Trevor Wells, growth marketing manager at cryptocurrency exchange Gemini, highlighted on Thursday various rewards the firm’s Bitcoin (CRYPTO: BTC) credit card offers, which co-founder Cameron Winklevoss described as “insane.”
What Happened: Wells shared his calculations on X, breaking down the potential returns from a Bitcoin credit card offer.
He stated that if one spends $3,000 within the first 90 days, they’ll get $200 in BTC back. If they sign up using a referral link (like from a friend), they get an extra $50, and they also earn 1% back on a minimum purchase of $30.
Adding it all up, it amounted to $280 back when a user spends $3,000, which is about 9.3% back in Bitcoin.
The numbers cheered Winklevoss, who stated, “insane in the membrane.”
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Why It Matters: Gemini launched the Mastercard Inc. (NYSE:MA) powered card last month, offering no annual fees and no fees on foreign purchases. That said, selling or converting crypto rewards would entail fees.
The card is not without its drawbacks. The crypto rewards cannot be used to pay off the credit card balance, according to a CNBC report.
Moreover, the card cannot be directly used to buy cryptocurrency on the Gemini exchange, according to a review done by the Web3 learning platform BitDegree.
The market has begun to heat up, with fellow cryptocurrency exchange Coinbase Global Inc. (NASDAQ:COIN) launching its own credit card earlier this month, which also promised cashback rewards in Bitcoin.
Earlier in March, Zebec Network, a payments protocol based on Solana (CRYPTO: SOL), launched its crypto debit card, Zebec Carbon, in collaboration with Mastercard.
Price Action: At the time of writing, Bitcoin was exchanging hands at $107,460.21, down 0.34% in the last 24 hours, according to data from Benzinga Pro.
As of this writing, the Coinbase stock ranked high on the Growth and Momentum metrics, but lagged in Value. To find similar details about the top cryptocurrency-related equities on Wall Street, head to Benzinga Edge Stock Rankings.
Photo: Wirestock Creators on Shutterstock.com
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