Gemini Credit Card users see big increase in crypto rewards
Gemini Credit Card users see big increase in crypto rewards
Gemini, a leading cryptocurrency exchange, recently announced a significant uptick in rewards for its credit card users, signaling growing interest and engagement in crypto-backed financial products.
Since its launch in April 2022, the Gemini Credit Card has provided clients with a unique opportunity to earn cryptocurrency rewards on everyday purchases. As the value of cryptocurrencies has surged, so too have the rewards earned by cardholders, with an average increase of 129% in crypto rewards, Gemini said in a blog. This significant appreciation highlights the card's potential to offer more value over time compared to traditional cash-back rewards programs.
On average, cardholders saw their rewards increase by $471, while the top 10% of users experienced gains of at least $1,286, with their rewards appreciating by a minimum of 206%. Even the top 50% of cardholders saw their rewards grow by 122%, showcasing the card’s ability to deliver substantial returns.
This performance contrasts sharply with traditional cash-back credit cards, which often see rewards devalue over time. A recent report from the Consumer Financial Protection Bureau (CFPB) highlighted issues with conventional rewards programs, where companies frequently alter the value of rewards. In contrast, Gemini Credit Card rewards, which are paid in cryptocurrency, have the potential to increase in value as the market grows.
The recent surge in crypto values, particularly in Bitcoin (BTC) and Ethereum (ETH), has significantly boosted the value of rewards for Gemini Credit Card holders. Bitcoin rewards appreciated by 141.3%, while Ethereum rewards grew by 119.6%. Additionally, rewards in several altcoins also saw substantial gains, with Fetch.AI (FET) appreciating by 543.8%, Solana (SOL) by 325.5%, Render (RNDR) by 286.7%, and Livepeer (LPT) by 215.7%.
The Gemini Credit Card offers additional benefits, including no annual fees, no foreign transaction fees, and the flexibility to choose from over 50 cryptocurrencies for rewards. Cardholders can earn up to 4% back on gas purchases, 3% on dining, 2% on groceries, and 1% on all other purchases, further enhancing its appeal.
With the ongoing volatility and growth in the crypto market, cardholders could see even greater returns in the future, making this card a compelling option for those looking to enter the crypto sector.
See also: KuCoin to review and adjust crypto classification in August
