Update 4/14/22: Full card details have been released. Card is useless compared to the teaser.
- Card earns at the following rates:
- 3% back on dining (up to $6,000 in purchases)
- 2% back on grocery stores
- 1% back on all other purchases
- No annual fee.
Original post: Cryptocurrency trading platform has released details of the ‘Gemini Credit Card‘. Currently this card is not available to sign up to, but you can join the waitlist. The card promises:
- Up to 3% back in Bitcoin or other crypto on all purchases
- No exchange fees on crypto rewards
We’ve seen time and time again that cards that earn 2%+ cash back are not sustainable. I can’t see how this card would be any different, although we don’t have the full details yet (it also says up to 3%, so probably only on specific categories and not interesting categories). For example there could be an annual fee or the exchange rate could be poor (they say no exchange fees, but if the rate is poor it’s effectively a fee as well). We’ve also seen a lot of products similar to this create a waitlist only for the product to never materialize or be dramatically different when it does go live.