Gemini, a cryptocurrency exchange, recently took to the micro-blogging platform X to inform users that its credit card now allows for the earning of XRP rewards. The card, currently issued by WebBank, was initially launched in April 2022 and offers a way to earn cryptocurrency rewards on everyday purchases.
Features and Benefits
The Gemini Credit Card has a tiered rewards system, offering up to 3% back on dining, 2% on groceries, and 1% on other purchases. Users can choose from over 40 cryptocurrencies available on the Gemini Exchange for their rewards, including Bitcoin, Ethereum, and apparently also XRP. Importantly, users have the flexibility to change their preferred crypto reward type at any time, with no limitations on how often they can make these changes.
Instant Rewards and Exceptions
Gemini states that their credit card provides immediate crypto rewards, deposited into the user’s Gemini account as soon as a qualifying purchase is made. However, there are exceptions. Transactions that require pre-authorization, such as those at hotels, gas stations, and car rental agencies, are excluded from instant rewards. In these cases, rewards are deposited when the transaction posts, which can take between 24 to 72 hours.
Cost Basis for Rewards
The cost basis for the crypto rewards is determined by the market price of the specific cryptocurrency at the time the reward is disbursed. Gemini does not charge any fees for providing these rewards.
Fees and Charges
The card comes with no annual fee and no foreign transaction fees. While there are no fees for acquiring the crypto rewards, fees may apply when selling or converting these rewards.
Gemini emphasizes the security features of their card, including two-factor authentication and state-of-the-art encryption. The card also offers Mastercard’s Zero Liability Protection on unauthorized transactions and Mastercard ID Theft Protection™.
Customization and Accessibility
The card is available in three color options: black, silver, or rose gold, and is accessible to residents of all 50 U.S. states. It also comes with 24/7 customer support.
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