Update 11/15/22: 10% on your gas and EV charging purchases for a year with the Gemini Credit Card (on up to $200 in purchases each month) has been added and now 3% on dining is uncapped.
Update 4/14/22: Full card details have been released. Card is useless compared to the teaser.
- Card earns at the following rates:
- 3% back on dining (up to $6,000 in purchases)
- 2% back on grocery stores
- 1% back on all other purchases
- No annual fee.
Original post: Cryptocurrency trading platform has released details of the ‘Gemini Credit Card‘. Currently this card is not available to sign up to, but you can join the waitlist. The card promises:
- Up to 3% back in Bitcoin or other crypto on all purchases
- No exchange fees on crypto rewards
We’ve seen time and time again that cards that earn 2%+ cash back are not sustainable. I can’t see how this card would be any different, although we don’t have the full details yet (it also says up to 3%, so probably only on specific categories and not interesting categories). For example there could be an annual fee or the exchange rate could be poor (they say no exchange fees, but if the rate is poor it’s effectively a fee as well). We’ve also seen a lot of products similar to this create a waitlist only for the product to never materialize or be dramatically different when it does go live.
That was fast
This just in:
Genesis HALTS withdrawals.
https://www.cnn.com/2022/11/16/business/crypto-contagion-genesis-ftx-ctrp/index.html
Genesis is NOT Gemini FYI
Gemini did halt Earn withdrawals due to Genesis
I bought GUSD from Gemini and it is in the interest earning account, but now I’m not able to make a withdrawal. Regardless, ( whether this is a Genesis issue vs Gemini)I can’t withdraw these funds from my Gemini account.
Clear distinction is that only Gemini Earn which I guess they used Genesis has halted withdrawals. Crypto that was bought and sold on Gemini the withdrawals do not have any issues.
Crypto in 2022 = tulips in 1637 (look it up)
Don’t be a pigeon.
After my BlockFi credit card getting suspended due to FTX, I will not mess with credit cards from crypto exchanges!
At this point, I will not mess with any crypto exchange, including Coinbase.
The value could be 50% less by the time you redeem those rewards.
…Or 50% more, good point though
Or nothing
– SFB
u mean SBF
Probably best to avoid all crypto cards for now, after FTX and BlockFi going bust in the past few days. Let the dust settle first.
Does it work like a normal credit card? If it does it doesn’t seem like there’s much risk but it’s ironic how crypto is launching credit cards
It does operate like a normal credit card on the retail side. I think the hope was always to generate a fiat income stream since none of the other services generate the kind of currency that makes payroll.
As Block-Fi is showing, if Gemini goes bust the card gets turned off for new purchases. They sent out emails prior saying ‘remember to pay your bill.’ I’m guessing that if the product dies eventually someone buys the debt portfolio during liquidation, as it is an income producing asset, and you have to pay it back according to the original terms, with penalties, interest, etc.
Maybe it can get written off? Like Chase (?) did when they left Canada. I’ve heard a few 2nd hand stories of medical debt disappearing when the hospital does.
Genesis lending halted withdrawals today, they run Gemini’s earn program. If you believe Gemini than it’s no big deal for the CC.
10% back on Gas up to $200 spend ($20 in crypto) from November 15th 2022 to end of November 2023.
https://www.gemini.com/blog/earn-10-back-in-crypto-rewards-at-the-pump-and-the-plug
Can use with Curve.
Gemini card turning into a daily driver – kinda surprising.
Very unique. The physical card has no numbers, nice touch for the security paranoid with 3x restaurants.
Oddly the rewards don’t include GUSD – Gemini has bent over backwards to create the most transparent and trustworthy stablecoin, and it’s not on their rewards list.
Gemini may find it’s way into my wallet, but I don’t do a lot of restaurants and get 5% at grocery, so it’s a non-starter right now.
Overlooked this – GUSD is on the rewards list, since at least June 2022.
So for stable options you can go with GUSD, USDC, or DAI.
I didn’t see, but do you get choose which currency you get rewards in? Can I just get Eth or do I have to take whatever bs coin they choose?
Yes, you can get ETH
They have BTC and a couple dozen other ones, pretty much all top 100 with a few rando’s.
Agreed. Gemini and BlockFi credit cards are useless compared to better non-crypto exchange offerings.
I do use the Coinbase debit card [1] for certain online large purchases where I know I won’t/can’t get a refund or chargeback.
[1] 4% cash back in XLM, then sell using Advanced Trading for minimal fees.
RIP 4% XLM for the starting 11/16 to 12/14.