When do I earn rewards?
The Gemini Credit Card offers crypto rewards on Qualifying Purchase Transactions,
which are described further in the Rewards Program Terms. In most cases, you will receive
your rewards instantly, which means that you will receive rewards within minutes of when
you swipe your card—not days or a month later. Some exclusions apply in which you earn
Rewards at Post.
Which Qualifying Purchase Transactions provide rewards after the transaction posts?
Certain purchases made at online merchants (including online grocery delivery merchants), hotels, gas stations and car rental agencies only receive rewards once the transaction posts (also referred to as clears or settles) to your account, which normally takes 24-72 hours from the time of purchase. This can also occur with any transaction that a merchant’s acquiring bank or payment processor specifies as a pre-authorization. We refer to rewards earned on these types of transactions as Rewards at Post or Post-Clear Rewards in the Rewards Program Terms.
One reason we designate these transactions as Rewards at Post is the likelihood that the final value of your purchase will differ from the amount that was pre-authorized. An example of a pre-authorization is when a gas station places a $50 hold when authorizing the card, even if you only intend to purchase $20 worth of gas. The $50 hold will remain until the transaction clears and posts to your account. In this example, you will receive rewards on the $20 worth of gas when it clears and posts to your account (and you will not receive rewards on the $50 authorization hold).
The timing of your rewards is subject to the Rewards Program Terms.
Why is there a delay between when I place an order at an online merchant and when I receive rewards?
Many online merchants don’t send an authorization at the time you place an order but instead at or near the time they ship the product. As long as the Qualifying Purchase Transaction is eligible for instant rewards, you will receive the rewards when Gemini receives the authorization. In the event you order multiple items, it is possible that the merchant will send separate authorizations for each item. In that case, you will receive rewards based on each separate authorization when we receive each authorization.
Why didn't I earn rewards when I used my Gemini Credit Card?
Certain transactions are not eligible to earn rewards, including transactions to obtain gift cards, prepaid debit cards, traveler’s checks, precious metals, casino chips, cryptocurrency, lottery tickets or other cash equivalents, as well as any other transactions that do not qualify as a Qualifying Purchase Transaction under the Rewards Program Terms.
If you did make a Qualifying Purchase Transaction, but you have a Rewards Adjustment on your account, you will not receive rewards until that Rewards Adjustment is complete.
How much do I earn when I make a Qualifying Purchase Transaction?
- 3% on dining (up to $6,000 in annual spend, then 1% back on all other dining)
- 2% on groceries
- 1% on all other Qualifying Purchase Transactions
Dining generally includes traditional restaurants, bars/nightclubs and fast food establishments. Groceries generally include traditional grocery stores and specialty food stores. Wholesale clubs, such as Costco and Sam's Club, as well as candy stores and bakeries are excluded from this category.
Note that these categories are determined by Merchant Category Codes (MCCs) provided by the merchant's acquiring bank or payment processor, not Gemini. We use these codes to determine what rewards tier applies to your purchase. Merchants that do not categorize themselves under an MCC code that we associate with dining or groceries will earn 1% back.
In the Rewards Program Terms, we refer to the top two categories as Tier One Bonus Rewards and Tier Two Bonus Rewards.
Why didn't I receive the grocery rewards rate for my purchase at merchants such as Costco, Walmart, or Uber Eats?
Merchant Category Codes (MCCs) are determined by the merchant's acquiring bank or payment processor, not Gemini. We use these codes to determine what rewards tier applies to your purchase. Even though a merchant or some of the items that it sells may appear to fit within a rewards category, the merchant may not have a merchant code in that category.
For example, if you purchase groceries at a gas station and the merchant has a gas station merchant code, your purchase will be categorized as a gasoline purchase rather than a groceries purchase. Additionally, if you purchase groceries at Costco, Sam’s Club, Walmart, Target, or similar establishments, or through delivery services such as Uber Eats, these merchants may not have a merchant code in the grocery category. When this occurs, purchases at these merchants would not qualify for rewards in the grocery category.
What is the difference between the authorized amount and the posted amount?
A merchant will first submit your transaction to the credit card issuer for authorization that you have sufficient credit available to cover the authorized amount. Once the transaction is processed, it will post to your account (also referred to as clear or settle). Posting can occur on the same day as the transaction or can take a few days, depending on the type of transaction and type of merchant. The posted amount is the final amount that is billed to your account. If you received instant rewards at authorization, and the posted amount is lower than the authorized amount, any overpayment in rewards will be considered a Rewards Adjustment. If the posted amount is higher than the authorized amount, you will earn rewards on the excess amount at the time it posts.
I see a Rewards Adjustment on my account. What is that?
If a credit is issued to your account, we will deduct the original U.S. dollar amount of rewards that had been earned on the amount credited from the rewards you would have earned on future purchases. We refer to this as a Rewards Adjustment. After a Rewards Adjustment is complete, you will continue to earn rewards normally. If you notice that your rewards for a purchase are marked as “Adjusted”, this is because some or all of the rewards for that purchase have been applied to a Rewards Adjustment. See the Rewards Program Terms for further explanation of Rewards Adjustments.
What happens to my rewards if I return a purchase / successfully dispute a transaction / get a refund?
If you return a purchase, successfully dispute a transaction or otherwise receive a refund on a purchase, this will trigger a Rewards Adjustment. See Rewards Program Terms for further examples of Rewards Adjustments.
I see a Rewards Charge on my Gemini Credit Card account. What is that?
If you have a Rewards Adjustment which you do not complete (i.e. net out through future purchases) within 30 days, you may see a charge in this amount on your Gemini Credit Card account. We refer to this as a Rewards Charge. You may also be charged a Rewards Charge if you have any outstanding Rewards Adjustments at the time your Gemini Credit Card account is closed or for any other reason noted in the Rewards Program Terms.
Do I pay interest on Rewards Charges?
No, if you are billed a Rewards Charge, you will not be charged interest on that Rewards Charge, regardless of whether you are being charged interest on your other balances.
What is crypto? What is bitcoin?
We have many articles related to Bitcoin and cryptocurrency on our Cryptopedia. You can navigate to the Cryptopedia by visiting Gemini.com and clicking on the resource drop down or visit directly at www.Gemini.com/cryptopedia.
Can I change what type of crypto is earned as rewards?
Yes. You can change your crypto reward whenever you want by logging into your Gemini Credit Card account and selecting "Change rewards". All future Qualifying Purchase Transactions will earn rewards in the newly selected crypto. Previous transactions with pending rewards will earn rewards in the crypto you had selected at the time you made the transaction. Previously earned rewards are not impacted by how you choose to earn future rewards.
How do you determine the crypto price of the rewards?
We calculate the U.S. Dollar amount of your rewards, rounded up to the nearest cent. We convert this amount into your selected crypto reward at the market price when the reward is triggered. For instant rewards, this conversion occurs at the time of transaction (when the authorization occurs); however, for Rewards at Post, this conversion occurs when the transaction posts (i.e. clears).
What are the tax implications of receiving crypto rewards?
In general, the IRS deems credit card rewards as “rebates” rather than “income” which would imply they are non-taxable. There are some scenarios (such as selling crypto for a profit) that may need to be considered for tax implications. This content is for informational purposes only and is not tax or legal advice. Please consult your tax advisor for further guidance.