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Gemini earn worth it8/13/2023 Because the IRS classifies cryptocurrencies as an asset, you may need to pay capital gains taxes when you sell your rewards for a higher value.Īs with just about any investment product, rewards in cryptocurrencies come with their own risks, benefits, and potential tax liabilities. Note that there could be tax implications when you sell cryptocurrencies for a profit. However, you also have a similar potential of losing value. Earning crypto rewards could be good if the rewards you earn end up increasing in value. This is because the values of cryptocurrencies can change every day, which makes it difficult to predict the value of your crypto rewards. But you can’t really place a specific value on the rewards you earn as a Gemini cardholder. The Gemini Credit Card enables you to earn crypto rewards. This makes sense because the crypto rewards come from the Gemini Exchange, but you might not be interested in a Gemini account for one reason or another.Įarning & redeeming crypto rewards Earning cryptocurrency Must have a Gemini account: It’s not readily apparent, but you need a Gemini account to open the Gemini Credit Card.Find better options on our list of the best 0% intro APR credit cards. No intro APR offer: This card doesn’t have any intro APR offers, which makes it a poor choice for a balance transfer or if you want a low-interest credit card for an upcoming large expense.No welcome bonus: There’s no welcome bonus available on this card, which is uncommon for most rewards credit cards.Metal card: You get to choose between black, silver, or rose gold metal versions of the Gemini Credit Card.Mastercard benefits: You can access Mastercard benefits, including access to unique experiences, emergency card services, and 24/7 travel services.$0 exchange fees: As one of the best cryptocurrency exchanges, Gemini charges $0 exchange fees on the cryptocurrency rewards you earn.No foreign transaction fees: You can avoid foreign transaction fees on purchases or transactions you make while traveling abroad.Note that certain purchases might not provide rewards until the transaction clears. This means you can earn crypto right when you make a purchase rather than when the transaction posts. Real-time rewards: This card earns real-time crypto rewards on most purchases.Learn more in our Gemini crypto exchange review. Multiple crypto options: You can earn crypto rewards in one of more than 40 available cryptocurrencies on the Gemini Exchange.$0 annual fee: You can avoid the added stress and cost with a $0 annual fee.Cryptocurrency rewards earnings: You can earn 3% back on dining, 2% back on groceries, and 1% back on everything else.That’s why the Gemini Credit Card doesn’t make sense for people who are new to digital currencies or people who want a simple credit card that earns more stable rewards.ģ% back on dining, 2% back on groceries, and 1% back on everything else You may have tax implications to consider (consult a tax professional) if you make a profit from selling the cryptocurrency rewards you earned. The values of your crypto rewards often vary daily, whereas other credit card rewards tend to have more stable values. You can choose to earn from more than 40 cryptocurrencies available on the Gemini Exchange, so you aren’t limited in your selection.īut remember that earning crypto isn’t quite the same as earning cash back, points, or miles. The Gemini Credit Card makes sense if you want a crypto rewards credit card to use on everyday purchases, such as filling up on gas or buying groceries.
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