As the crypto-finance market continues to expand, more details have been released about the new Gemini crypto credit card
Gemini has announced that its new crypto credit card will be a Mastercard and its issuing bank will be Salt Lake City, Utah, based WebBank. Gemini says its Mastercard credit card will be launched in the northern summer – so sometime between June and August this year – and that for the time being it is only being offered to US citizens.
The card’s rewards scheme will offer payments in any of the cryptocurrencies available on Gemini (currently over 30). Not all purchases will earn rewards, however, and the level of reward will differ based on the type of purchase. For example, users will receive 3% back on dining out. Buying groceries will earn 2% back and other purchases, 1%.
Card holders do not need an existing Gemini account to apply for the card, but if accepted, Gemini will set up a Gemini Exchange account for the users. Gemini rewards will be paid into this account and it will also be functional for buying and selling cryptocurrency. Rather than cardholders having to wait a month to receive their rewards Gemini says that rewards for its cardholders will be paid out as soon as spends are made. This means that users will be able to gain immediately should the cryptocurrency they choose increase in value over the month.
You do not need to be an existing Gemini customer to apply for the card. When you apply for the Gemini Credit Card we will also create a Gemini Exchange account for you where we will store your crypto rewards and you can buy and sell additional crypto assets.
Cards will be metal and available in black, silver or rose gold. They will include Mastercard’s suite benefits including Zero Liability and Price Protection. From a security perspective, the cards will not have a number printed on them – just a card holder’s name – and will include Mastercard ID Theft Protection. Cardholders will be able to manage their accounts through the Gemini app or on the Gemini website.
Other than the fact that there will be no annual charge, Gemini have not released any fee or transaction cost information, or any details on credit terms and interest rates. Card issuers WebBank are a 100% owned subsidiary of Steel Partners – a NYSE registered holding company with diverse investments in energy, defense, supply chain management & logistics, and banking.
