Mastercard Inc and U.S. cryptocurrency exchange Gemini will launch the first credit card that gives customers digital assets on purchases as rewards this year. This is a next step for Mastercard’s involvement in Bitcoin and other digital asset.
The MasterCard / Gemini Credit Card already has over 100,000 people on its waitlist and is expected to be publicly introduced later this summer.
Gemini promised the card will come with no annual fees, combined with 24/7 live customer support, which should “deliver a superior cardholder experience.”
The card will be available in three colors initially black, silver, and rose gold and will not contain the 16-digit card number. Instead, it will be “easily accessed” via the customers’ Gemini accounts and will require two-factor authentication. Users of the card can expect to receive up to 3% in bitcoin or other cryptocurrencies on their purchases, the companies said in a statement, with the digital currency deposited in the cardholder’s Gemini account.
The card will be issued by WebBank, a Utah-based digital lender.
Today we’re announcing our partnership with @Gemini to deliver a first-of-a-kind #cryptocurrency rewards credit card. The #GeminiCreditCard gives consumers an easy way to earn #crypto as a reward without changing daily spending habits. Learn more: https://t.co/3GiWJtPu2g
— Mastercard News (@MastercardNews) April 27, 2021
Mastercard said in February it was planning to offer support for some cryptocurrencies on its network this year, while Visa will also allow the use of cryptocurrency to settle transactions on its payment network.
“As consumers go about spending in various acceptance locations, now they get a chance to earn reward in the form of crypto,” Raj Dhamodharan, Mastercard’s head of digital assets and blockchain products & partnerships, said.
The card will be available in the United States.
