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I Applied for Gemini's Crypto Credit Card without Hurting My Credit Score! - YouTube
Channel: Lalit Devraj
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what's going on at royal hollow here
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today we'll be looking at the gemini
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credit card made a video about this more
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than a year ago but it's finally out and
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ready for applications i got the email
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today so we're going to walk through
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what the high level details of the
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gemini credit card are and from there
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actually go through with kind of the
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application process and walk through and
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see what that looks like so with that
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gemini referral link in the description
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below you know how it is with that we'll
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get straight into it so here we have the
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gemini credit card a gemini mastercard
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earn crypto rewards on every purchase
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you have three percent back on dining up
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to six thousand dollars in annual spend
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and after that it's gonna be one percent
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everywhere else you have two percent
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back on groceries and one percent back
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on all purchases you have no annual fee
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no foreign transaction fees as well and
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no exchange fees when you acquire your
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crypto rewards but they do say fees may
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be incurred for selling or converting
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those crypto rewards and when you swipe
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you have instant rewards the moment you
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swipe the thing is if you consider for
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example one of the competitors known as
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block fi with their credit card your
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rewards are going to be coming in after
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the statement closes essentially about
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plus one month after the fact but what
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gemini over here is saying is
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essentially immediately when you swipe
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those rewards they go into your gemini
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account balance
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and from there you maximize your awards
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it's essentially saying that hey over
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the last five years you could have
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earned 25x some bitcoin rewards done
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with cashback rewards and the main
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reason for that is because when you're
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earning something in bitcoin and as the
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price goes up in terms of bitcoin if you
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hadn't sold then the underlying value is
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just more in general the other way to
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put it is if cash back percentages are 1
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then if you just did nothing but held on
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then it's as if you got 25 back on your
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money from whenever you've been swiping
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that card and technicality-wise that's
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as if you made the purchase that many
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years ago not just dollar cost averaging
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in terms of rewards over time etc in
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terms of color you got your black
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silver and rose over here and if you see
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the back of the card satoshi nakamoto
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and then silver over here see the back
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you can see tyler winklevoss and so the
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wiggle bust ones are part of where the
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investment side of gemini so you got
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cameron over here feel free to pause
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there's some details again reiterating
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the card features of the gemini credit
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card they come in some faqs so which
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cryptocurrencies can i choose from so
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you have that same 50 plus and there's a
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full list i'll leave a link in the
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description below and then over here can
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i change my crypto reward type so you
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can change it in a limited amount of
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times and as long as you change it then
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all those future transactions are going
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to be given to you in terms of rewards
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in that cryptocurrency and how do you
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determine the cost basis for my rewards
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cost basis is said that the market price
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of the specific crypto when the reward
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is dispersed and there are no fees
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associated with those crypto rewards and
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so what that means is if bitcoins
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trading at 39k change you swipe that's
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basically what that cost basis would be
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for you to have that crypto and they
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don't charge any fees when they give you
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that reward but they did say in this
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fine print that there may be tax
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implications when you're actually
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selling that crypto so just something to
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know about and consider really and so
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which purchases provide rewards after
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transaction posts at basically all of
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them and when you have those
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pre-authorization charges such as your
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hotels or gas stations or certain type
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of vendors then essentially that's done
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after the fact post a transaction and
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regarding taxes it's known as rebates
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versus income the crypto awards that you
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receive so what they're getting at over
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here is they're implying that it's not
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really a taxable event you're getting
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these rewards but then they do give
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their own disclaimer of it's for
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informational purposes only not tax or
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legal advice consult your tax advisor
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advisor for further guidance it's
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official you can apply for the gemini
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credit card so clicking on this email
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the coolest thing i see is that you can
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actually see if you pre-qualify and so
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essentially you're not going to impact
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your credit score and using that tool
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this is actually what it looks like
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clicking on the link you basically see
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confirm your address first name last
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name mailing address city state etc and
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so from there when you press next you'll
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go on to this screen which is confirm
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your identity so social security date of
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birth and as you scroll down right
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before you press submit it says
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submitting this info will not affect
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your credit score i wish i could be
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doing an unboxing for this but
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unfortunately i wasn't pre-qualified and
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when you submit this application they
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actually give you the score and
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potential reasons of why and so for me i
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had too many inquiries in recent past
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and in general i've seen too many
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inquiries in the last 12 months if
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you've seen this statement before so
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essentially it's maybe known as credit
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seeking behavior and basically they're
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trying to mitigate their risk of folks
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that are just trying to spam apply and
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get x amount of credit in a short term
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period which is not what i was trying to
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do but i understand over time just being
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in this hobby i think you know how it
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goes so just uh some information there
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and if you do apply to check out the
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link in the description below ten
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dollars of free bitcoin from gemini if
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you don't have gemini already and you
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know how it is good luck applying and
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thanks for coming to the end and i'll
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play in the future but until then see
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you soon enough peace
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