Mastercard Launches Crypto Rewards Credit Card, Offering Real-Time Bitcoin Cashback

Payment giant Mastercard and cryptocurrency exchange Gemini announced on Tuesday that they will collaborate to launch a new credit card offering cryptocurrency cashback this summer. Mastercard will be the exclusive card network, with Webbank serving as the issuing bank.

Holders of the new card will receive up to 3% cash back in the form of Bitcoin or any of the more than 30 cryptocurrencies supported by the exchange after making qualifying purchases. The crypto cash back will be automatically deposited into the cardholder's account at the exchange. The card also has no annual fee.

The program was launched at the beginning of this year and so far, more than 140,000 people are on the waiting list. Once launched, those on the waiting list will be given priority to apply for the card.

The new card offers “real-time crypto cashback, available in all 50 states, wherever Mastercard is accepted,” the announcement detailed. It further emphasized that unlike most credit cards that pay cashback monthly, holders of this card “will receive their crypto cashback as they occur for most of their purchase transactions.”

Mastercard has been working on several cryptocurrency projects. The company partnered with Wirex and Bitpay last year, and then joined forces with cryptocurrency exchange LVL this year. The payments giant announced in February that it would begin supporting cryptocurrencies directly on its network.