Gemini exchange account required
Because your rewards are in the form of cryptocurrency, there has to be a place for them to go. As you earn, your rewards get deposited into a Gemini Exchange account, which is an account through which you can buy and sell cryptocurrency.
You don’t need to be an existing Gemini customer to get the card, but when you apply for it, a Gemini Exchange account will be created for you if you don’t have one. If you close your Gemini Exchange account, your Gemini Credit Card® account will also be closed.
Limited rewards redemptions
You can sell crypto rewards you’ve amassed in your Gemini Exchange account and then move that cash to a bank account, but it’s not possible to use earned crypto rewards as a statement credit toward your monthly Gemini Credit Card® bill.
If you like the idea of redeeming rewards for crypto but also want more flexibility, consider the Venmo Credit Card. Redemption options include cryptocurrency, but also a statement credit or a transfer to a bank account, debit card, or another Venmo account.
Reward values can fluctuate
Because the rewards are in the form of cryptocurrency, their value can increase or decrease over time. This includes a risk of losing all your rewards.
