Gemini Credit Card Review - Cash Back vs BTC

The Gemini credit card. The best cash back credit card available? Let's find out.

Gemini Credit Card Review - Cash Back vs BTC

In my expat resources page I suggest the Gemini credit card as an alternative cash back card because it pays out in Bitcoin upon usage which you can then withdraw to your own wallet or sell it on Gemini for cash.

I've used this credit card for a year now so this review is based on me actually using this card. It gives:

3% on dining (capped at 6K a year)

2% back on groceries.

1% on everything else.

You can also change the rewards from Bitcoin to Gemini USD, Ethereum, Doge coin, Ape coin and a few other random erc-20 tokens that the Gemini exchange supports.

Gemini credit card results for far:

I'm currently earning $30-$35 a month worth of BTC. The +$150.34 you see is the current appreciated value of the BTC that I've been paid out.

So far I've been paid out 0.01 BTC using this card. On average I'm getting 0.0008-0.0009 BTC a month. It really depends on the price of Bitcoin how much Satoshis (Sats for short) I get.

When Bitcoin is at 20K USD, 1$ of that is more in Sats than when Bitcoin is at 40K USD. The interesting thing I like in the Gemini app is that Gemini keeps track of the current value appreciation of what has been paid out to your account.

The BTC that I have been paid out the course of a year has gone up in value by a whooping $150 USD. Not bad if you're strictly looking for a cash back card.

The problem now? Gemini's fees are too high

I earned 0.0009534 BTC in credit card rewards. I then bought about $150 of Bitcoin so I wanted to move 0.00479414 BTC off Gemini. I was charged 0.00064449 BTC as a fee to move my BTC off the Gemini exchange.

This fee basically cancels out the BTC rewards of the credit card.

Also, a $25 fee to move $200 worth of value? That is ridiculous.

This begs the question, why bother using this credit card in the first place?

The point of earning BTC with a credit card is to help "stack Sats" as they say in a passive way without you having to do anything. But if the fee I'm going to be charged to actually move the BTC off the exchange is equivalent to the BTC rewards I've earned, then there really is no point in using this credit card anymore unless you intend to keep your Bitcoin on Gemini and then sell it for cash.

They should offer credit card users one free withdrawal a month

To keep this credit card offer competitive they should offer users who are serious about Bitcoin one free withdrawal per month if they spend a certain amount on the credit card.

This seems pretty obvious to me as human beings are driven by incentives; if you want people to use your card, then reward them. But Gemini has it setup now where they disincentivized people from using this card because the fee to move your BTC is the same amount roughly as the rewards you earn.

It's still a great cash back credit card

With all that said, there is no denying that this credit card is a fantastic cash back credit card. Sure on paper there are more generous offers from other credit card companies but getting paid out in BTC, holding it on the exchange for 6 months to 1 year and then selling your BTC will earn you more than other cards.

Hold your Bitcoin rewards for 6 months to 1 year then sell

If you are interested in this credit card for strictly the cash back, you can earn GUSD which is Gemini's stable coin, but I would suggest you earn BTC and hold it on the exchange for 6 months to a year then sell (or whenever it appreciates significantly enough based on your judgement.

I know a lot of people are going to say "never sell" and I agree if you're a Bitcoiner wanting to earn BTC, then selling is stupid. But if you're looking for a compelling cash back card then Gemini's offer is quite good. You just have to be fine with selling every few months.


I still like the Gemini platform overall. They have a great app, provide an easy to use platform, Gemini trader for more advanced users and a credit card. But I'm disappointed in the fees they charge now.

It makes sense to now use Gemini to earn and sell BTC with their credit card and to buy Bitcoin from a different exchange that does not charge these heavy, dynamic fees.


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