The credit card was first announced in January, but both firms have finalized plans to start offering the feature this summer.
Crypto credit cards growing in the industry
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The number of credit card rewards in the cryptocurrency industry is growing, after crypto lender, BlockFi announced the launch of its credit card earlier this year.
BlockFi issues a 1.5% cashback reward for every transaction made with its card. The reward is then automatically converted to bitcoin and sent to the user’s BlockFi account.
But cardholders on Gemini will be allowed to transfer their crypto rewards to Gemini Earn, which earns them interest. When launched, the card will be available across the 50 states in the U.S.
The exchange, founded by the Winklevoss brothers, will be offering 3% rewards in any of the cryptocurrencies available at the exchange. WebBank has been designated to provide the cards while Mastercard will provide the payment network.
Earlier this year, Visa and Mastercard announced that they will start integrating crypto assets into their systems.
No annual fee for cardholders
Cardholders will receive 2% on grocery purchases and 1% on other purchases. But the highest award remains 3% on dining purchases. According to the press release about the card feature, the users are free to choose which cryptocurrency they wish to receive such rewards, but it must be one of the 30 crypto assets listed on the Gemini exchange.
Rather than waiting until the end of the statement period, users will get their rewards directly on their Gemini account in real-time. Also, the press release informed that users will not pay annual fees on the Gemini credit card.