Gemini and BlockFi Crypto credit card waiting list • Benzinga

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If you are unhappy with the current rewards you receive from your credit card company, you may want to consider signing up for one of the many upcoming cryptocurrency credit cards that are expected to go live soon. beginnings. Cryptocurrency credit cards help you invest while you spend by providing you with rewards paid in crypto when you use your card at eligible retailers.

Both Gemini and BlockFi have announced that they will be opening cryptocurrency credit cards soon, and you can now join the waitlist for each card. Our guide to Gemini and BlockFi crypto credit card waiting list options and future offers will help you decide which card is the right choice for you.

What is a crypto credit card?

Although cryptocurrencies are a relatively new financial tool, most crypto credit cards operate using the same basic structure as a regular credit card. First, you will apply for the card from the company offering the credit card. In this case, we will take a look at the upcoming credit offerings from the Gemini and BlockFi crypto brokerage platforms.

Although a broker tracks and offers your rewards, transaction processors (including Visa and Mastercard) still provide transfer requests and services. This means that no matter if you have a traditional Visa card offered directly by Visa or a Gemini cryptocurrency managed credit card by Visa, you can use your card anywhere that accepts Visa. From shopping online from a hotel, you can use a crypto credit card anywhere you would expect to be able to use a regular credit card.

As with a regular credit card, you will receive a line of credit when you apply for a crypto credit card. The total line of credit you will be allocated is determined by factors such as your income, credit score, and items on your credit report. You can spend up to your line of credit limit, and you have to pay off anything you charge on your card, possibly with interest.

The biggest difference between traditional credit cards and crypto credit cards is the reward system. Most credit cards now offer rewards to cardholders to encourage them to use their cards more often.

For example, you can open a Visa account that pays you 1% cash back at the end of the month on all your purchases. You can then use this discount on your balance or to redeem it for another reward (such as airline miles or gift cards).

Cryptocurrency credit cards instead reward you with Bitcoin or some other major crypto. When you receive cryptocurrency rewards, the brokerage that issues your rewards will deposit your crypto into your trading account or into a new savings account that you created before receiving your card.

Just like when you deposit cryptocurrency into a new wallet, you can freely withdraw and sell whatever cryptocurrency you receive as you wish. These cards give you a simple and automatic way to invest in cryptocurrency without having to think about putting money aside each month to buy crypto.

BlockFi Crypto Credit Card Waiting List

BlockFi plans to release its crypto credit card at some point in 2021. If you want to be the first to know when card applications are released, you can join BlockFi’s card waiting list using your address. E-mail.

The broker says waitlist applicants will be offered card applications on a “first-in, first-served” basis. Signing up on the waiting list does not guarantee that you will be approved for a card.

Commissions

. 25% or less

Minimum Account

0.00001 BTC

Gemini Crypto Credit Card Waiting List

Like BlockFi, Gemini is also planning to launch its own crypto credit card soon. You can join the waiting list for the next Gemini card offer using your email address. Like BlockFi, signing up to Gemini’s waitlist does not guarantee that you will be approved for a card in the future.

BlockFi Rewards and Crypto Points

BlockFi’s most impressive credit card reward is its Instant Bitcoin Rewards. When you use your BlockFi credit card, you receive 1.5% of the value of your transaction in Bitcoin.

This Bitcoin will be deposited into a savings account, which will then accumulate monthly interest in addition to the returns you earn using your card. Bitcoin rewards are paid monthly and deposited into your BlockFi account. There is no limit on the amount of Bitcoin you can earn each month.

In addition to ongoing Bitcoin rewards, you can also earn ongoing rewards in the first few months after opening your card. Some rewards for new members include:

  • $ 250 in Bitcoin if you spend at least $ 3,000 in your first 3 months
  • 3.5% Bitcoin Rewards on all purchases from months 4 to 6 up to $ 100 in Bitcoin
  • Additional 2% APY on your average daily Stable Coin balance up to $ 200
  • A maximum of $ 500 additional cashback paid in Bitcoin on qualifying transactions each month

Gemini Rewards and Crypto Points

Gemini has yet to reveal many details about its card reward program. We know that cardholders will be eligible to earn up to 3% cashback in the form of Bitcoin or other major cryptocurrency offering of their choice. The Gemini crypto card will also be available in all 50 states and will not include any exchange fees on cashback deposits.

Traditional credit card vs crypto credit card

Should you subscribe to a traditional credit card or a cryptocurrency credit card? The answer will vary depending on how you want to earn rewards. Encrypted credit cards and traditional credit cards are both handled by the country’s major payment processors, which means you can use either type of credit card anywhere that accepts Visa. , Mastercard or the payment processor of your choice.

There is no doubt that cryptocurrencies have been in the spotlight for the past year or so, but the future of these assets is still up in the air. If you believe that the value of a cryptocurrency investment will increase (and you know how to buy and sell cryptocurrency assets), a crypto credit card might be the right choice for your needs. If you prefer simple cash rewards or don’t want to worry about transferring and selling your coins and tokens, you might be better off using a traditional credit card.

Gemini vs. BlockFi

Gemini and BlockFi are two cryptocurrency trading platforms that allow you to buy, sell, and store cryptocurrency assets. However, both platforms offer unique advantages and disadvantages.

In addition to the advantages of credit cards, you can also take into account the advantages and disadvantages of the trading account when deciding where you want to open an account. Check out the table below for a summary of the strengths and drawbacks of each platform – for more, check out our Gemini Notice and BlockFi Notice.

Gemini BlockFi
Benefits Range of platform options for users of all trading skill levels Wide selection of cryptocurrency offerings
The platform includes built-in hot wallet storage with private keys
Up to 8.6% interest on cryptocurrency and stablecoin holdings
Offers crypto-backed loans
Fast and intuitive mobile trading platform
The inconvenients Charges both a commission and a “convenience fee” for mobile users Limited education support for new crypto investors

Benefits of a crypto credit card

Some of the benefits of opening a crypto credit card can include:

  • The earnings are returned to you in cryptocurrency: Unlike dollars or gift cards, cryptocurrency can become significantly more valuable over time. If the price of the cryptocurrency increases, any crypto you receive as a bonus will also increase in value.
  • Automatic investment and savings: When you earn returns on your crypto, the investment is automatically transferred to a savings account that earns interest.
  • Can use it like a normal credit card: You can use your crypto credit card anywhere you could use a standard Visa or Mastercard, as they share the same payment processing system.

Disadvantages of a crypto credit card

Crypto credit cards also have downsides:

  • The price of cryptocurrency may also drop: If the value of your cryptocurrency decreases while you are holding it, your rewards could potentially become worthless.
  • You cannot apply it to your balance: Some credit card holders automatically apply their cash back to their card balance. This is not possible when you get paid in crypto – you will have to sell the crypto and use the profits to pay off your card balance.

Should you open a crypto credit card?

Thinking of opening your own crypto credit card? You may want to sign up for the BlockFi and Gemini waitlists. There are no fees or penalties for signing up to the waitlist, and you’ll be the first to know when more details on fees, rewards and benefits are released.

Frequently Asked Questions

Can you buy crypto on BlockFi?

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Can you buy crypto on BlockFi?

request

Sarah horvath

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Yes. You can buy Bitcoin and a range of altcoins using BlockFi’s trading platform.

answered

Benzinga

Is Gemini a good crypto exchange?

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Is Gemini a good crypto exchange?

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Sarah horvath

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We have awarded Gemini a total of 4.5 out of 5.0 stars in our Gemini Reviews. The beginner’s platform is ideal for new investors, while its range of supported assets will appeal to more active traders.

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Benzinga

Gemini creates crypto products to help you buy, sell and store your bitcoin and cryptocurrency. You can buy bitcoin and crypto instantly and access all the tools you need to understand the crypto market and start investing, all through a clean and attractive interface. Gemini Crypto Platform offers great account management options. You can manage your account at a glance, view 24 hour changes and percentage changes to your account balance. Start now with Gemini.

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