Gemini Credit Card Review: Crypto Rewards for Everyday Purchases

GOBankingRates Score

4.0
SCORE
GOBankingRates Best Banks 2023 scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks.
Quick Take: The Gemini credit card stands out from similar cards due to two features: there are no annual fees, and cardholders can directly earn crypto rewards. However, the lower earning rates of the Gemini credit card may limit its appeal to people who genuinely believe in cryptocurrency's potential.
  • APR
    3.5
  • Fees
    5.0
  • Rewards
    4.5
  • Customer Service
    3.0
How did we calculate this?

Pros

  • No annual fees
  • No foreign transaction fees
  • Earn cryptocurrency, such as bitcoin, in real time
  • Feature-rich app to freeze and manage your card
  • Over 60 supported assets
  • Mastercard benefits

Cons

  • No welcome bonus
  • No intro APR
  • Only two categories feature rewards rates above 1%

Gemini Credit Card Overview

A crypto-based card like the Gemini Credit Card lets users begin their crypto journey without learning much about the technicalities of traditional cryptocurrency investing.

What sets the Gemini credit card apart from other crypto-earning cards is the ability to earn rewards in real-time. Users can instantly earn popular crypto assets, such as bitcoin and ethereum, in addition to over 60 other cryptocurrencies.

Other cards mostly give cash back to cardholders, which is converted to cryptocurrency when the month ends. The major drawback of this method is being subjected to the exchange rate of the day you redeem your rewards. In contrast, the Gemini card frees you from worrying about future crypto market rates because you receive rewards when the transaction occurs.

Key Features

Is the Gemini credit card right for you? Here are some of the main features you should consider.

APR

Gemini offers an APR of 17.24% to 29.24% based on your creditworthiness. After that, the APR may vary according to the market and the prime rate. This APR range is in line with industry averages and isn’t much higher or lower than comparable cards.

However, the Gemini credit card doesn’t have an introductory APR offer. While other companies offer 0% APR for new cardholders over an initial period, Gemini’s APR starts immediately. Additionally, there are no other welcome bonuses or extra rewards. 

Fees

The Gemini card has no annual fees, foreign transaction fees or exchange fees to acquire crypto rewards. However, you may be charged fees for converting or selling your crypto rewards.

Rewards

While most other crypto-earning cards make you wait until the end of your monthly billing cycle to access your rewards, Gemini yields instant rewards upon swiping. These include:

  • 3% back on dining
  • 2% back on groceries
  • 1% back on other purchases

You can hold your rewards, trade them or transfer them to other accounts. You can also change the crypto reward type as often as you want.

Customer Service

Gemini offers customer support through email and chat. There is also an extensive educational resource section on its website and a specific help database related to the Gemini Credit Card. This lets users quickly find solutions to commonly encountered issues.

However, the company overall does not have a stellar customer service rating on multiple third-party review sites. For instance, Gemini has a 1.1/5 rating on Trustpilot, with many customers reporting dissatisfaction with the quality of their interactions with Gemini’s representatives.

Good To Know

Gemini has been under considerable scrutiny, along with its now-bankrupt partner Genesis, for its inability to provide customers with their funds from its Earn program. While Gemini is in the process of recovering the assets, the Securities and Exchange Commission has charged both for trading unregistered securities.

How Does the Gemini Credit Card Stand Out?

The Gemini credit card is an attractive option for people interested in earning cryptocurrency rewards. Whether you’re a beginner to crypto or an advanced trader, the card makes it easy to earn crypto with its simple interface available to residents in all 50 states. It also offers a wide range of cryptocurrency assets and world-class security.

Comparable Gemini Credit Card Options

To compare your options for other crypto rewards cards, here are some alternatives to consider. 

SoFi Credit Card

The SoFi credit card also lets you earn cryptocurrency through cash-back rewards, though not in real time. Instead, you must convert reward points into crypto through SoFi’s app. 

The card offers a signup bonus of $250 if you set up direct deposit to a SoFi checking or savings account, amongst other perks. This makes it an excellent card if you prefer combining crypto earnings with regular credit card perks

BlockFi Rewards Visa Signature Credit Card

Another credit card that lets you earn crypto rewards is the BlockFi Rewards Visa Signature Credit Card. It earns 0.25% in crypto for eligible trades and 1.5% back in crypto upon every purchase. It also earns cardholders 2% back in crypto after $30,000 of annual spending.

Just like Gemini’s credit card, the BlockFi card carries no annual fee. However, BlockFi bonuses are not converted to crypto in real-time. Instead, rewards are converted to crypto at the end of each month when the statement closes.

How To Apply

You can apply for the Gemini credit card by completing the application form on its website. Just click “Get Started” and fill in your information, beginning with your name and contact information.

When the application is complete, you’ll usually receive an answer within 60 seconds. If approved, your new card should arrive by mail within five to seven days.

You can also check if you’re pre-qualified without impacting your credit score. This process only takes a few steps and will tell you whether you’re likely to be approved for a Gemini credit card. However, this is not a guarantee of your approval, and the final application process requires a hard inquiry of your credit report that can impact your credit score.

Who Is the Gemini Credit Card Best For?

The Gemini card is ideal for people who already have some know-how of cryptocurrency or believe in the potential of crypto investments. Anyone who wants to earn crypto passively can also benefit from the card.

It is an attractive option for anyone more concerned with crypto than additional incentives and bonuses.

Final Take

The Gemini credit card is notable for its ability to help you earn real-time crypto rewards.

With Mastercard benefits, world-class security, up to 3% back on dining and 2% on groceries, plus integration with other features on the Gemini platform, the Gemini credit card definitely has appeal.

FAQ

  • Is Gemini a real credit card?
    • Yes. The Gemini credit card is a legitimate card and can be used anywhere Mastercard is accepted.
  • Can I use a credit card in Gemini?
    • You can only fund your Gemini account with fiat currency from a bank account or with cryptocurrency.
    • However, Gemini's credit card is integrated with its digital app and allows you to convert rewards to cryptocurrency.
  • What bank does the Gemini credit card use?
    • Gemini's credit card is issued by WebBank.
  • Does Gemini do a hard pull?
    • Yes. Applying for a Gemini credit card does result in a hard pull on your credit report. However, users can see if they're pre-qualified without impacting their credit score.

Scott Jeffries contributed to the reporting for this article.

Information is accurate as of Feb. 8, 2023, and is subject to change.

Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.

Our in-house research team and on-site financial experts work together to create content that’s accurate, impartial, and up to date. We fact-check every single statistic, quote and fact using trusted primary resources to make sure the information we provide is correct. You can learn more about GOBankingRates’ processes and standards in our editorial policy.

Share This Article:

facebook sharing button
twitter sharing button
linkedin sharing button
email sharing button

About the Author

Preston Hartwick has extensive experience writing for some of the leading companies in tech and finance, but his interests and portfolio also cover topics like gardening, design, health, and more. Preston’s writing is rooted in a research-driven approach, and he seeks to bring something new to every article.
Learn More

BEFORE YOU GO

See Today's Best
Banking Offers

1pximage