Mastercard is launching a new cryptocurrency rewards credit card featuring real-time rewards in partnership with crypto exchange Gemini. Cardholders will earn up to 3% back in real-time in bitcoin or a number of supported cryptocurrencies.
Payments giant Mastercard is launching a new crypto rewards credit card this summer in partnership with cryptocurrency exchange Gemini, the two companies announced Tuesday. Mastercard will be the exclusive card network with Webbank as the bank issuing the card.
Holders of the new credit card will earn up to 3% back on qualifying purchases in bitcoin or any of the more than 30 cryptocurrencies supported by the exchange. Cryptocurrency rewards will automatically be deposited into the cardholders’ accounts at the exchange. There is also no annual fee for the card.
The project was introduced early this year and so far more than 140,000 people are on the waitlist. When launched, those who are on the waitlist will receive first access to apply for the card.
The new credit card offers “real-time crypto rewards available in all 50 U.S. states and will be accepted wherever Mastercard is accepted,” the announcement details. It further emphasizes that unlike most cards, which pay rewards out monthly, holders of this credit card “will receive their crypto rewards as the transaction occurs for most of their purchases.”
Mastercard has been working on several crypto projects. The company teamed up with Wirex and Bitpay last year and then joined forces with crypto exchange LVL this year. The payments giant announced in February that it will start supporting cryptocurrencies directly on its network.
What do you think about this new Mastercard credit card? Let us know in the comments section below.