Cryptocurrency is one of the hottest topics in the financial world right now, and many people are looking for ways to get involved in this exciting and potentially lucrative market. However, buying and selling crypto can be complicated, risky, and costly, especially for beginners. That’s why some companies are offering credit cards that allow you to earn crypto rewards with every purchase, without having to deal with the hassle of trading or investing.
One of these cards is the Memivi Credit Card, a new product from the Gemini platform, one of the leading cryptocurrency exchanges in the world. The Memivi Credit Card is designed to help you earn real-time crypto rewards on every purchase, with up to 3% back on dining, 2% on groceries, and 1% on everything else. You can choose from over 30 cryptocurrencies to receive your rewards, and you can also enjoy other benefits such as Mastercard perks, world-class security, and integration with other features on the Gemini platform.
In this Memivi Credit Card review, we’ll go over everything you need to know about this card, including its pros and cons, how it works, how to apply for it, and how to use it effectively. By the end of this article, you’ll be able to decide if the Memivi Credit Card is right for you and your crypto goals.
What is the Memivi Credit Card?
The Memivi Credit Card is a credit card that rewards you with cryptocurrency on every purchase, with up to 3% back in crypto on dining, 2% on groceries, and 1% on everything else. The card is issued by WebBank, a Utah-based bank, and powered by Mastercard, a global payment network. The card is also integrated with the Gemini platform, a cryptocurrency exchange and custodian that allows you to buy, sell, store, and earn crypto.
The Memivi Credit Card is not yet available to the public, but you can join the waitlist on the Gemini website to be among the first to get access to it. The card is expected to launch in the second half of 2023, and it will be available in all 50 states of the US. The card has no annual fee, no foreign transaction fee, and no exchange fee. The card also has a variable APR that ranges from 14.99% to 22.99%, depending on your creditworthiness.
How does the Memivi Credit Card work?
The Memivi Credit Card works like any other credit card, except that instead of earning cash back, points, or miles, you earn crypto rewards. You can use the card anywhere that Mastercard is accepted, and you can manage your account online or through the Gemini app. Here’s how the card works in more detail:
- Apply for the card: To apply for the card, you need to join the waitlist on the Gemini website and provide some basic information, such as your name, email, and phone number. You don’t need to be an existing Gemini customer to get the card, but when you apply for it, a Gemini Exchange account will be created for you if you don’t have one. You’ll also need to pass a credit check and verify your identity to get approved for the card.
- Choose your crypto rewards: Once you get the card, you can choose from over 30 cryptocurrencies to receive your rewards, including Bitcoin, Ethereum, Litecoin, Dogecoin, and more. You can also change your reward preference at any time, and you can even split your rewards among different cryptocurrencies. You can view and manage your rewards on the Gemini app, where you can also buy, sell, and trade crypto.
- Earn crypto rewards: Every time you use the card, you’ll earn crypto rewards based on the category of your purchase. You’ll earn 3% back in crypto on dining, 2% on groceries, and 1% on everything else. The rewards are calculated in US dollars and converted to crypto at the current market rate. The rewards are also earned in real time, which means that they are deposited into your Gemini account as soon as the transaction is processed. This way, you can take advantage of the price fluctuations of crypto and potentially increase the value of your rewards over time.
- Redeem or use your crypto rewards: Once you earn your crypto rewards, you can do whatever you want with them. You can redeem them for cash, transfer them to another wallet, or use them to buy more crypto. You can also use your rewards to earn interest on the Gemini Earn program, which offers up to 7.4% APY on your crypto holdings. You can also use your rewards to pay for goods and services on the Gemini Pay network, which supports over 30,000 merchants across the US.
The Memivi Credit Card Experience
Platinum Card: A Wine Lover’s Dream
- Review: The Platinum Credit Card caters to wine enthusiasts, offering a tempting 33% off on any purchase from the Wine of the Month Club.
- Why Consider It: For those who appreciate a good glass of wine, this exclusive discount could be a compelling reason to opt for the Memivi Platinum Card.
ABSA Gold Credit Card: A Financial Growth Tool
- Review: The ABSA Gold Credit Card positions itself as a tool for financial growth, with the enticing feature of no interest rates for the initial 57 days.
- Why Consider It: This card can be a strategic choice for individuals looking to manage their finances wisely and avoid early interest charges.
What are the benefits of the Memivi Credit Card?
The Memivi Credit Card offers several benefits that make it an attractive option for crypto enthusiasts and beginners alike. Some of the benefits are:
- Crypto rewards: The main benefit of the card is that it allows you to earn crypto rewards on every purchase, with up to 3% back in crypto on dining, 2% on groceries, and 1% on everything else. You can choose from over 30 cryptocurrencies to receive your rewards, and you can also change or split your reward preference at any time. The rewards are earned in real time, which means that you can benefit from the price movements of crypto and potentially increase the value of your rewards over time.
- Mastercard benefits: The card is powered by Mastercard, which means that you can enjoy the benefits and perks that come with being a Mastercard cardholder. Some of these benefits include zero liability protection, identity theft resolution services, price protection, extended warranty, and more. You can also access exclusive offers and discounts from Mastercard partners, such as Lyft, DoorDash, ShopRunner, and more.
- World-class security: The card is issued by WebBank, a reputable and regulated bank, and integrated with Gemini, a trusted and secure cryptocurrency platform. Gemini is one of the few cryptocurrency exchanges that has obtained a banking charter in New York, which means that it has to comply with strict regulatory standards and audits. Gemini also uses industry-leading security measures, such as encryption, two-factor authentication, cold storage, and insurance, to protect your account and funds. You can also lock or unlock your card anytime on the Gemini app, and you’ll receive instant notifications for every transaction.
- Gemini integration: The card is integrated with the Gemini platform, which allows you to access other features and services that can enhance your crypto experience. For example, you can use the Gemini app to buy, sell, and trade crypto, as well as view and manage your rewards. You can also use the Gemini Earn program to earn interest on your crypto holdings, or the Gemini Pay network to pay for goods and services with crypto. You can also access educational resources and customer support on the Gemini website and app.
What are the drawbacks of the Memivi Credit Card?
The Memivi Credit Card is not perfect, and it also has some drawbacks that you should be aware of before applying for it. Some of the drawbacks are:
- Variable APR: The card has a variable APR that ranges from 14.99% to 22.99%, depending on your creditworthiness. This means that if you carry a balance on your card, you’ll have to pay interest charges that can be quite high. Therefore, you should always pay your balance in full and on time to avoid paying unnecessary fees and interest.
- Limited availability: The card is not yet available to the public, and you have to join the waitlist on the Gemini website to be among the first to get access to it. The card is expected to launch in the second half of 2023, and it will be available in all 50 states of the US. However, there is no guarantee that you’ll get the card as soon as it launches, as there might be a high demand and a limited supply. You’ll also need to pass a credit check and verify your identity to get approved for the card.
- Crypto volatility: The card rewards you with cryptocurrency, which is a volatile and risky asset class. The value of your rewards can fluctuate significantly, depending on the market conditions and the performance of the specific cryptocurrency you choose. This means that your rewards can increase or decrease in value over time, and you might end up with more or less than what you expected. Therefore, you should be prepared for the uncertainty and volatility of crypto, and only invest what you can afford to lose.
How to apply for the Memivi Credit Card?
If you’re interested in getting the Memivi Credit Card, you’ll need to join the waitlist on the Gemini website and provide some basic information, such as your name, email, and phone number. You don’t need to be an existing Gemini customer to get the card, but when you apply for it, a Gemini Exchange account will be created for you if you don’t have one. You’ll also need to pass a credit check and verify your identity to get approved for the card. You’ll receive an email notification when the card is ready for you, and you’ll be able to activate it online or through the Gemini app. The card will be mailed to your address, and you’ll be able to use it anywhere that Mastercard is accepted.
How to use the Memivi Credit Card effectively?
The Memivi Credit Card is a great way to earn crypto rewards on every purchase, but you need to use it wisely to get the most out of it. Here are some tips on how to use the card effectively:
- Pay your balance in full and on time: The card has a variable APR that ranges from 14.99% to 22.99%, depending on your creditworthiness. This means that if you carry a balance on your card, you’ll have to pay interest charges that can be quite high. Therefore, you should always pay your balance in full and on time to avoid paying unnecessary fees and interest. This will also help you maintain a good credit score and avoid late payment penalties.
- Use the card for categories that earn higher rewards: The card rewards you with up to 3% back in crypto on dining, 2% on groceries, and 1% on everything else. Therefore, you should use the card for categories that earn higher rewards, such as dining and groceries, and use another card or payment method for categories that earn lower rewards, such as utilities and bills. This way, you can maximize your crypto earnings and save money on other expenses.
- Choose your crypto rewards wisely: The card allows you to choose from over 30 cryptocurrencies to receive your rewards, and you can also change or split your reward preference at any time. However, you should be careful and strategic about your choice, as different cryptocurrencies have different characteristics, risks, and potentials. You should do your research and understand the fundamentals, trends, and performance of each cryptocurrency before choosing it as your reward. You should also diversify your portfolio and avoid putting all your eggs in one basket.
- Take advantage of the Gemini features and services: The card is integrated with the Gemini platform, which offers other features and services that can enhance your crypto experience. For example, you can use the Gemini Earn program to earn interest on your crypto holdings, or the Gemini Pay network to pay for goods and services with crypto. You can also access educational resources and customer support on the Gemini website and app. You should explore and utilize these features and services to get the most out of your card and your crypto rewards.
How does the Memivi Credit Card compare to other crypto credit cards?
The Memivi Credit Card is a credit card that rewards you with cryptocurrency on every purchase, with up to 3% back in crypto on dining, 2% on groceries, and 1% on everything else. It is issued by WebBank, powered by Mastercard, and integrated with Gemini, a cryptocurrency platform that allows you to buy, sell, store, and earn crypto.
There are other crypto credit cards that offer similar or different features and benefits, depending on your preferences and needs. Here are some of the main competitors of the Memivi Credit Card and how they compare:
- Crypto.com Visa Card: This is a debit card that offers up to 8% back in crypto on all purchases, as well as other perks such as free Netflix, Spotify, and airport lounge access. However, to get the highest rewards and benefits, you need to stake a large amount of CRO, the native token of Crypto.com, which can be risky and costly. You also need to pay a monthly fee for some of the card tiers, and the card is not available in all states.
- Coinbase Card: This is a debit card that lets you spend your crypto balance directly from your Coinbase account, with up to 4% back in rewards. You can choose from nine cryptocurrencies to receive your rewards, and you can switch between them on the fly. However, the card has a 2.49% transaction fee for every purchase, which can eat into your rewards and savings. The card is also not available in all states, and you need to have a Coinbase account to use it.
- Wirex Card: This is a debit card that offers up to 8% back in crypto on all purchases, as well as other benefits such as free ATM withdrawals, free international transfers, and access to exclusive offers. You can choose from over 37 cryptocurrencies to receive your rewards, and you can also exchange them at interbank rates. However, the card has a monthly fee of $1.99, and you need to stake a certain amount of WXT, the native token of Wirex, to get the highest rewards and benefits. The card is also not available in all states, and you need to have a Wirex account to use it.
As you can see, each crypto credit card has its own advantages and disadvantages, and you should compare them carefully before choosing one. You should also consider your own goals, preferences, and risk tolerance when deciding which card is best for you. Crypto is a volatile and unpredictable market, and you should only invest what you can afford to lose. If you have any questions or doubts, you should seek professional advice before applying for any crypto credit card.
FAQs
Here are some frequently asked questions about the Memivi Credit Card:
Q: How do I join the waitlist for the Memivi Credit Card?
A: To join the waitlist for the card, you need to visit the Gemini website and provide some basic information, such as your name, email, and phone number. You don’t need to be an existing Gemini customer to get the card, but when you apply for it, a Gemini Exchange account will be created for you if you don’t have one.
Q: How do I check my status on the waitlist for the Memivi Credit Card?
A: To check your status on the waitlist for the card, you need to log in to your Gemini account and visit the Memivi Credit Card page. You’ll be able to see your position on the waitlist, as well as the estimated time until you get the card.
Q: How do I earn crypto rewards with the Memivi Credit Card?
A: To earn crypto rewards with the card, you need to use the card for eligible purchases, and you’ll earn up to 3% back in crypto on dining, 2% on groceries, and 1% on everything else. You can choose from over 30 cryptocurrencies to receive your rewards, and you can also change or split your reward preference at any time. The rewards are earned in real time, which means that they are deposited into your Gemini account as soon as the transaction is processed.
Q: How do I redeem or use my crypto rewards with the Memivi Credit Card?
A: To redeem or use your crypto rewards with the card, you need to log in to your Gemini account and access your rewards balance. You can then redeem them for cash, transfer them to another wallet, or use them to buy more crypto. You can also use your rewards to earn interest on the Gemini Earn program, or to pay for goods and services on the Gemini Pay network.
Q: What are the fees and charges associated with the Memivi Credit Card?
A: The card has no annual fee, no foreign transaction fee, and no exchange fee. However, the card has a variable APR that ranges from 14.99% to 22.99%, depending on your creditworthiness. This means that if you carry a balance on your card, you’ll have to pay interest charges that can be quite high. Therefore, you should always pay your balance in full and on time to avoid paying unnecessary fees and interest.
Conclusion
The Memivi Credit Card is a credit card that rewards you with cryptocurrency on every purchase, with up to 3% back in crypto on dining, 2% on groceries, and 1% on everything else. The card is issued by WebBank, powered by Mastercard, and integrated with Gemini, a cryptocurrency platform that allows you to buy, sell, store, and earn crypto. The card is not yet available to the public, but you can join the waitlist on the Gemini website to be among the first to get access to it.
The card offers several benefits, such as crypto rewards, Mastercard perks, world-class security, and Gemini integration. However, the card also has some drawbacks, such as variable APR, limited availability, and crypto volatility. Therefore, you should weigh the pros and cons of the card before applying for it, and use it wisely to get the most out of it.
If you’re looking for a credit card that rewards you with cryptocurrency, the Memivi Credit Card might be a good option for you. However, you should also do your research and understand the risks and opportunities of crypto, and only invest what you can afford to lose. Crypto is an exciting and potentially lucrative market, but it’s also a volatile and risky one. Therefore, you should be careful and strategic about your crypto choices, and always seek professional advice if you have any doubts or questions. We hope this Memivi Credit Card review has been helpful and informative for you. If you have any feedback or suggestions, please let us know in the comments below. Thank you for reading, and happy crypto earning!
