Gemini Credit Card vs BlockFi

Introduction

Both the BlockFi Rewards Visa Signature and the Gemini credit card are cryptocurrency credit cards that allows you to spend in fiat currency (ie US Dollar) but earn crypto rewards. Both BlockFi and Gemini are crypto exchanges so you need an account with either to apply for their respective credit cards. The BlockFi credit card was launched in December 2020 and the Gemini credit card requires you to join a waitlist. But as of February 2022, waitlist members can now apply for the Gemini card. In this post, we are going to compare both these cards.

Similarities between BlockFi and Gemini Credit Cards

There are many similarities between the BlockFi and Gemini credit cards.

• Both are crypto exchange - There are a few credit cards that offer cryptocurrencies as their form of rewards. However, both BlockFi and Gemini are actual crypto exchanges. That means you can transfer whatever cryptos you earn to an external wallet.


• No annual fee - This is the industry norm for cryptocurrency credit cards. Both have no annual fee.


• No foreign transaction - Both cards also have no foreign transaction fee so they are ideal credit cards to use when you travel outside the US.


• No exchange fee when you earn crypto rewards - Both cards waive any exchange fees when you earn your crypto rewards. Exchange fees are transaction fees you pay when you make a crypto purchase.


• Ability to chose which cryptos you earn - Both cards allow you to earn any cryptocurrencies (as long as it is traded on their exchange and platform).


• Soft Pull Pre-approval process - Both cards go through a soft pull pre-approval process with no impact on your credit scores. If you are not pre-approved, then you simply do not apply and there will be no hard inquiry in your credit report.

Differences between the two credit cards

The key difference between the two cards lie in their reward formula. The BlockFi credit card is a flat rate credit card whereas the Gemini credit card is a bonus category credit card.

• BlockFi Reward Formula - The BlockFi credit card allows you to earn 1.5% back in cryptocurrencies for up to $30,000 in annual spending. Annual spending above $30,000 earns you 2% back in cryptocurrencies.


• Gemini Rewards Formula - In contrast to BlockFi, the Gemini credit card is a bonus category credit card. You can earn 3% back on dining, 2% back on groceries and 1% back on every other regular purchase.


• Visa vs Mastercard - Another key difference is that the BlockFi is a Visa Signature whereas Gemini is a Mastercard. Though they have similar benefits, there are some slight diffferences as well.

Ways in which BlockFi is better

The BlockFi credit card is better than Gemini is the following ways:

Trading Bonus - BlockFi members who have the BlockFi credit card will get a trading bonus of 0.25% back in Bitcoins for all eligible trades.

Referral Bonus - BlockFi gives cardholders a $30 referral bonus in Bitcoin when you introduce a new customer.

Ways in which Gemini is better

The Gemini credit card is better than BlockFi in the following ways:

Cryptos are immediately deposited into account when you make a purchase - When you make a purchase on your Gemini credit card, your crypto rewards are earned immediately. In contrast, the BlockFi credit card has a rewards payout date, which is the second Friday of every month.

Instant Access to digital card after approval - Once you get approved for Gemini credit card, you can use it instantly by adding it to your digital wallet even before the card arrives.

Which is better? BlockFi or Gemini credit card?

After all the comparison, the key question which is the better card? And truth to be told, both are good credit card and are just different. The BlockFi Rewards Visa is a flat rate credit card that allows you to earn a flat rate (1.5% for up to $50,000 in annual spending and 2% above that spending level) and the Gemini credit card is a bonus category credit card (3% on dining, 2% on groceries and 1% on everything else).

If both of these cards were simply regular cash back credit cards, then I would just recommend you get both to maximize your cash back earnings. However, these two are crypto credit cards where you earn rewards in cryptos. And both BlockFi and Gemini are crypto exchanges. So if you do intend to get a card that is issued by a crypto exchange, then the decision really boils down to which exchange do you use? If you are on BlockFi and want to get a crypto credit card, then getting the BlockFi credit card would the obvious choice because your rewards are automatically deposited in the exchange. And if you use Gemini as your exchange, then getting the Gemini credit card would be the obvious choice.

And if you happen to use both exchanges for your crypto purchases, then I certainly would recommend getting both cards because you can maximize your crypto rewards by combining both cards. You should use the Gemini card at restaurants and at the supermarket and charge everything else to BlockFi.