The cryptocurrency platform Gemini is partnering with Mastercard to release a credit card that offers cryptocurrency rewards. The card is slated for a Summer 2021 release date, but a waitlist is already available for interested customers. To date, the waitlist has attracted over 140,000 people.
It’s not the first credit card with a rewards program to offer cryptocurrency. The cryptocurrency lender BlockFi announced a card that will pay out rewards in bitcoin in December 2020. But a key distinction between BlockFi’s card and Gemini’s is that the Gemini card will offer rewards in over 30 cryptocurrencies.
Another crucial difference is that Gemini’s card will have no annual fee compared to a $200 annual fee for BlockFi’s card. As a card that aims for broad-market appeal among users of all income levels, having no annual fee will surely prove to be a key advantage.
And, in a general sense, the fact that two crypto credit cards are releasing in such close proximity is a good sign that fiat alternatives are taking root in the financial system. If trends continue both in the United States and abroad, there’s every reason to expect many more crypto credit cards to be released.
The Gemini card will have a pretty simple rewards structure. You can earn up to 3% back on dining and restaurant purchases, 2% in grocery stores, and 1% back on all other purchases. You’ll have the option to claim rewards in the cryptocurrency of your choice on a Gemini Earn account, which acts as a savings account for cryptocurrency.
Mastercard’s involvement brings not only the brand recognition and trust that Mastercard commands but also benefits for cardmembers. Owning a Gemini card will give you access to special offers from Mastercard partners, such as Lyft, DoorDash, and ShopRunner.