Gemini Credit Card Singapore Review 2023: Perks, Pros & Cons
Gemini Credit Card Singapore Review: Our Opinion
The Gemini card rewards crypto holders cashback rewards of up to 10%. These rewards are paid in the customer’s cryptocurrency of choice instantly. What’s more?
However, a major downside to the Gemini credit card is the $6,000 annual spending requirement for maximum cashback. The high spending requirement could make the card less appealing to many crypto enthusiasts.
An Overview of Gemini Credit Card
Gemini Trust Company, LLC is a cryptocurrency exchange and asset custodian offering customers various crypto-related services. The Winklevoss Brothers – Cameron and Tyler Winklevoss – established the crypto exchange in 2014 to offer users financial independence and various opportunities through crypto. The exchange allows customers to buy, sell and store over 60 crypto assets, including Bitcoin and Ethereum.
The company has its headquarters in New York and is regulated by the infamous New York State Department of Financial Services (NYSDFS). Gemini is currently among the top 15 cryptocurrency exchanges worldwide, with customers in the United States, Singapore, and various other countries.
Gemini Credit Card: What is it?
The Gemini credit card is a crypto rewards card designed by Gemini and WebBank to offer crypto enthusiasts an outlet to spend their crypto funds.
Its cards are offered both in virtual and physical designs, and these cards can be used anywhere MasterCard is accepted, making it a go-to option for millions of worldwide supported merchants.
Despite its outstanding features, the Gemini credit card may not suit traders with little shopping needs. For instance, the card has a $2,400 minimum spending requirement to enjoy the 10% maximum cashback on gas and electronic vehicle charging.
Furthermore, only Gemini customers in the US have access to the card. And these cards take time to be issued, as the company’s policy requires customers to join a waitlist before receiving the credit card.
Gemini Credit Card: How Does it Work?
The Gemini credit card functions like every other crypto card that offers its customer to receive rewards and other features. Customer cards are linked to their Gemini wallet (mobile wallet) and can be requested through its main website or mobile app.
There are many backend processes the Gemini card undergoes before a cardholder can use it for transactions
- The cardholder selects the cryptocurrency to be used for payment.
- The cryptocurrency will be converted to the merchant’s preferred fiat currency.
- The payment gateway verifies the transaction.
- The equivalent amount is deducted from the user’s balance and instantly converts to fiat.
- The fiat is sent to the merchant’s bank account.
Cardholders can also borrow funds from the card issuer (WebBank) to make payments and refunds with interest.
Using the crypto card, users can earn instant crypto cashback, including Bitcoin, which they can then sell on Gemini, store in the Gemini wallet, or utilize for other crypto investments. However, the cashback percentage is quite small, and the incentives may only be insignificant if the Gemini credit card user is a heavy spender.
Like other traditional credit cards, the Gemini credit card requires users to have good credit scores. Though specific information about the minimum credit score on the Gemini website needs to be provided, WebBank considers a good credit score to start from 600. This is one major backdraw since many other crypto cards are crypto debit cards and don’t require a credit score check.
Benefits and Perks
Customers with Gemini credit cards can redeem cashback in Bitcoin and other cryptocurrencies. However, the platform also offers additional crypto rewards, they include:
- 10% back in crypto on gas purchases
- 3% back on dining spending
- 2% back on groceries
- 1% back on other purchases
Users can accumulate these crypto rewards for other purchases or store them in their mobile wallets.
The Gemini credit card supports 60+ cryptocurrencies, including native assets like Bitcoin and Ethereum, as well as stablecoins and ERC-20 tokens. The cryptocurrencies supported by the Gemini Credit Card include:
- Bitcoin (BTC)
- Ethereum (ETH)
- Filecoin (FIL)
- Litecoin (LTC)
- Bitcoin Cash (BCH)
- Tezos (XTZ)
- Gemini Dollar (GUSD)
- USD Coin (USDC)
- Decentraland (MANA), etc.
One of the major benefits of the Gemini credit card is its fee structure. Cardholders do not pay any issuance, annual, monthly, or exchange fees. There are, however, other fees that investors must consider:
- Variable Annual Percentage Rate (APR) between 16.74% to 28.74% for purchases. The APR is the amount users pay per annum for borrowing funds through a credit card.
- Standard Variable APR of 29.74% for Cash Advance (CA)
- Card Penalty Fee of 33.74%. This is a late fee charged on the credit card when the cardholder defaults on payment of borrowed funds on the due date.
- Cash advance Fee of 3% (minimum of $10)
Different Cardholder Tiers
Gemini’s credit card does not come in tiers or levels. The credit card has the same requirements and crypto rewards for all cardholders. Also, the amount of cashback rewards a user receives depends on their everyday spending.
For instance, the 10% crypto back reward requires a monthly spend of up to $200 on gas at the pump and EV charging.
Opening an Account
Interested in the Gemini Crypto Rewards Credit Card? To get started, users are required opening a Gemini account. Follow these steps to get started.
Step 1: Visit the Website
Navigate the Gemini website and click the “Get Started” button to start the registration process.
Enter the required information, including legal name(s), email address, new password, and country of residence. Check the “terms and conditions” and ReCaptcha boxes and click “Create Account”.
Step 2: Confirm Email Address and Verify Phone Number
Gemini sends an email confirmation request immediately after creating the account. Click on the provided link in the mail to verify the email address.
Also, enter and verify a valid phone number on the next screen by entering the verification code sent by Gemini to the provided phone number.
Step 3: Enter Address Information and Date of Birth
Gemini requires users to verify their home address and date of birth as part of its Know Your Customer (KYC) process.
Enter the address information on the next screen and click “Next” to continue.
On the next screen, enter the date of birth and tap “Next”.
Step 4: Verify ID
The final stage of the registration process is to verify identity. This requires users to upload a valid government-issued identity document, including a passport photo page, driver’s license, or national ID card.
Upload any documents and a selfie photo, then click “Submit Verification” to complete the registration process. The verification process typically takes a few minutes.
Step 5: Request Card
Login to the Gemini exchange and navigate the card interface on the mobile app or website. Select any three card options and have it shipped between 5 to 7 days. The card requires no income verification and has no impact on credit scores. However, Gemini will only approve accounts with good credit scores from 600 for the card.
Note that the credit limit range for the Gemini Card is $2,500 to $25,000.
Users can manage their credit cards from the intuitive Gemini mobile app. The exchange’s mobile app is one of the most downloaded mobile apps worldwide. The mobile application is available on both Google Play and the iOS App store.
Gemini’s app offers a simple and intuitive user interface. Both newbie and professional traders can access all the platform’s features, including buying, sending and receiving crypto.
The Gemini Credit Card app has a 4.5-star rating on Google Play Store. Users particularly like how easily they can fund their accounts with the Gemini Card. However, the Gemini app lags when trades or market features are executed on the exchange, and only users residing in the US have access to the credit card feature on the app.
Gemini strives to support its customers with a dedicated customer experience team available to customers via the Gemini help centre. The platform also provides learning materials to customers via its blog and FAQs section.
Many individuals gave Gemini a 1.2-star rating on TrustPilot after reporting being defrauded on the exchange. Based on the reports, it is obvious that some existing Gemini users are dissatisfied with the exchange’s services. Though the mobile app is well-rated and existing customers have no issues with the card, their poor experiences with the platform may deter prospective investors from using the cryptocurrency exchange’s services, including the crypto card.
Is Gemini Card Right for You?
Choosing a Gemini credit card depends on the investor and their needs. The card offers between 1% to 10% cash back on spending and is available only to Gemini customers in the US. Therefore, crypto users in Singapore have currently no access to the Gemini card.
Other users outside the United States are currently also not eligible for the card, and there is a high spending threshold for the best cashback rate. The card also attracts a high variable APR of up to 29%.
The Gemini credit card is one of the numerous cryptocurrency cards on the market. The card is a perfect option for crypto enthusiasts who prefer crypto rewards over cashbacks.
The credit card, however, is not available to clients outside of the United States, which is a significant drawback. As a result, investors should examine these disadvantages before choosing the card.
Most frequent questions and answers
Crypto deposits on Gemini usually take between 60 seconds to 3 hours to arrive in the user’s account, depending on the cryptocurrency network. ACH deposits from a bank account take 4 to 5 business days, while wire transfer from a bank account takes 1 to 2 business days.
Gemini exchange is available in six countries worldwide, including Singapore. However, the Gemini Card is limited to the United States.
Gemini is a regulated cryptocurrency exchange offering different crypto services in Singapore. The exchange is regulated by the Monetary Authority of Singapore (MAS).
After a successful card request, the Gemini card usually arrives in the customer’s mail within 5 to 7 days.
We always try to provide the most accurate information available, and make sure our team follow through.
If you want to know more about our Crypto Exchanges Review Methodology follow the link below
Skrumble.com provides all its content for informational purposes only, and this should not be taken as financial advice to buy, trade or sell cryptocurrency or use any specific exchange. Please do not use this website as investment advice, financial advice or legal advice, and each individual’s needs may vary from that of the author. This post includes affiliate links with our partners who may compensate us.