Gemini Credit Card Review [2024]: Are Crypto Rewards Worth It?

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The Gemini Credit Card makes sense if you want to earn crypto rewards, but the value of crypto rewards can be unstable.
Updated July 18, 2024
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The Gemini Credit Card is unique among rewards credit cards because it provides crypto rewards for eligible purchases rather than cash back, points, or miles. This can be useful if you want a simple way to earn cryptocurrency on your everyday spending.

The Gemini Credit Card allows you to choose from over 40 different cryptocurrencies to earn rewards, including bitcoin (BTC), litecoin (LTC), and ether (ETH). However, cryptocurrencies are notoriously fickle and may not make sense if you prefer some stability with your rewards.

Learn more in our Gemini Credit Card review to see whether this card makes sense for you.

Earn Crypto on Your Everyday Spending

Gemini Credit Card
4.0

Gemini Credit Card

Current Offer

Earn crypto on your purchases and receive your rewards at the time of the transaction

Annual Fee

$0

Rewards Rate

4% back on the first $200 spent each month on gas and EV charging, 3% back on dining, 2% back on groceries, and 1% back on everything else

Benefits and Drawbacks
Card Details

In this Gemini Credit Card review

Key takeaways

  • The Gemini Credit Card provides cryptocurrency rewards for eligible purchases rather than traditional rewards such as cash back, points, or miles.
  • Cardholders can choose from more than 40 different cryptocurrencies to earn rewards, including bitcoin, litecoin, and ether.
  • The Gemini Credit Card has a $0 annual fee and provides access to Mastercard benefits.
  • The Gemini Credit Card might not make sense if you’re new to digital currencies or want a simple credit card that earns more stable rewards.

Who should get the Gemini Credit Card?

The Gemini Credit Card makes sense if you want a crypto rewards credit card to use on everyday purchases, such as filling up on gas or buying groceries. You can choose to earn from more than 40 cryptocurrencies available on the Gemini Exchange, so you aren’t limited in your selection.

But remember that earning crypto isn’t quite the same as earning cash back, points, or miles. The values of your crypto rewards often vary daily, whereas other credit card rewards tend to have more stable values.

Think about your taxes
You may have tax implications to consider (consult a tax professional) if you make a profit from selling the cryptocurrency rewards you earned.

That’s why the Gemini Credit Card doesn’t make sense for people who are new to digital currencies or people who want a simple credit card that earns more stable rewards.

Card basics

Card type Cash back
Credit card issuer WebBank
Credit card network Mastercard
Annual fee $0
Reward rate 4% back on the first $200 spent each month on gas and EV charging, 3% back on dining, 2% back on groceries, and 1% back on everything else
Recommended credit score Excellent, Good
Foreign transaction fee None

Gemini Credit Card benefits and perks

  • Cryptocurrency rewards earnings: You can earn 4% back on the first $200 spent each month on gas and EV charging, 3% back on dining, 2% back on groceries, and 1% back on everything else.
  • $0 annual fee: You can avoid the added stress and cost with a $0 annual fee.
  • Multiple crypto options: You can earn crypto rewards in one of more than 40 available cryptocurrencies on the Gemini Exchange. Learn more in our Gemini crypto exchange review.
  • Real-time rewards: This card earns real-time crypto rewards on most purchases. This means you can earn crypto right when you make a purchase rather than when the transaction posts. Note that certain purchases might not provide rewards until the transaction clears.
  • No foreign transaction fees: You can avoid foreign transaction fees on purchases or transactions you make while traveling abroad.
  • $0 exchange fees: As one of the best cryptocurrency exchanges, Gemini charges $0 exchange fees on the cryptocurrency rewards you earn.
  • Mastercard benefits: You can access Mastercard benefits, including access to unique experiences, emergency card services, and 24/7 travel services.
  • Metal card: You get to choose between black, silver, or rose gold metal versions of the Gemini Credit Card.

Drawbacks to the Gemini Credit Card

  • No welcome bonus: There’s no welcome bonus available on this card, which is uncommon for most rewards credit cards.
  • No intro APR offer: This card doesn’t have any intro APR offers, which makes it a poor choice for a balance transfer or if you want a low-interest credit card for an upcoming large expense. Find better options on our list of the best 0% intro APR credit cards.
  • Must have a Gemini account: It’s not readily apparent, but you need a Gemini account to open the Gemini Credit Card. This makes sense because the crypto rewards come from the Gemini Exchange, but you might not be interested in a Gemini account for one reason or another.

Earning & redeeming crypto rewards

Earning cryptocurrency

The Gemini Credit Card enables you to earn crypto rewards. But you can’t really place a specific value on the rewards you earn as a Gemini cardholder. This is because the values of cryptocurrencies can change every day, which makes it difficult to predict the value of your crypto rewards.

This isn’t necessarily bad news. Earning crypto rewards could be good if the rewards you earn end up increasing in value. However, you also have a similar potential of losing value.

Note that there could be tax implications when you sell cryptocurrencies for a profit. Because the IRS classifies cryptocurrencies as an asset, you may need to pay capital gains taxes when you sell your rewards for a higher value.

As with just about any investment product, rewards in cryptocurrencies come with their own risks, benefits, and potential tax liabilities. It’s recommended you speak with a qualified tax professional if you don’t know how taxes work when you sell cryptocurrencies.

If you’d prefer credit cards with less risky and more straightforward rewards, check out the best cashback credit cards.

Best ways to earn

Categories Rewards rate
Dining 3%
Groceries 2%
All other purchases 1%

The best way to earn crypto rewards with the Gemini Credit Card is to make sure you’re using it as much as possible, but specifically to make eligible purchases in its bonus categories. This card earns 3% back on dining and 2% back on groceries.

Keep in mind
You can choose the cryptocurrency of your rewards after activating your Gemini Credit Card. You can also change your selected cryptocurrency whenever you want, and however many times you would like. You will immediately begin earning rewards, according to your latest selection.

Maximizing your redemptions

The Gemini Credit Card doesn’t provide typical reward redemptions, such as receiving a statement credit or redeeming points for a flight. Rather, you receive crypto rewards for making eligible purchases. These rewards are stored in your Gemini Exchange account.

From there, you have the option to sell any available crypto assets through the Gemini platform for U.S. dollars (USD) and withdraw the money to your verified bank account. Alternatively, you can hold your rewards if you believe in the future value of the cryptocurrency you earned.

That’s why receiving a higher U.S. dollar value for your crypto rewards is your most straightforward option for maximizing your redemptions.

Gemini Credit Card FAQs

What credit score is required for the Gemini Credit Card?

You typically need a good or excellent credit score to qualify for the Gemini Credit Card. That’s at least a 670 credit score, according to the FICO scoring model. Keep in mind that credit card issuers use multiple factors to determine your card eligibility, so having a certain credit score doesn’t necessarily guarantee your approval.

Is the Gemini Credit Card a real credit card?

Yes, the Gemini Credit Card is a real credit card issued by WebBank that uses the Mastercard payment network. The main benefit of the Gemini Credit Card is that you can earn rewards in the form of cryptocurrency through the Gemini Exchange. You can choose from more than 40 cryptocurrencies, including bitcoin, ether, and litecoin.

Who issues the Gemini Credit Card?

WebBank issues the Gemini Credit Card in partnership with Mastercard as the payment network. The Gemini Credit Card was launched on April 14, 2022, and provides cryptocurrency rewards for eligible purchases at a rate of 4% back on the first $200 spent each month on gas and EV charging, 3% back on dining, 2% back on groceries, and 1% back on everything else.

Are crypto rewards taxable?

The IRS generally doesn’t tax credit card rewards you earn on purchases because it’s often considered rebates rather than income. But you might have some tax implications with crypto rewards you earn and then sell for a profit. You should speak with a qualified tax advisor for questions regarding your taxes.

Are crypto credit cards worth it?

Crypto rewards may not be worth it for the average person who wants an easy way to earn rewards with a generally stable value. The values of cryptocurrencies you earn often shift rapidly, whereas the values of cash back, points, and miles don’t typically experience dramatic changes. Additionally, crypto rewards may complicate your tax filing. That’s why you may consider using one of the best rewards credit cards.

Other cards to consider

The Gemini Credit Card might not be the right fit for you if you prefer a simple rewards program and aren’t interested in cryptocurrencies. Compare credit cards to find a better fit. We recommend the Chase Freedom Unlimited® and Wells Fargo Active Cash® Card.

Chase Freedom Unlimited®

The Chase Freedom Unlimited has a $0 annual fee and provides 6.5% cash back on travel purchased through Chase Travel℠, 4.5% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service and 3% cash back on all other purchases (on up to $20,000 spent in the first year). After your first year or $20,000 spent, earn 5% cash back on travel purchased through Chase Travel℠, 3% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service and unlimited 1.5% cash back on all other purchases. Depending on your spending habits, these earning rates could be better compared with the Gemini Credit Card.

And you can also take advantage of intro APR offers on the Freedom Unlimited:

  • Purchases: 0% intro APR for 15 months on purchases (then 20.49% - 29.24% Variable)
  • Balance transfers: 0% intro APR for 15 months on balance transfers (then 20.49% - 29.24% Variable)

Find out more in our Chase Freedom Unlimited review.

Wells Fargo Active Cash® Card

The Wells Fargo Active Cash makes sense if you want a $0-annual-fee cash rewards card for your eligible everyday purchases. This is because you can earn unlimited 2% cash rewards on purchases. So there’s no need to worry about different bonus categories as you might with the Gemini Credit Card.

You can also take advantage of intro APR offers on the Wells Fargo Active Cash:

  • Purchases: 0% intro APR for 15 months from account opening (then 20.24%, 25.24%, or 29.99% Variable)
  • Qualifying balance transfers: 0% intro APR for 15 months from account opening on qualifying balance transfers (then 20.24%, 25.24%, or 29.99% Variable)

Learn more in our Wells Fargo Active Cash review.

Earn Crypto on Your Everyday Spending

Gemini Credit Card
4.0

Gemini Credit Card

Why We Like It

Earn crypto on your purchases and receive your rewards at the time of the transaction

See how these cards compare:

Chase Freedom Unlimited®
Chase Freedom Unlimited®
  • High base rewards rate of 1.5%
  • $0 annual fee
  • Valuable welcome bonus for new cardholders
  • Intro APR offers for purchases and balance transfers
Wells Fargo Active Cash® Card
Wells Fargo Active Cash® Card
  • Low spend threshold for its welcome offer — $200 cash rewards bonus after spending $500 in purchases in the first 3 months
  • Cell phone protection benefit (subject to a $25 deductible)
  • Can redeem rewards at an ATM for literal cash
  • Rates and fees

Author Details

Ben Walker, CEPF, CFEI® Ben Walker, CEPF, CFEI®, is credit cards specialist. For over a decade, he's leveraged credit card points and miles to travel the world. His expertise extends to other areas of personal finance — including loans, insurance, investing, and real estate — and you can find his insights on The Washington Post, Debt.com, Yahoo! Finance, and Fox Business.