Gemini Credit Card Pauses Applications: More volatility in crypto credit cards

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The Gemini Credit Card*, a highly anticipated crypto credit card that open public applications stopped accepting applications a few weeks ago.

The Gemini website says the company made the decision to “continue to improve the customer experience,” while a linked status page suggests there were technical issues on Thursday. A Gemini representative did not immediately respond to a request for comment.

Although the cause of the application pause is not transparent, it is worth noting that this new genre of crypto credit cards comes with an inherent risk that can cause technical delays and hiccups. Banks, governments and credit card issuers alike are trying to stay abreast of the real-time evolving rules and regulations for this new type of card, so volatility continues to plague some financial products integrated with cryptocurrencies.

Another example is the BlockFi Rewards Visa Signing Card, a crypto card that has been on the market for months, recently eliminated access to BlockFi interest accounts, which paid interest on credit card crypto rewards earned through transactions on the card. This action was in response to a February SEC filing that required the product to be registered.

While crypto rewards can offer a lot of growth potential, they also have the potential to depreciate faster than that cashback, Points or miles Rewards offered by other credit cards. Exactly how when invest in crypto via an exchange or broker, it is important to understand the risk you are taking when using a crypto credit card.

For more information on using crypto credit cards and the options available, see our roundup of the best crypto credit cards.

*All information about the Gemini credit card was independently collected by CNET and has not been verified by the issuer. Gemini Credit Card Pauses Applications: More volatility in crypto credit cards

Chris Barrese

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