It was bound to happen sooner or later. One of the newest rewards credit cards to hit the market pays rewards in cryptocurrency.
Gemini, a cryptocurrency platform, is rolling out the Gemini Credit Card nationwide. It allows users to earn up to 3% “crypto back” on dining, 2% back in crypto on grocery purchases, and 1% back in crypto on all other purchases.
The credit card is being issued by WebBank and features the Mastercard network. The rewards are automatically deposited in a Gemini account that is set up for the cardholder.
Before the launch, Gemini established a waiting list and said more than 500,000 people signed up. As consumers use the card to make everyday purchases, rewards can be paid in more than 60 cryptocurrencies that are supported on Gemini’s exchange platform. They include everything from Bitcoin and Ether to Dogecoin.
Unlocking access to digital currency
Unlike typical rewards cards, the Gemini card will determine the reward in U.S. dollars but then convert that amount to the cryptocurrency of choice. According to the company, users may change their selected crypto reward as often as they like.
“Mastercard and Gemini share in the belief that providing relevant and innovative crypto rewards experiences will not only empower consumers, but also unlock access to the digital currencies ecosystem,” said Sherri Haymond, executive vice president of Digital Partnerships at Mastercard. “We’re honored to work hand in hand with Gemini to deliver this one-of-a-kind rewards offering and make it even easier for consumers to experience crypto.”
Pravjit Tiwana, chief technology officer (CTO) at Gemini, says cryptocurrencies achieved a breakout in 2021, with 44% of cryptocurrency owners buying a digital currency for the first time.
“Gemini is committed to helping drive more education and offer innovations that remove barriers of entry for consumers who want access to crypto such as bitcoin,” Tiwana said. We developed the Gemini Credit Card to offer a simplified way to invest in crypto without asking consumers to change their daily behavior.”
As rewards accumulate, Tiwana said cardholders can use the Gemini platform to buy, sell, store, and earn in crypto. Additional features include no annual fee and 24/7 live customer support.
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