Gemini Credit Card for 2024

What is the Gemini Mastercard Card?

The Gemini Mastercard card is a credit card created by one of the most trusted exchanges in the cryptocurrency space. Thanks to Gemini’s regulatory compliance it is available in all 50 US states.

The card is refreshingly simple compared to some of its competitors. It is a complete Mastercard credit card that lets users carry a balance while making purchases.

As far as cashback rewards go, Gemini Mastercard offers 3% back on dining, 2% back on groceries and 1% back on everything else. Rewards are issued immediately after purchase.

You can receive your rewards in Bitcoin but also any asset listed on Gemini exchange. There are over 60 different coins listed on Gemini. That makes this an excellent card for altcoins. Fans of Ethereum, Solana or Cardano can earn cashback in their respective tokens.

You can even cashback in stablecoins like GUSD and USDC if you’re looking to avoid volatility.

What are the Benefits of the Gemini Mastercard Card?

There are three main benefits to the Gemini Mastercard bitcoin card when compared to some of the other crypto card options on the market. First of all, this is a real credit card that enables cashback rewards rather than a traditional crypto debit card. Bitcoin debit cards usually involve the user paying fees to turn their cryptocurrency holdings into spendable U.S. dollars, but Gemini flips this process around by offering up to 3% crypto-denominated cashback rewards on everyday purchases made with the card.

Another key feature of the Gemini Mastercard card is that there is no annual fee. While the lack of an annual fee is not a major development in the grander scheme of the credit card market as a whole, it’s certainly a powerful feature when compared to the other crypto credit cards that are either already available or coming online in the near future.

The third key feature of the Gemini Mastercard crypto card is its tight integration with the greater Gemini exchange platform. Gemini is already one of the most trusted institutions in the entire cryptocurrency industry, and the use of the exchange on the backend enables users to earn their cashback rewards in more than 60 different crypto assets. Additionally, users are able to seamlessly move their rewards over to Gemini in order to earn yields on those crypto holdings.

Potential Gemini Credit Card Dealbreakers

The main dealbreaker for many potential Gemini Mastercard card users is going to be the lack of availability outside the United States. Bitcoin and crypto are global phenomenons, so the introduction of the card only in the United States is a serious limitation. That said, the card can be used globally, and the card is available in all 50 US states, which is impressive in its own right.

Another obvious potential deal breaker is the inability to pay off your balance with crypto directly from your Gemini account. This is likely due to regulatory issues but currently you must pay off your Gemini Mastercard with a linked checking or savings account. It’s not difficult but it’s an annoyance in otherwise excellent user experience.

Finally, it should be noted that the 3% cashback rewards associated with this credit card, which have been included in many media headlines, only apply to situations where you’re dining out at a restaurant. In fact, the base cashback rewards offering on all purchases is 1%, which is lower than what is to be expected from other offerings such as BlockFi’s 1.5% cashback rewards on all purchases with their Visa credit card.

It should also be noted that various crypto debit card offerings also offering much higher cashback rewards for their users; however, there are also usually more fees involved with crypto debit cards and the highest rates are only available to those who are willing to stake a proprietary crypto token attached to the debit card.

Is the Gemini Mastercard Card Right for Me?

The crypto credit card and debit card industry is great for consumers because there are a tremendous number of options to choose from these days, and that means users are able to find the perfect solution for the niche bitcoin card needs.

One of the key features of the Gemini Mastercard card is that it’s a credit card and not a debit card, which is still quite rare in the space. There are also offerings on the table from BlockFi, Crypto.com and Foldapp; however, the lack of an annual fee, a 3% cashback rewards rate on restaurant and bar purchases, and a close connection to the Gemini cryptocurrency exchange help differentiate this card from the other offerings on the table. It’s also an extremely nice option to be able to earn rewards in any token listed on Gemini exchange.

This card will be perfect for you if you find one or more of those three key features to be too good to pass up.