- >Best Crypto Credit Cards
- >Coinbase Card vs Gemini Card
Coinbase Card vs. Gemini Card: Which Offers More Bang For Your Buck?
As the crypto world evolves, a new product has emerged: cryptocurrency debit and credit cards. These cards allow users to spend and pay for things with crypto just as they would with cash.
Any crypto exchange worth its salt has launched its own branded crypto debit or credit card. Coinbase and Gemini are examples of such exchanges, having launched Coinbase Credit Card and Gemini Credit Card respectively.
But which of them is a better choice? We delved into the features, perks, and shortcomings of each to help you make an informed decision.
Gemini Mastercard Overview
The Gemini Card is a credit card that lets you spend money like any other type of credit card. Gemini Card, issued by WebBank and powered by MasterCard went live in April 2022, making it one of the latest entries in the niche.
During our Gemini credit card review, as we used it for over a month, we liked that the card offers a 4% cashback on gas and EV charging, 3% on dining purchases, 2% cashback on groceries, and 1% cashback on all other spendings, with the 3% cashback limited to up to $6,000 spent each year.
Unlike many other crypto rewards cards, the Gemini Credit Card offers immediate rewards, so you get your cryptocurrency right after making eligible purchases. This avoids tying your rewards to exchange rates at the end of the month, potentially benefiting from price increases. Plus, you won’t incur exchange fees while earning rewards.
Moreover, the Gemini Credit Card lets you choose from over 40 cryptocurrencies for your rewards, and you can switch your reward currency as often as you like without incurring fees.
Like Coinbase Card, the Gemini Card has no annual and transaction fees. But it has several perks over the Coinbase Card, including exclusive benefits of a MasterCard, such as deals with brands such as DoorDash, Lyft, and HelloFresh.
- Get up to 3% back in cryptocurrency with no annual fee
- Available in all 50 US states
- Most crypto cards are debit based but Gemini Mastercard is an actual credit card
- Backed by the most regulatory-compliant bitcoin exchange in the world
Pros & Cons
Pros
No annual or transaction fees
Earn crypto rewards in real time
Up to 4% crypto back on purchases
Numerous cryptocurrencies supported
Cons
Very few perks
No welcome bonus
Only available for users with a Gemini account
Coinbase Card Overview
Coinbase Card is a Visa debit-credit card that lets holders spend their crypto on everyday purchases and earn rewards. Users can use the Coinbase Card like a regular debit card, which includes making purchases online and in physical stores and withdrawing cash from ATMs.
When you purchase with the Coinbase Card, it automatically converts the selected cryptocurrency into USD or EU of the transaction at the prevailing exchange rate. During our Coinbase credit card review, we saw the money hit our account instantaneously after completing transactions.
The card lets users spend their crypto cost-free, among other offers such as zero annual fees and a simple crypto rewards earning and redeeming process. You can use Coinbase Card wherever Visa debit cards are accepted, which includes more than 40 million merchants worldwide.
Coinbase Card uses the Rotating Rewards feature, which gives users up to 4% cashback on purchases with different cryptocurrencies, such as The Graph (GRT) and Bitcoin (BTC).
These rewards have an expiry date. Coinbase Card automatically grants you the reward with the highest crypto-back rate if you don’t pick a reward when a rotation becomes available. This promotion is currently available for US customers only.
The card has a daily spending cap of $2,500 and a daily ATM withdrawal restriction of $1,000.
- Visa card backed by one of the most reliable companies in cryptocurrency
- Links to your Coinbase account
- Spend your crypto anywhere Visa is accepted
- Switch between cryptocurrencies on the fly
Pros and Cons
Pros
No annual fees
No transaction fees
Debit card — no need for a credit assessment
Earn up to 0.5% crypto back
Cons
Crypto-back feature not available for EU customers
Only available to Coinbase users
Restricted to the US and the EU
No extra perks
Sign-up Process
Signing up for the Coinbase Card involves downloading the Coinbase app, after which you need to sign in or create an account if you don’t have one. Next, you pick “Coinbase Card” on the main screen or “Earn more” section.
Then, check your info and agree to the terms. You’ll gain access to your virtual card instantly, and the physical copy will be dispatched to you.
To sign up for Gemini Card, you’ll need to provide your name and phone number and other ID credentials. Once approved, your card will arrive by mail within 5 to 7 days. When applying for the Gemini Credit Card without an existing Gemini Exchange account, you’ll create a password that doubles as your Gemini account login.
Availability
Currently, the Coinbase Card is accessible to residents of all Coinbase users residing in the EU and the US, except those in Hawaii. It’s also available in select countries in the UK and Europe. The Gemini Card is supported in all US states. Neither are available in Canada.
Fees
Both Coinbase Card and Gemini Card have no annual fees, foreign transactions, or exchange fees.
With Coinbase’s card, you are able to spend your default cash currency, USDC, or any supported crypto and you won’t be charged any transaction fees. However, ATMs may charge their own fees for cash withdrawals.
While the cards are free, you might have to pay fees when you sell or change your cryptocurrency rewards.
Rewards Comparison
Anytime someone signs up for a new credit card, they’re typically doing it because they want to capture some kind of reward. That’s the same with these cards as they try to target the crypto crowd. The theme is quite simple: you love crypto, so earn crypto as you do your day-to-day regular transactions. However, the difference in rewards is quite significant right now, so that’s something you have to factor.
Coinbase’s card has a rate that tends to change from time to time. You can find the current rate in the app. Right now, it’s 0.5%. That is way behind Gemini’s structure of 4% for gas/electric vehicle charging, 3% on restaurants, 2% on groceries and 1% on everything else. Even if you step outside of crypto, you can easily earn at least 1% cashback on purchases on all sorts of other cards. You might be better off doing that and then just taking your 1% cashback and investing in the crypto you want.
The good news with Coinbase and Gemini is it saves you a step if you want to invest in crypto ASAP. Instead of having to get your money into your back, then transferring it to an exchange and then buying crypto, you can buy crypto with each and every purchase on your Coinbase or Gemini card. That’s a great perk. You don’t have to think about it. Over time, that amount will add up. That ease-of-use is what makes these cards quite attractive.
Optional Cryptocurrencies
The Gemini Credit Card presently offers rewards for 40+ cryptocurrencies, including the following:
- Bitcoin (BTC)
- Ethereum (ETH)
- Ripple (XRP)
- Bitcoin Cash (BCH)
- Dogecoin (DOGE)
- Tezos (XTZ)
- Avalanche (AVAX)
- USD Coin (USDC)
- Polygon
- DeFi tokens, including Yearn Finance (YFI), SushiSwap (SUSHI), and Aave (AAVE)
On its part, the Coinbase Card supports nine cryptocurrencies: Stellar Lumens (XLM), Bitcoin, DAI, Amp (AMP), Ethereum, Algorand (ALGO), Rally (RLY), The Graph (GRT), and Dogecoin (DOGE).
The Final Verdict: Which Card Is Best For You?
Both the Coinbase card and the Gemini credit card offer users a way to spend day-to-day and earn rewards in crypto. However, Gemini Card is a clear winner thanks to a bigger repertoire of cryptocurrencies and more benefits. But the Coinbase credit card is nothing to scoff at, as it’s available to a wider base and offers 0.5% in crypto-back rewards.
Depending on their individual needs, users will find either card worth considering.
FAQ
Gemini offers 4% on gas and EV charging, 3% cashback on dining purchases, 2% on groceries and 1% on everything else. Coinbase is much lower at just 0.5% in rewards.
Neither card presents users with any annual fee or transaction fee.
Both offer excellent integration with tier exchanges. As you spend, you’ll earn digital currency into your account right away based on the crypto of your choosing.
Gemini offers tiers of 4%/3%/2%/1% depending on what you spend like gas, groceries and restaurants. Coinbase’s card is a 0.5% flat rate but that number can change from time to time.
Gemini’s card is a credit card, which comes with traditional MasterCard insurances, protections, etc. Coinbase’s card is a Visa debit-credit card, which is still good but doesn’t protect you as much as traditional credit card would.
Which card provides more benefits for frequent international transactions, Gemini or Coinbase?
Coinbase and Gemini don’t differentiate rewards based on domestic or international transactions. However, Gemini offers a higher reward percentage, so you’ll earn more back from them with international transactions.
How do customer reviews and satisfaction rates compare for the Gemini Credit Card versus the Coinbase Credit Card?
Coinbase has a slightly better reputation than Gemini right now but their card has a paltry 0.5% rewards rate compared to Gemini, which can go as high as 4% right now.
