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Gemini credit cardholders will earn up to 3% back on dining, 2% back on groceries, and 1% back on other purchases.
Cryptocurrency exchange Gemini has partnered with Mastercard Inc (NYSE: MA) and WebBank to issue first-of-a-kind cryptocurrency rewards credit cards. Notably, Gemini Credit Card was introduced at the beginning of the year in a bid to enable customers to earn up to 3% back in Bitcoin it any other supported cryptocurrency.
After the introduction earlier this year, Gemini opened its waitlist for people to apply for credit cards. Interestingly, the company has amassed over 140,000 people on the waitlist.
According to the cryptocurrency platform, Mastercard will be the exclusive card network provider, which will adopt entail other features.
“As more consumers look to enter 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,” said Tyler Winklevoss, CEO of Gemini. “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.”
The move by Gemini is anticipated to help more people access the cryptocurrency market securely. By introducing a crypto reward credit card, anyone can earn different supported digital assets by Gemini exchange. According to the company, Gemini credit cardholders will earn up to 3% back on dining, 2% back on groceries, and 1% back on other purchases.
Benefits Associated with Gemini Credit Card in Partnership with Mastercard
Gemini credit cardholders have the means to earn digital assets without necessarily purchasing directly from an exchange. Notably, the cryptocurrency platform in partnership with Mastercard developed the credit card in such a way that it offers real-time rewards.
“This gives cardholders full control over their rewards and allows them to benefit from any appreciation in the price of their rewards from the moment the transaction occurs,” the company noted in the press release.
Another notable benefit of the Gemini credit card will be the fact that it comes with zero annual fees. Besides, the credit card will entail full-time customer support to enhance customers’ experience.
The company also put security as a top priority, to prevent customer fraud. Customers will also access the Gemini credit card through an online platform among other benefits associated with Mastercard as a payment giant company.
“Consumer choice is at the center of Mastercard’s strategy – giving people flexibility in how they pay and anticipating their evolving preferences,” said Linda Kirkpatrick, president of North America at Mastercard. “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.”