If you’re curious about entering the world of cryptocurrency but aren’t sure how to start, a credit card that rewards you in crypto offers a unique entry point. The Gemini Credit Card is one such product, allowing everyday spending to earn crypto rewards. Below is a beginner-friendly guide to how it works and whether it might make sense for you.
What is the Gemini Credit Card?
The Gemini Credit Card is a credit card issued in the U.S. (by WebBank) on the Mastercard network, offered by the crypto exchange Gemini.
Unlike many credit cards that give cash-back or travel points, this card gives crypto rewards — meaning you earn cryptocurrency instead of (or in addition to) traditional rewards.
How It Works — Step by Step
Here’s a breakdown of how the process works, especially for someone new to this kind of credit card.
- Apply and Link to Your Gemini Account
- You apply for the Gemini Credit Card through Gemini (in the U.S.).
- You’ll need a Gemini account (or create one) since your crypto rewards will be deposited into that account.
2. Choose Which Crypto You Want to Earn (if applicable)
- One of the advantages: you can choose from many cryptocurrencies available on Gemini.
- This means when you make purchases, your rewards will be deposited in the crypto you selected.
3. Use the Card for Everyday Purchases
- Use the credit card like any other credit card (restaurants, groceries, online shopping, etc.).
- You are spending in fiat (e.g., U.S. dollars) — you are not spending crypto when you swipe the card.
4. Earn Crypto Rewards Automatically
- After your transaction posts, you receive a crypto reward (the selected crypto) in your linked Gemini account.
- For example: 3% back in crypto on one category, 2% on another, 1% on general purchases (varies by card) in crypto.
- Example from sources: “4% back on gas, EV charging, transit & rideshares … 3% back on dining, 2% back on groceries, 1% on all other purchases.”
- Gemini Solana Card Offers up to 6.77% Yield on Purchases (new October 21 2025)
5. Manage the Crypto Rewards
Once the crypto is in your Gemini account you can:
- Hold it (assuming you believe in longer-term crypto appreciation).
- Trade or swap it for other crypto.
- Withdraw it to an external wallet (subject to Gemini’s rules).
Because the rewards are crypto, their value may go up (or down) depending on market fluctuations.
- Repay Your Card & Use Responsibly
- Just like any credit card: you incur a balance which you need to pay off. If you don’t pay off the full balance, you’ll pay interest — and that interest cost may offset any rewards.
- Note: from Reddit users: “It works as long as you maintain a zero balance every month. The interest rate for that card is like 27% … the moment you start accruing interest it can quickly overshadow your gains.”
Why You Might Want One — What Makes It Interesting
There are several reasons why a card like this may appeal, especially if you’re crypto-curious.
Earning Crypto Passively
- Instead of just earning cash back, you’re earning crypto — meaning you’re building a crypto position without directly buying crypto with fiat.
- As mentioned: “You’re not risking your existing crypto holdings — you’re simply getting paid in them.”
Potential for Value Appreciation
- Crypto rewards could increase in value if the crypto market moves upward. That means your “1% back” today could be worth more tomorrow — although the opposite is also true (value could drop).
Familiar Spending, New Rewards
– Using the card is like any other credit card, so you don’t need to radically change your spending habits. But you’re getting a novel reward type.
As one article said: “The card will be appealing to the crypto curious who want to learn more … without having to change their daily habits.”
Instant Rewards & Choice of Crypto
- Rewards can be deposited “instantly” (or nearly so) after transaction posts, so you can start accumulating crypto quickly.
- Flexibility in choosing which crypto you earn. Good if you already have a preference for BTC, ETH, or a stablecoin.
No Annual Fee (for this specific card)
- The Gemini Credit Card advertises “no annual fee” so you don’t have a fixed cost to hold it (for certain offers).
Important Things to Know (and Consider) — Risks & Fine Print
It’s not all upside. For beginners, it’s essential to understand the caveats.
Crypto Rewards = Volatility
- While the crypto you earn can appreciate, it can also depreciate. If you earn crypto today, its value tomorrow isn’t guaranteed.
- If you’re risk-averse, this may not align with your comfort level.
Credit Card Risks & Interest
- If you carry a balance and pay interest, the interest cost may outweigh the value of the crypto rewards.
- Example from Reddit: the user pointed out the high interest rate and the need to pay off the balance.
Tax Implications
- Receiving crypto rewards may create taxable events (income when earned, possibly capital gains when you sell/convert). Many jurisdictions treat crypto as taxable.
- If you earn many small crypto rewards (e.g., hundreds of transactions), tracking them for tax purposes might get complex. (Also pointed out in Reddit discussion)
Availability & Terms
- For example: the Gemini Credit Card is available in the U.S. only (as of information) and terms vary.
- Rewards categories, caps, and conditions all matter. For instance, in some reward rates there may be limits.
Suitability
- If you never carry a balance, pay in full each month, and are comfortable with crypto — this may make more sense.
- If you frequently carry a balance or you don’t want to deal with crypto (taxes, volatility), a more traditional rewards card might be simpler.
Is It Right for You?
Here are a few questions to ask yourself:
- Are you comfortable with or interested in owning cryptocurrency?
- Do you plan to pay off your credit card in full every billing cycle (so you avoid interest)?
- Do you want rewards in crypto rather than cash or travel points?
- Are you comfortable with the extra tracking and tax implications that come with crypto rewards?
- Are you in a jurisdiction where this card is available (e.g., U.S.) and willing to accept the terms?
If you answered yes to most of these, then the Gemini Credit Card might be a compelling option — especially as a way to dip your toes into crypto via your spending.
If not, you might prefer to stick with a regular rewards card (cash back, travel points) and perhaps separately purchase crypto if you’re interested.
Final Thoughts
The Gemini Credit Card offers a unique twist on rewards credit cards: using everyday spending to earn cryptocurrency automatically. For beginners who are curious about crypto and want to integrate it into their regular financial habits, this card offers an accessible path.
However, it’s vital to use the card responsibly, understand that rewards are in crypto (with their associated risks), and recognise that carrying a balance can erode the value of rewards via interest.
