The Complete Gemini Credit Card Review
Memory card type
The Gemini credit card is one of several new crypto credit cards that have been launched recently. You won’t get cash back or points and miles, but spending rewards in the form of cryptocurrency.
There is no annual fee for this card.
There is no introductory APR or welcome offer of any kind on the Gemini credit card, which can be a disadvantage if you want to maximize reward value in your first year.
With your Gemini credit card, you get:
- 3% refund on restaurant fees up to $6,000 per year (then 1% refund)
- 2% back on groceries
- 1% cash back on other purchases.
You will be rewarded in cryptocurrencies and you can change the type of cryptocurrency you prefer through your account at any time. One of the great things about Gemini’s rewards structure is that you can collect rewards automatically when you buy, rather than waiting for your statement to be released every month. This is especially useful for crypto rewards, where crypto values can change rapidly.
When you collect rewards, they will be credited to your Gemini Exchange account. As for cryptocurrency exchanges, we like Gemini’s security measures and education center. Also, it has wallet options if you wish to keep your cryptocurrencies away from exchanges. However, Gemini has many features and tools that can be complicated for the true novice investor.
There are no annual fees or foreign transaction fees for Gemini credit cards. Fees that may apply include a 3% cash advance fee ($10 minimum), a late fee of up to $20, and a restocking fee of up to $35 (plus a possible penalty of up to 30.24% APR for late fees or refunds) may apply The variable APR is between 13.24% and 24.24%.
If you plan to trade or sell your crypto rewards, please make sure you understand any fees that may be incurred through your Gemini Exchange account.
Aside from crypto rewards, this card doesn’t offer many benefits. It’s a World Mastercard with benefits like Mastercard ID theft protection, plus DoorDash, HelloFresh, Lyft, and ShopRunner benefits. You can also choose your design between black, silver or rose gold stainless steel.
Advantages of Gemini Credit Cards
If you’re a cryptocurrency enthusiast looking for an alternative to traditional cashback or travel points, the Gemini credit card’s cryptocurrency rewards may be helpful. This crypto credit card allows you to automatically earn rewards in the Rewards category when you spend, and you can choose to receive rewards in Bitcoin, Ethereum, or over 50 other cryptocurrencies offered by the exchange.
You also get more flexibility than other crypto credit card options. There are no redemption fees for purchasing rewards, and you have full control over your reward balance. Once your cryptocurrency rewards are deposited into your Gemini trading account, you can sell your cryptocurrency back to USD, hold it long term, or trade it however you like.
Disadvantages of Gemini Credit Cards
The biggest downside of the Gemini credit card is the lack of welcome offers or perks. By contrast, many cash-back credit cards offer up-front bonuses worth hundreds of dollars that can be used to invest in cryptocurrencies if you so desire.
Reward tiers on Gemini credit cards are also limited, as you only get 3% back on the first $6,000 spent in restaurants in a year, and then 1% back. Earning 2% cash back at the grocery store is great, but the best grocery credit cards offer 6% cash back (and then 1% back) when you spend up to $6,000 a year at U.S. supermarkets.
For some, the bonus structure itself may also be the downside of this card. The value of your cryptocurrency rewards can go down as they go up. On the other hand, cash rewards and even points and mileage ratings are much less volatile.
How to Use a Gemini Credit Card
There is currently a waiting list for Gemini credit cards, and Gemini has just started inviting users to apply. If you are interested in the card, you must apply for the waiting list and wait to be notified that you are eligible to apply.
Once you’re off the waitlist, take advantage of your Gemini credit card to pay everyday expenses and bills, and maximize your restaurant and grocery rewards categories.
It may also be useful to combine this card with other rewards cards that offer more cash back in different everyday spend categories. Especially after reaching the $6,000 annual cap on restaurant dining, you only earn 1%. In this case, consider switching to another card with more rewards for eating until the cap resets the following year. Even if your primary goal is crypto rewards, you can redeem cash rewards from another card for mail-in checks and use your rewards to invest in crypto.
Once you’ve earned your rewards, also think about how best to maximize your cryptocurrency. For investors interested in crypto, the best strategy is to use your crypto as a long-term store of value rather than frequent transactions. Experts advise cryptocurrency investors looking for long-term value to stick with Bitcoin and Ethereum rather than other more volatile altcoins.
As with any credit card, you should make sure you always pay your bill in full and never have a balance. If you have long-term debt on this card, high APR payouts could wipe out even the best crypto gains.
Is a Gemini Credit Card Right For You?
Cryptocurrencies are highly volatile and opting for crypto rewards over cashback or travel rewards can mean sacrificing guaranteed value for the potential to gain value through crypto. However, if you like the idea of earning cryptocurrency with a credit card, the Gemini credit card is an easy option with rewards in the everyday category. You also have control and flexibility in controlling the cryptocurrencies you earn, including the option to sell or trade them as needed.
Before you apply, however, also consider cash-back credit cards that can add even more value to your spending. There are many other options that might be better suited to the categories you spend the most. While cash back credit cards don’t earn cryptocurrency directly, most credit cards allow you to cash checks or bank statements, which you can withdraw and invest in if that’s your goal.