Gemini Exchnage Credit Card

[DaveF]

So I figured what the hell. I use Gemini and like them so I got their card.
3% BTC / crypto back on restaurants 2% on groceries and 1% on everything else.
All managed through the gemini app.

Metal card and that I think really cool, which is part of the reason why I got it.
There is no number on it. No expiration date. No 3 digit code. Just my name on back.









Had 3 color options, I chose black.

Other then that, it's a credit card. Decent limit stupid high IMO interest rate, but with rates climbing in general it might be average now, I don't carry balances so I really don't pay that much attention to them.

-Dave

[dkbit98]

Metal card and that I think really cool, which is part of the reason why I got it.
There is no number on it. No expiration date. No 3 digit code. Just my name on back.

Sounds interesting, but I never before heard there is a card without expiration date
Did you have to pay something for getting this card, and are there any fees you pay monthly or annually?
I guess this card is only available in United States, and I don't have Gemini exchange account so no deal for me.

[DaveF]

Metal card and that I think really cool, which is part of the reason why I got it.
There is no number on it. No expiration date. No 3 digit code. Just my name on back.

Sounds interesting, but I never before heard there is a card without expiration date
Did you have to pay something for getting this card, and are there any fees you pay monthly or annually?
I guess this card is only available in United States, and I don't have Gemini exchange account so no deal for me.

It has an expiration date but it's not printed on the card. Nothing is but my name, no card number no CVV number.
Not even a phone number to contact them. It's all given in the app but not printed on the card. Good security measure if you ask me.
No fees outside of standard interest & late fees.
US only for now.
What is nice is rewards are instant, I bought dinner last night after my post about it and the BTC is already in my account.

Side bit of an OT rant but I am getting really tired of crypto places not wanting to deal with NY because of the bitlicense that is required to be here.
There are 30+ exchanges that have it and obviously it can be done and done profitably it's just that for some reason places don't want to open their books and put in the effort.

-Dave

[LeGaulois]

First time in my life I've seen a card without numbers, I didn't even know it existed (except for the yescard).
It does look good for security. At least for some people, since in Europe, every transaction has to be validated with an SMS or a notification on a smartphone (so no smartphone of the owner = unusable)

It's becoming a fashion to use bank cards with a cashback system, I'm tempted but it's difficult to compare them to find the most advantageous. I guess with Gemini, you didn't need to lock funds in your wallet (a bit like Binance does)?
2% on groceries is not bad, you can avoid some of the inflation on food prices. I'm cheap, every penny matters LOL.

[DaveF]

It's becoming a fashion to use bank cards with a cashback system, I'm tempted but it's difficult to compare them to find the most advantageous. I guess with Gemini, you didn't need to lock funds in your wallet (a bit like Binance does)?
2% on groceries is not bad, you can avoid some of the inflation on food prices. I'm cheap, every penny matters LOL.

I look at it as being pro BTC.

It's not 2% it's 2% fiat value now. BTC goes back to $50k It's 4+% goes to $100K even more for what I spend now.
Even if BTC hits $75k and then goes to $100k it's still more then 2%.

If I use some other card that is a straight cash back (or points or whatever) it's that value and that's it.

So I my mind, it's for cryptp users who are pro crypto and think it's value is going to climb.

-Dave

[The Cryptovator]

I am curious. I have tried to find some info but can't access a website. It says access denied, does anyone have the same issue? I want to know are they issuing cards for all countries or do they have jurisdiction restrictions? I would like to use it if there are no restrictions in my country. Let me know if there is more information about it.

Edit,
My bad, I missed your second post.

US only for now.

So I am out.

[BitMaxz]

The best thing is that it also has an EMV chip for data protection or antitheft and most what I like are these 3

- No annual fee
- No foreign transaction fees
- No exchange fees to acquire your rewards.

It seems that I like to have this card to avoid fees.

I am curious. I have tried to find some info but can't access a website. It says access denied, does anyone have the same issue? I want to know are they issuing cards for all countries or do they have jurisdiction restrictions? I would like to use it if there are no restrictions in my country. Let me know if there is more information about it.

Edit,
My bad, I missed your second post.

US only for now.

So I am out.

I don't think it is only for the US according to them Gemini master card is available in 60+ countries worldwide I'm not sure I can't find it on the credit card page that they only support the US. But it seems they also offer it to other countries if you are qualified because of this button below



I tried to registered today the only problem I'm stuck at the home address where the next button is grayed out.

[DaveF]

From here:

https://support.gemini.com/hc/en-us/articles/4405148512923-Product-Overview

Who can apply for the Gemini Credit Card?
Residents in all 50 U.S. states will be eligible to apply (terms and restrictions will apply). Unfortunately, the Gemini Credit Card will not be available outside of the U.S.

So for now it's US only.
At a guess, it's going to be like the Coinbase card. Limited to who can get it at 1st based on where you live and then add on more countries and parts of the world.
Very few banks issue cards world wide and just about none of them are crypto friendly. So they will probably wind up with a bunch of different banks depending on where you are.

-Dave

[PrimeNumber7]

First time in my life I've seen a card without numbers, I didn't even know it existed (except for the yescard).

The apple card is the same way. All that is printed is my name and the name of the issuing bank. If I need the card number for some reason, I have to get it from the wallet app in my iPhone.

The best thing is that it also has an EMV chip for data protection or antitheft and most what I like are these 3

- No annual fee
- No foreign transaction fees
- No exchange fees to acquire your rewards.

It seems that I like to have this card to avoid fees.

That is pretty standard for most credit cards nowadays.

It's not 2% it's 2% fiat value now. BTC goes back to $50k It's 4+% goes to $100K even more for what I spend now.
Even if BTC hits $75k and then goes to $100k it's still more then 2%.

If I use some other card that is a straight cash back (or points or whatever) it's that value and that's it.

If you were to get cash back from the Apple card, or any other credit card, you could use that fiat to purchase crypto. This isn't something that would be automatic, and you would probably have to pay some kind of exchange fee for doing so, but it would essentially be the same.

[dkbit98]

It has an expiration date but it's not printed on the card. Nothing is but my name, no card number no CVV number.
Not even a phone number to contact them. It's all given in the app but not printed on the card. Good security measure if you ask me.

I mean you could also scratch off and cover all those numbers for regular cards and keep them separately, but it's still a nice feature.
Never used Gemini exchange myself but last time I checked they had much higher fees than Binance or FTX so you should also think about that.
Other card without numbers is that CoinDebit anon card, but it is limited in many ways, there are no BTC rewards, and biggest flaw is that physical card currently only works in US as well. 

Side bit of an OT rant but I am getting really tired of crypto places not wanting to deal with NY because of the bitlicense that is required to be here.
There are 30+ exchanges that have it and obviously it can be done and done profitably it's just that for some reason places don't want to open their books and put in the effort.

Why don't you move from NY to other more crypto friendly state?
Apart for crypto benefits I heard that life could generally be better all around, and you could have more freedom.

[DaveF]

...If you were to get cash back from the Apple card, or any other credit card, you could use that fiat to purchase crypto. This isn't something that would be automatic, and you would probably have to pay some kind of exchange fee for doing so, but it would essentially be the same.

True, but there is....gasp...work and effort involved with doing that :-)

...Never used Gemini exchange myself but last time I checked they had much higher fees than Binance or FTX so you should also think about that....

They are about average for what I use them for. (BTC <-> Fiat)

Why don't you move from NY to other more crypto friendly state?
Apart for crypto benefits I heard that life could generally be better all around, and you could have more freedom.

Apart from the fact that I'm comfortable here, mostly family stuff.
Oh and the pizza. https://www.youtube.com/watch?v=jCgYMFtxUUw


-Dave

[PrimeNumber7]

...If you were to get cash back from the Apple card, or any other credit card, you could use that fiat to purchase crypto. This isn't something that would be automatic, and you would probably have to pay some kind of exchange fee for doing so, but it would essentially be the same.

True, but there is....gasp...work and effort involved with doing that :-)

Yea, it would not be automatic. Although if you are intending to buy crypto for the long term as you describe, buying once every month, or even every two months should not affect your long-term returns. It would require slightly more work though.

[DaveF]

...If you were to get cash back from the Apple card, or any other credit card, you could use that fiat to purchase crypto. This isn't something that would be automatic, and you would probably have to pay some kind of exchange fee for doing so, but it would essentially be the same.

True, but there is....gasp...work and effort involved with doing that :-)

Yea, it would not be automatic. Although if you are intending to buy crypto for the long term as you describe, buying once every month, or even every two months should not affect your long-term returns. It would require slightly more work though.

Thinking about it, the other side would be are there different tax implications?
If spend $1000 at a restaurant and get $30 back in BTC if BTC doubles do I report it as a $30 purchase for income tax or $0 or?

There was a big thing years ago where people and businesses who spent mega amounts on credit cards and therefore got mega amounts of airline miles / other cashback actually wound up with massive tax liabilities. For us mere mortals it was not a big deal; but if you were running $1 million a month through corporate cards at 2% that's $240000 a year. Not an insignificant sum. And depending on what you do, $1 million is not a lot for a lot of businesses.  

-Dave

[PrimeNumber7]

...If you were to get cash back from the Apple card, or any other credit card, you could use that fiat to purchase crypto. This isn't something that would be automatic, and you would probably have to pay some kind of exchange fee for doing so, but it would essentially be the same.

True, but there is....gasp...work and effort involved with doing that :-)

Yea, it would not be automatic. Although if you are intending to buy crypto for the long term as you describe, buying once every month, or even every two months should not affect your long-term returns. It would require slightly more work though.

Thinking about it, the other side would be are there different tax implications?
If spend $1000 at a restaurant and get $30 back in BTC if BTC doubles do I report it as a $30 purchase for income tax or $0 or?

There was a big thing years ago where people and businesses who spent mega amounts on credit cards and therefore got mega amounts of airline miles / other cashback actually wound up with massive tax liabilities. For us mere mortals it was not a big deal; but if you were running $1 million a month through corporate cards at 2% that's $240000 a year. Not an insignificant sum. And depending on what you do, $1 million is not a lot for a lot of businesses. 

-Dave

My understanding of how the Gemini card works is that you would have purchased the coin in question for $30, although it would be best to consult with a tax professional for advice regarding your specific tax situation.

If you are spending very large amounts on your credit card, for business or other purposes, I would strongly advise to keep things as simple as possible. I don't see the IRS doing much to go after someone who they believe wrongly understated the cost basis of a purchase by $30, but they very well may go after someone they believe understated the cost basis of an investment by tens of thousands of dollars. Getting advice on how to handle receiving bitcoin via the Gemini card would be expensive, and if the IRS were to challenge a particular tax strategy, the cost to defend yourself would likely exceed the value of what you received as a reward.

[DaveF]

So, the card itself is issued though webbank took a look and although it's not really highlighted on the Gemini site it is on the webbank site:

https://www.webbank.com/brand-partners

I have really just been treating it as a card that has 3% rewards on restaurants. Which at the moment is less then the 5% discover card but there are still places that don't take discover (looking at you uber eats) so it has been getting some use.

Not a fan of the interface on the gemini site for card activity / billing but it's not the worst I have seen.

-Dave

[PrimeNumber7]

So, the card itself is issued though webbank took a look and although it's not really highlighted on the Gemini site it is on the webbank site:

This kind of arrangement is common. Various airlines have cards issued by major banks (American - Citi, United - Chase, etc). Even brands that have their own billing interface have this arrangement, for example the Apple Card is issued by Goldman Sachs, but you access your account exclusively via the Apple wallet app. Some smaller banks will even outsource the underwriting and servicing of their branded credit cards to larger banks.

[DaveF]

So, the card itself is issued though webbank took a look and although it's not really highlighted on the Gemini site it is on the webbank site:

This kind of arrangement is common. Various airlines have cards issued by major banks (American - Citi, United - Chase, etc). Even brands that have their own billing interface have this arrangement, for example the Apple Card is issued by Goldman Sachs, but you access your account exclusively via the Apple wallet app. Some smaller banks will even outsource the underwriting and servicing of their branded credit cards to larger banks.

Just more of a datapoint then anything else. As you said cobranded CCs have been around for many years with many different banks and institutions backing them. Sometimes it's more obvious then others. And some people although they might be interested in a particular card will not want to deal with a particular bank / financial institution for some reason.


OT a bit but I noticed an interesting thing. The extra cash back % is based on the code that is attached to the venue. It's part of the information transmitted to the CC company so they know they you are in a restaurant or home improvement store or whatever. If you read the fine print that comes with card documentation it's stated that if whatever establishment does not send the proper code you may get less cash back because the restaurant may not be sending as a restaurant but a "gourmet food store" or some such thing.

THIS card is a bit more liberal in what they give the restaurant cash back on giving the higher cash back on some places that other cards (Discover / CiTi / Cap1) DO not classify as restaurants. Is Ralph's Italian Ices really a restaurant is a discussion for another thread but I did find it interesting that Gemini / WebBank thinks it is but the other above 3 do not. And since it's still so hot out I will be verifying this a few more times over the coming days to make sure it does not change :-)


Although I do think the metal card is cool I have now found there are some places that the card slide on the CC machine too thin for it to fit. Would have thought that something like that was an industry standard.

-Dave