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Gemini partners with Mastercard to offer customers with new crypto credit card rewards

Gemini partners with Mastercard to offer customers with new crypto credit card rewards
By Nikhil Batra
  • Gemini, MasterCard, and WebBank agreed to roll out a crypto rewards credit card
  • The crypto credit card offers real-time rewards.

Gemini, a cryptocurrency platform offers one-of-a-kind cryptocurrency rewards credit cards after entering partnership agreements with MasterCard and WebBank. Since Gemini acquired the fintech Blockrize, the Gemini card already has more than 140,000 on the waitlist. MasterCard acts as the exclusive card network while WebBank is the issuer that offers several innovative features such as:

Crypto rewards on purchases: Cardholders will receive up to 3% cash back on qualifying purchases in Bitcoin or any of the 30 cryptocurrencies available on Gemini. These crypto rewards will automatically be deposited into the cardholders’ Gemini account.

Real-time rewards: Gemini is coming up with a crypto rewards platform that delivers these rewards in real-time. Unlike, most cards that pay rewards monthly, Gemini cardholders will receive their crypto rewards as soon as the transaction occurs for most of their purchases. This gives the cardholders full control over their rewards and allows them to attain maximum benefits.

No annual fee: This card won’t be charging its users any annual fee so the cardholders can receive the full value of their rewards.

Security-first design: This sleek metal card is contactless and was built with security in mind. Only the cardholder's name appears on the card, removing other sensitive information, like the 16-digit card number, which can be easily accessed via the Gemini web or mobile app and requires two-factor authentication.

World MasterCard benefits: Cardholders can gain access to exclusive offers with select merchants such as DoorDash, HelloFresh, and Lyft. The Gemini credit card also includes various MasterCard’s advanced security features such as MasterCard ID theft protection, zero liability, and price protection. Cardholders will also have access to priceless experiences.

Tyler Winklevoss, CEO at Gemini said, "As more consumers were looking into entering 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 continues to evolve and meet both industry and consumer demands and commit to the crypto space. We're excited to partner with them on our first real-time crypto rewards card, further helping to bring crypto mainstream," Winklevoss said.

For MasterCard, this deal marks another milestone in its expansion towards the world of crypto. In February, the company revealed that it is preparing its network to handle direct processing of cryptocurrency payments later this year.

Linda Kirkpatrick, president, North America, Mastercard said, "Consumer choice is at the center of Mastercard’s strategy of giving people flexibility in how they pay and anticipate their evolving preferences.”

"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," Kirkpatrick added.

The crypto credit card offers real-time rewards

The Gemini credit card offers a seamless method for consumers to acquire cryptocurrencies and receive easy rewards on their everyday purchases. Cardholders will earn up to 3% cash back on dining, 2% on groceries, and 1% on other purchases.

Cardholders will also have the option to transfer their crypto rewards into Gemini Earn, which is a new interest-earning program that will help users to grow their holdings further.

The Gemini credit card service will be available in all 50 states and can be used at every place where MasterCard is accepted. This crypto reward credit card is expected to launch this summer and those who are on the waitlist will receive the access to apply first.

JP Morgan analyst Ties Tsin Huang believes that MasterCard is gaining benefit from the ongoing transition into the field of card-based and electronic payments.

“Mastercard’s business is highly defensible and characterized by recurring revenues, high incremental margins, low capital expenditures, and high free cash flow. While COVID-19 will significantly impact near-term growth, we believe that underlying secular growth remains strong and could be strengthened after recovery (from pandemic)," Huang said.