Gemini has revealed that Mastercard is going to be its “exclusive network partner” for its new crypto-back credit card — offering rewards of up to 3% in Bitcoin and other digital assets.
Rolling out this summer, the Gemini credit card will offer 3% back on dining, 2% on groceries, and 1% back on all other purchases.
The rewards will be paid out immediately, allowing holders to time purchases to the price of BTC — and begin earning interest of up to 7.4% on it immediately if they choose to have those rewards paid directly into a Gemini Earn account.
Aside from its role as a consumer loyalty tool for Gemini customers, the New York-based exchange sees the credit card as a way to “bring crypto mainstream,” Gemini CEO Tyler Winklevoss said in a statement, adding:
“As more consumers look to enter the crypto ecosystem, the Gemini credit card gives them an easy point of entry and an effortless way to earn crypto as a reward without changing their daily spending habits.”
Mastercard’s North America President, Linda Kirkpatrick, referred to this as well — saying “giving people flexibility in how they pay and anticipating their evolving preferences” is a core strategy for the payments giant. She added:
“Our work with Gemini builds upon this position, connecting consumer needs with next-generation assets and delivering a ground-breaking experience that redefines the future of card rewards and benefits.”
A New Use Case for Crypto
Mastercard announced in February that it intends to allow cardholders to pay with crypto by the end of the year, and Visa said in March that it planned to allow cardholders to buy cryptocurrencies with its cards. Representatives of Gemini and Mastercard did not respond by press time when asked if the 1% rewards applied to cryptocurrency purchases made on the card.
While a Gemini account is not required to apply, one will be necessary to receive rewards. And as part of the card’s security features, only the cardholder’s name appears on the card, with other information like the card number, expiration date and security code available through the Gemini website or app.
Gemini said it has more than 140,000 names on the waitlist for the fee-free card which will be issued by leading digital lender WebBank this summer. Normal Mastercard cardholder benefits apply.