- >Best Crypto Credit Cards
- >Gemini Credit Card vs. BlockFi Credit Card
Gemini Credit Card vs. BlockFi Credit Card
The crypto space is booming, with new projects and organizations launching daily. Nowadays, you don’t only get to hold cryptocurrency or spend it from your wallet, but you can also earn crypto rewards with crypto-back credit cards.
Gemini’s Mastercard and BlockFi’s Visa card are two of the most popular options currently available, but which is the better choice? This article will compare and contrast the two cards to help you decide.
Gemini Mastercard Overview
Gemini’s Mastercard is a crypto credit card from one of the most trusted crypto exchanges in the world of cryptocurrency. With its availability in all 50 states in the U.S., this credit card is an excellent choice for those who want to earn crypto rewards. With it, you can earn up to 3% back in Bitcoin or other cryptocurrencies.
The 3% crypto back reward you earn is on the money you spend using the card in restaurants per year up to $6,000. After that, you earn 1% back on your spending.
There is also a 2% back you will earn on groceries as well as a 1% back on other purchases.
While most cards come with a generous welcome bonus, Gemini’s Mastercard doesn’t have one currently. Instead, it has an ongoing rewards program that is worth your while if you plan on using it frequently enough to make the $6,000 in yearly restaurant spending.
The good news is that you automatically accrue your rewards as you make purchases instead of manually opting in every time. This is good because it means you’ll never miss out on a rewards opportunity.
The other great thing about Gemini’s Mastercard is that there are no foreign transaction fees, so you can use it while traveling without worrying about racking up extra charges.
Plus, the Gemini Credit Card doesn’t charge an annual fee, so you can keep using it yearly without worrying about paying anything extra.
- 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
3% crypto back on restaurant purchases (up to $6,000 annually)
2% crypto back on grocery store purchases
1% crypto back on all other purchases
No foreign transaction fees and no annual fee
Cons
No welcome bonus is currently offered
You must be a Gemini customer to apply
Base crypto back rate could be better
Only available for U.S. customers
BlockFi Visa Credit Overview
The BlockFi Visa Credit Card is an excellent choice for those who want to earn Bitcoin or Ethereum rewards on their everyday spending. With it, you can earn up to 3.5% back in crypto on your first 90 days of using the card if your spending reaches about $3,000. However, this bonus is capped at $100. Regular spending beyond the introductory $3,000 threshold is rewarded at a standard rate of 1.5%.
Similar to Gemini’s Mastercard, there is no welcome offer. However, the card offers a 2% crypto-back reward for users who spend over $30,000 within their first year using the card.
Rewards on the card are paid out once per month based on the current crypto market price.
In terms of fees, BlockFi’s Visa card comes with an APR ranging from 15.74% to 25.74%, with other costs such as a returned payment fee of $37 and a $25 late payment fee.
Other benefits users enjoy with this card include fraud and theft protection and zero foreign transaction fees.
- Simple but reliable way to earn 1.5% cashback in crypto
- Backed by BlockFi, one of the most reliable crypto lending services
- Most crypto-based cards are limited to debit but BlockFi is a legitimate credit card
- New users earn free Bitcoin if they surpass the set spending amounts
BlockFi Pros and Cons
Pros
3.5% crypto back on first $3,000 spent in first 90 days (up to $100)
2% crypto back on spending over $30,000 in the first year
Flat 1.5% back on all other purchases
No foreign transaction fees
Cons
Flat fee won’t be for people who like to maximize their cashback rewards
Only accessible to BlockFi members
Rewards are paid out at the end of the month
Eligibility Requirements
When you compare the two credit cards regarding eligibility requirements, BlockFi’s Visa card is only accessible to members. At the same time, Gemini’s Mastercard is available to all 50 states in the U.S.
Both cards require you to be part of their platform to gain access to their credit products. However, Gemini stands out for its transparency and being one of the most well-regulated exchanges today.
Welcome Offers and Sign-Up Bonuses*
Regarding welcome offers and sign-up bonuses, BlockFi’s Visa card currently doesn’t offer any.
Gemini’s Mastercard also doesn’t have a welcome bonus. Instead, both cards offer an introductory rewards rate that somewhat compensates for the lack of a welcome bonus.
BlockFi’s Visa card offers a 3.5% rewards rate on the first $3,000 spent in the first 90 days (up to $100), while Gemini’s Mastercard offers 3% cash back on restaurant purchases (up to $6,000 annually).
Sign-up Process
The sign-up process for both BlockFi and Gemini is pretty straightforward and only requires you to input your basic personal information. Once you’re done with that, you’ll be able to review the terms and conditions before finally submitting your application.
In terms of credit requirements, both cards are fairly accessible but you’ll like need a score of 670 or higher so you might not want to bother if you have bad credit.
Funding Options
BlockFi and Gemini offer multiple funding options, which is great if you’re looking for flexibility.
For BlockFi, you can fund your account with a bank transfer, wire transfer, or cryptocurrency deposit. As for Gemini, you can fund your account with a bank transfer.
Rewards
As mentioned, both BlockFi and Gemini offer rewards for your spending. However, the rewards and the rate you earn differ between the two cards.
For example, BlockFi’s Visa card can earn up to 3.5% back in crypto on your first 90 days of using the card if your spending meets the $3,000 threshold. After that, you’ll earn 1.5% cash back on all other purchases.
Gemini’s Mastercard, on the other hand, offers 3% cash back on restaurant purchases (up to $6,000 annually) and 1% cash back on all other purchases.
Fees
In terms of fees, BlockFi’s Visa card comes with an APR ranging from 15.74% to 25.74%. There’s also a $37 returned payment fee and a $25 late payment fee.
Gemini’s Mastercard has no annual fee, but there is a 3% cash advance fee. Gemini’s Mastercard also comes with a $20 late payment fee, a $35 returned fee, and a possible penalty APR of up to 32.24% for returned and late payments. With Gemini’s card, the variable APR ranges between 15.24% and 26.24%
Optional Cryptocurrencies
The Gemini Credit Card supports several cryptocurrencies, including the following:
- Bitcoin (BTC)
- Ethereum (ETH)
- Litecoin (LTC)
- Bitcoin Cash (BCH)
- Zcash (ZEC)
- Solana (SOL)
- Dogecoin (DOGE)
- Tezos (XTZ)
- Polkadot (DOT)
Several stablecoins are also supported, including Gemini’s GUSD, USDC and DAI.
BlockFi’s Visa Card also supports BTC, ETH, and LTC. However, there is a limit, as the BlockFi platform only supports eight cryptocurrencies.
Here are the coins supported on BlockFi’s Visa Credit Card:
- Bitcoin (BTC)
- Ethereum (ETH)
- Litecoin (LTC)
- PaxGold (PAXG)
- USDC
- USDT
- GUSD
- PAX
Standout Features
When it comes to standout features, Gemini’s Mastercard offers a better rewards rate on restaurant purchases, while BlockFi’s Visa card offers a higher rewards rate on the first $3,000 spent in the first 90 days.
Both cards don’t have an annual fee which is great; however, compared to other traditional credit cards on the market, the rewards rates offered by both BlockFi and Gemini are relatively low. Of course other credit cards are paid out in fiat cash, which doesn’t have the opportunity to gain significant value over time.
Verdict: Gemini Offers More Cryptos, Bigger Potential Cashback
Suppose you are a crypto native who is also a heavy spender and would like to accumulate some cryptocurrencies to boost your portfolio. In that case, BlockFi’s Visa card is a good option as it offers a higher reward rate on your spending. However, Gemini’s Mastercard is the better option if you’re looking for a card with more supported cryptocurrencies and higher cashback on restaurant purchases.
Both BlockFi and Gemini offer straightforward sign-up processes and multiple funding options, which is great for those who are looking for flexibility. In terms of fees, both cards pretty much charge the same fees, with a few exceptions.
There are better options for those looking to accrue rewards and points, especially cashback rewards. Plus, crypto-back rewards on credit cards can be volatile.
If you’re looking for a crypto credit card, however, both BlockFi and Gemini are rock-solid options.
