- >Best Crypto Credit Cards for 2024: Earning Crypto Rewards
- >Coinbase Card vs. Gemini Card
Coinbase Card vs. Gemini Card
As the crypto world evolves, a new product has emerged: cryptocurrency debit and credit cards. These cards allow users to spend and pay for things with crypto just as they would with cash.
Any crypto exchange worth its salt has launched its own branded crypto debit or credit card. Coinbase and Gemini are examples of such exchanges, having launched Coinbase Debit Card and Gemini Credit Card respectively.
But which of them is a better choice? We delved into the features, perks, and shortcomings of each to help you make an informed decision.
Gemini Mastercard Overview
The Gemini Card is a credit card that lets you spend money like any other type of credit card. Gemini Card, issued by WebBank and powered by MasterCard went live in April 2022, making it one of the latest entries in the niche.
The card offers a 3% cashback on dining purchases, 2% cashback on groceries, and 1% cashback on all other spendings, with the 3% cashback limited to up to $6,000 spent each year.
Unlike many other crypto rewards cards, the Gemini Credit Card offers immediate rewards, so you get your cryptocurrency right after making eligible purchases. This avoids tying your rewards to exchange rates at the end of the month, potentially benefiting from price increases. Plus, you won’t incur exchange fees while earning rewards.
Moreover, the Gemini Credit Card lets you choose from over 40 cryptocurrencies for your rewards, and you can switch your reward currency as often as you like without incurring fees.
Like Coinbase Card, the Gemini Card has no annual and transaction fees. But it has several perks over the Coinbase Card, including exclusive benefits of a MasterCard, such as deals with brands such as DoorDash, Lyft, and HelloFresh.
- Get up to 3% back in cryptocurrency with no annual fee
- Available in all 50 US states
- Most crypto cards are debit based but Gemini Mastercard is an actual credit card
- Backed by the most regulatory-compliant bitcoin exchange in the world
Pros & Cons
Pros
No annual or transaction fees
Earn crypto rewards in real time
Up to 3% crypto back on purchases
Numerous cryptocurrencies supported
Cons
Very few perks
No welcome bonus
Only available for users with a Gemini account
Coinbase Card Overview
Coinbase Card is a Visa card that lets holders spend their crypto on everyday purchases and earn rewards. Users can use the Coinbase Card like a regular debit card, which includes making purchases online and in physical stores and withdrawing cash from ATMs.
When you purchase with the Coinbase Card, it automatically converts the selected cryptocurrency into USD or EU of the transaction at the prevailing exchange rate.
The card lets users spend their crypto cost-free, among other offers such as zero annual fees and a simple crypto rewards earning and redeeming process. You can use Coinbase Card wherever Visa debit cards are accepted, which includes more than 40 million merchants worldwide.
Coinbase Card uses the Rotating Rewards feature, which gives users up to 4% cashback on purchases with different cryptocurrencies, such as The Graph (GRT) and Bitcoin (BTC).
These rewards have an expiry date. Coinbase Card automatically grants you the reward with the highest crypto-back rate if you don’t pick a reward when a rotation becomes available. This promotion is currently available for US customers only.
The card has a daily spending cap of $2,500 and a daily ATM withdrawal restriction of $1,000.
- Visa card backed by one of the most reliable companies in cryptocurrency
- Links to your Coinbase account
- Spend your crypto anywhere Visa is accepted
- Switch between cryptocurrencies on the fly
Pros and Cons
Pros
No annual fees
No transaction fees
Debit card — no need for a credit assessment
Earn crypto back
Cons
Crypto-back feature not available for EU customers
Only available to Coinbase users
Restricted to the US and the EU
No extra perks
Sign-up Process
Signing up for the Coinbase Card involves downloading the Coinbase app, after which you need to sign in or create an account if you don’t have one. Next, you pick “Coinbase Card” on the main screen or “Earn more” section.
Then, check your info and agree to the terms. You’ll gain access to your virtual card instantly, and the physical copy will be dispatched to you.
To sign up for Gemini Card, you’ll need to provide your name and phone number and other ID credentials. Once approved, your card will arrive by mail within 5 to 7 days. When applying for the Gemini Credit Card without an existing Gemini Exchange account, you’ll create a password that doubles as your Gemini account login.
Availability
Currently, the Coinbase Card is accessible to residents of all Coinbase users residing in the EU and the US, except those in Hawaii. It’s also available in select countries in the UK and Europe. The Gemini Card is supported in all US states.
Fees
Both Coinbase Card and Gemini Card have no annual fees, foreign transactions, or exchange fees.
With Coinbase’s card, you are able to spend your default cash currency, USDC, or any supported crypto and you won’t be charged any transaction fees. However, ATMs may charge their own fees for cash withdrawals.
While the cards are free, you might have to pay fees when you sell or change your cryptocurrency rewards.
Optional Cryptocurrencies
The Gemini Credit Card presently offers rewards for 40+ cryptocurrencies, including the following:
- Bitcoin (BTC)
- Ethereum (ETH)
- Ripple (XRP)
- Bitcoin Cash (BCH)
- Dogecoin (DOGE)
- Tezos (XTZ)
- Avalanche (AVAX)
- USD Coin (USDC)
- Polygon
- DeFi tokens, including Yearn Finance (YFI), SushiSwap (SUSHI), and Aave (AAVE)
On its part, the Coinbase Card supports nine cryptocurrencies: Stellar Lumens (XLM), Bitcoin, DAI, Amp (AMP), Ethereum, Algorand (ALGO), Rally (RLY), The Graph (GRT), and Dogecoin (DOGE).
Verdict: Excellent Cards
Both Coinbase and Gemini cards offer users a way to spend their crypto. However, Gemini Card is a clear winner thanks to a bigger repertoire of cryptocurrencies and more benefits. But Coinbase’s card is nothing to scoff at, as it’s available to a wider base and offers a respectable up to 4% in crypto-back rewards.
Depending on their individual needs, users will find either card worth considering.
