Gemini Credit Card: The Most Versatile Crypto Credit Card Available

The Gemini Credit Card, which became available after its waiting list went live several months ago, is the latest entry into a new marketplace. Cryptographic Credit Cards. These cards reward you with cryptocurrency instead of traditional points, miles, or cash refunds.

The Gemini credit card is strong with the most versatile offer in the field of cryptographic credit cards. You can earn rewards from a wide variety of cryptocurrencies, and you can move them off the Gemini platform and your accounts. cryptographic portfolio. The rewards program is competitive with other major cryptographic credit cards – the best fit depends on your specific spending habits.

While there no fees for opening or maintaining This card is more risky than traditional cash back or reward credit cards. The value of cryptocurrency rewards is more volatile and regulations are still being developed. As long as you understand the risk involved, it can be worth the rewards.

Intro offerN / A

APR13.24% – 24.24% Variable

Recommended credit N / A

Reward rates

  • 3% return on food (up to $ 6,000 in annual expenses, then 1%)
  • 2% return on purchase.
  • 1% return on all other purchases.

Annual fee$ 0

Initial purchase APRN / A

  • 3% return on food (up to $ 6,000 in annual expenses, then 1%)
  • 2% return on purchase.
  • 1% return on all other purchases.

How to Get a Gemini Credit Card

You can only apply for a Gemini Credit Card if you are a registered Gemini user – or want to do so – and reside in any state in the United States. Gemini is a cryptocurrency exchange that is used to buy and trade cryptocurrencies or keep it in an interest-bearing account.

To be approved for the card, applicants must have at least a “first” credit score, according to Thomas Harrison, associate director of Gemini credit card products. A top score typically refers to a credit score of at least 670, although each credit reporting office has its own benchmarks and scoring algorithms.

Account verification begins with the registration of a Gemini account. Afterwards, you will carry a valid driver’s license or passport. Harrison told CNET in an email that the company intends to provide a verification decision within 24 hours. Once verified, you can apply for a credit card.

If approved, you can choose from three card colors: black, silver, or pink. Not many credit cards offer this customization. You will also have instant access to one virtual card after approval, so you can start making transactions as soon as you have the approval while you wait for the physical card to arrive. You can use your Gemini credit card anywhere in the world where Mastercard is accepted, and there are no foreign transaction fees.

Rewards program

With the Gemini credit card, you earn 3% on dinner, up to $ 6,000 spent a year. While the limit is a bit disappointing, it will cover the average U.S. annual budget for restaurants, according to the Bureau of Labor Statistics. And the reward rate could be competitive with some of the best restaurant credit card contenders.

You will also earn 2% on unlimited purchases. Although you can find higher rates among the Best Supermarket Credit Cards that earn you refund or points, this is the highest grocery reward rate of cryptographic credit cards.

For all other purchases, you will earn a 1% return on crypto. This rate is typical of everyone rewards with credit cardscrypto-winning or not.

What can you do with the cryptography you earn?

There are no exchange rates to purchase your rewards. You will receive your rewards instantly when the transaction occurs, if possible; otherwise, when the transaction is posted (this can take up to a few days with typical credit cards).

When you receive your rewards, they sit on the Gemini Exchange. But you can sell them for USD, exchange them for another cryptocurrency (we recommend that you change the chosen rewards currency to avoid exchange commissions), or move them to a Gemini Earn account, which works like a savings account. Although the yield may be high, which gives you 0.5% to 8.05% per year depending on the cryptocurrency, this account is not insured by the FDIC as a traditional savings account.

Alternatively, Gemini allows users to move their encryption to their own wallet. A cryptocurrency wallet provides additional security for your holdings, allowing you to control your cryptocurrency instead of an exchange.

Choosing your rewards cryptocurrency

You can earn rewards in more than 60 cryptocurrencies. Some of the best known include bitcoin, ethereum, filecoin, zcash, bitcoin cash, litecoin, dogecoin, tezos and solana. Harrison said bitcoin and ethereum were the most popular choices among current Gemini credit card holders.

You can change your crypto reward type at any time through the app. You will start earning the new cryptocurrency immediately in your next transactions and there is no limit to how many times you can change your cryptocurrency option.

Do I have to pay taxes on my Gemini cryptographic rewards?

In most scenarios, credit card rewards are not taxed since they are more comparable to a rebate than to revenue. However, cryptographic credit cards may be the main exception. If you choose to sell your cryptocurrencies, your earnings may incur capital gains taxes if you sell them at a price above your base cost, the price at which you acquire an asset that the IRS uses to determine your profit.

Gemini states on its website that its cost base will be the price of the cryptocurrency at the time of disbursement. Talk to a tax professional to better understand the intersection of taxes and cryptographic activity.

Comparable cards

BlockFi Rewards Visa® Signature Credit Card

The BlockFi Rewards Visa® Signature credit card stands out as the other most prominent cryptographic credit card.

While it offers fewer types of cryptocurrencies, you can also move your rewards to your own wallet. Depending on your spending patterns, the rewards program may offer more value – you get a 1.5% return on all your purchases, and the BlockFi rewards card offers a welcome bonus, as well as. For the first 90 days, you earn 3.5% back on your purchases, up to $ 100 in encryption.

For more information on this card and how to request it, see our full review of BlockFi rewards Visa signature card.

Venmo credit card

Venmo * credit card has more flexibility and more restrictions than Gemini credit card.

Earn rewards in the form of a cash refund, with the option to exchange that refund for encryption without any exchange commission. The cryptocurrencies you can choose from are more limited (bitcoin, litecoin, bitcoin cash and ethereum) and you can’t move them off the platform and into your own wallet. You will need to sell them at some point to use their value. But the rewards program is pretty unique – you earn 3% on your highest spending category, 2% on your second highest spending category, and 1% on all other purchases.

Eligible expense categories include traveltransportation, groceries, entertainment, dinner and nightlife, bills and utilities, health and beauty, and gas.

Frequently asked questions

What is a Crypto-Rewards Credit Card?

A crypto-reward credit card is like a cash-back credit card, except that instead of exchanging money or a credit statement, you redeem a predetermined amount of crypto. Cryptographic reward cards are relatively new, but we expect this type of product to expand in 2022 and beyond. At this time, only referral bonuses received using cryptographic credit cards are taxable, although cryptographic reward cards may have different tax implications in the future. Keep up to date with legislative developments to keep up with developments.

Can I move my rewards to my personal cryptocurrency wallet?

Yes, the Gemini credit card is one of the few cryptocurrencies currently available that allows you to move your cryptocurrency off its platform.

Some financial institutions only offer custody accounts for cryptocurrency purchases and rewards earned. Some have advanced features, such as the ability to move your cryptocurrency off a company’s platform, either to someone else, or to your own cryptocurrency wallet to store it. There is a risk of keeping your encryption in a custody account, as there is no FDIC insurance to cover losses that occur if a custody account is hacked.

In what cryptocurrency should I receive rewards?

Although bitcoin and ether are the most popular, the cryptocurrency you want to receive in rewards is ultimately your preference. You may consider factors such as potential appreciation or depreciation, applicable uses, and your own tolerance for personal risk.

* All Gemini credit card and Venmo credit card information has been collected independently by CNET and has not been reviewed by the issuer.

The editorial content of this page is based solely on objective and independent reviews of our writers and is not influenced by advertising or associations. It was not provided or commissioned by any third party. However, we may receive compensation when you click on links to products or services offered by our partners.

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