and state-of-the-art encryption to protect crypto assets.
So, you can shop, spend, and live confidently, knowing your financials are shielded from potential threats.
Diverse cryptocurrency support
You can earn rewards in Bitcoin and Ethereum, which has 60+ other crypto Gemini has made available.
Besides that, we also tested the crypto purchase options using the credit card, and interestingly, it is pretty smooth. Here are some of the currencies supported:
- Bitcoin (BTC)
- Ethereum (ETH)
- Filecoin (FIL)
- Zcash (ZEC)
- Bitcoin Cash (BCH)
- Litecoin (LTC)
- Dogecoin (DOGE)
- Tezos (XTZ)
Rewards for spending
Let’s dive into how you can earn crypto rewards with the Gemini Credit Card. This card works with Gemini’s trading platform to earn rewards in various cryptocurrencies in real-time.
Here are different cashback rates:
- Get 3% back on dining (up to $6,000 spent annually; then 1%).
- Grab 2% back on groceries.
- Score 1% back on all other purchases.
Here’s the exciting bit: You don’t have to wait for your statement to close to see your crypto rewards. You’ll earn your crypto right away when you make a purchase.
That means if the value of your crypto goes up before your statement arrives, you’re in for a pleasant surprise.
But, of course, remember that you’re also in for any potential losses if the crypto market isn’t feeling so friendly.
When it’s time to redeem the rewards, things are smooth sailing. Gemini isn’t just about a credit card; it’s also a crypto exchange and wallet.
Your hard-earned rewards will magically land in your digital assets account within Gemini.
Fees and costs
Here are the different types of fees when using a Gemini credit card:
| Attribute | Information |
|---|---|
| Annual Fee | 0% |
| Foreign Transaction Fees | 0% |
| APR | 17.99% to 29.99% |
| Cash Advance Fee | 3% |
| Late Payment Fee | Up To $40 |
| Returned Payment Fee | Up To $40 |
Interest charges
The card has a variable APR between 17.99% and 29.99% for purchases.
If you’re considering using it for cash advances, the APR shoots up to 30.99%.
But to avoid those interest charges, follow our expert’s advice and pay off your balance in full before the due date each month.
Cash advance fee
If you’re ever in a pinch and need quick cash, be wary of the cash advance fee.
They’ll charge you either $10 or 3% of the transaction amount – whichever is greater. Yeah, there’s a cost to using your card at ATMs.
Cash advances also come with a higher interest rate than regular purchases, so use this option only if you’re stuck between a rock and a hard place.
Late payment fee
Late payment fee is a maximum of $40 if you don’t meet at least the minimum payment by the due date.
Our experts suggest that the best practice that you should always pay on time is to keep your financial reputation.
Returned payment fee
Suppose your payment bounces for any reason, similar to if your account is low on funds or you have some digits mixed up, they’ll hit you with up to a $40 fee. And, just like late payments, this can bruise your credit score too.
How to get a Gemini card?
Follow these steps to apply for a Gemini credit card:
More details
The Gemini Credit Card simplifies earning cryptocurrency rewards from everyday purchases, covering over 40+ currencies. While quite attractive, its rewards rates lack competitiveness, and credit card rewards have downsides compared to other options. Explore our detailed review for more insights.
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Worldwide spending flexibility.
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Diverse cryptocurrency support.
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Customizable card limits.
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1-3% crypto cashback rewards.
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Rewards in more than 60 crypto.
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No welcome bonus.
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No intro APR.
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Lack of benefits.
Step 1: Visit website
First, navigate to the Gemini website and click [Credit Card] at the top of the main landing page.
Step 2: Apply for a credit card
Next, you will be taken to a new window; there, click [Apply Now].
Step 3: Enter details for pre-screening
After that, you will be asked to enter your details like name, number, e-mail, and address, among other things.
You will be asked for other details like your income, social security number, or ITIN.
Step 5: Credit check
If you qualify, you’ll need to provide more info. Gemini, with WebBank, will do a thorough credit check before giving you a final decision.
Remember, this check can influence your credit score.
Step 6: Choose your card color
When given the green light, you get to choose the color of your card (black, silver, or rose gold) and decide which cryptocurrency you’d like to earn rewards in.
Options include Bitcoin, Ethereum, and over 40 other crypto on Gemini’s platform.
Step 7: Receive and activate
Your metal card will arrive in your mailbox in 5-7 days post-approval. Your card number is available anytime on the Gemini mobile or web app.
Once you activate your card, you can earn crypto rewards on every purchase.
Drawbacks of the Gemini card
Let’s explore some drawbacks you should consider before choosing this card:
- No welcome bonus: While it still has its advantages, not having a welcome bonus might be disappointing if you were looking forward to some extra perks right from the start.
- No intro APR: Another thing you might want to consider is that the Gemini card doesn’t offer an introductory APR (Annual Percentage Rate) offer. Hence, you won’t have a temporary period where you’re not charged interest on new purchases or balance transfers.
- Few benefits: Gemini credit card offers fewer additional benefits, comparatively. While it focuses on cryptocurrency rewards, it might not provide as many perks like travel insurance and purchase protection. Depending on your needs, you might miss out on these extra features.
- Limited real-life use for bills: The Gemini credit card is not widely accepted as a payment method for bills and other expenses. This means you may be unable to use the card to pay rent, utilities, or other bills.
- Long waitlist: Eager to get the card? We have bad news. There is a long waitlist to get the Gemini credit card. Therefore, you may have to wait several months before using the card.
Alternatives of Gemini card
Nexo Card
Compared to the Gemini credit card, the Nexo card has a low rewards percentage of 2%.
However, it is available in more countries than Gemini, which is exclusive to US users. One of the standout features is its instant loan feature and tax relief.
More details
The Nexo card is a unique crypto-backed credit card that lets you access loans without selling your crypto. The card is free to order and gives you up to a 2% cashback reward on purchases made with the card, and the loan has no minimum monthly repayments.
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Instant loans for users.
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Multiple earning opportunities.
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Tax relief.
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Highly secured transactions
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Partnership with Mastercard
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Only available for Nexo users.
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Geographical limitation.
Uphold Card
Uphold’s debit card suits crypto traders in the U.K. and U.S. It is usable virtually or physically where MasterCard/Visa is accepted.
With better crypto support than Gemini, it covers 250+ cryptocurrencies and 200+ countries. Also, it offers low withdrawal fees but high spreads and support issues.
More details
Uphold partnership with Mastercard allows users to use the card for online and in-store purchases. Uphold offers a highly secured payment process, an excellent user interface and experience, and good cashback payment rewards. The significant drawbacks to this card are its geographical limitation to U.S. and U.K. and the poor customer support.
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Supports over 250 assets.
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They are accepted almost everywhere in the world.
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Transparent fee structure.
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Easy user interface and excellent user experience.
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Cashback rewards on every payment.
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High spread fees.
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Relative new product.
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Poor customer service.
Binance Card
Available for Binance users in select EEA regions and parts of South America, the Binance card offers cashback, a 0.9% transaction fee, and no monthly cost.
Unlike Gemini’s credit card, Binance card has a limited crypto support of roughly 15 cryptocurrencies.
However, it has a low % transaction fee of 0.9% for payments. However, you get cashback on your purchases of up to 8%.
More details
The Binance Card is an excellent choice with up to 8% cashback. It is a Visa card for online payments, allowing you to make purchases and withdraw money or cash from ATMs. The Binance Card currently supports 14 cryptocurrencies for spending. No issuance or monthly cost and only a 0.9% crypto conversion charge for withdrawals or purchases!
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It may be used all around the world.
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Low processing fees.
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High withdrawal limits.
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Cheap transaction costs globally.
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Cashback in BNB up to 8%.
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Not available in the United States.
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Supports only a limited number of cryptocurrencies.
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Slow customer support.
Final verdict
After thoroughly reviewing the Gemini Credit Card, we can safely recommend it to beginner and pro-crypto traders as it is more user-friendly than other crypto credit cards.
Simply put, it offers a gateway to spending your digital assets instantly using the Mastercard. Not only that, but you can earn incentivized cashback for every purchase.
Though its reward percentage is comparatively lower than other rewards credit cards, it is still a better option, thanks to its robust security.
Yes, the Gemini credit card is a real credit card that runs on the Mastercard payment network.
The Gemini credit card is available to U.S. residents who are 18 years or older and have a valid Social Security number. To be eligible to receive crypto rewards, you must have a Gemini Exchange account because your rewards are in the form of cryptocurrency
The Gemini crypto rewards credit card allows you to spend fiat (USD) and earn bonus rewards of up to 3% back on Bitcoin or other crypto purchases and 2% on other dining purchases. The credit card rewards are then automatically deposited into your Gemini account.
Gemini Credit Card is powered by digital lending leader, WebBank, serving as the bank partner and issuer.
Sam Farao
Gemini Credit Card Review [CurrentYear]: Is It the Best Crypto Card? TLDR This Gemini Credit Card review will explore the crypto rewards program of up to 3% for everyday spending. Take your pick from 60+ crypto with instant deposits to your Gemini account. Moreover, there are no hidden annual or foreign exchange fees, and the card's metal designs are sure to turn around heads. You'll need a Gemini account and pass credit checks to get the card. Watch out for...
