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Gemini Credit Card Pauses Applications for New Users: More Volatility Among Crypto Credit Cards
Despite a months-long waitlist, the initial release of this crypto card didn't go as planned.
Jaclyn DeJohn
Jaclyn DeJohnFormer Editor
Jaclyn was a CNET Money editor with a fondness for the sweet spot between numbers and words. Overseeing CNET's credit card coverage, she wrote and edited news, reviews and advice. She has experience covering business, personal finance and economics, and previously managed contracts and investments as a real estate agent. Her tech interests include Tesla, SpaceX, The Boring Company and Neuralink.
ExpertiseCredit cards, banking, home equity, mortgages
CNET editors independently choose every product and service we cover. Though we can't review every available financial company or offer, we strive to make comprehensive, rigorous comparisons in order to highlight the best of them. For many of these products and services, we earn a commission. The compensation we receive may impact how products and links appear on our site.
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How we make money
We are an independent publisher. Our advertisers do not direct our editorial content. Any opinions, analyses, reviews, or recommendations expressed in editorial content are those of the author’s alone, and have not been reviewed, approved, or otherwise endorsed by the advertiser.
To support our work, we are paid in different ways for providing advertising services. For example, some advertisers pay us to display ads, others pay us when you click on certain links, and others pay us when you submit your information to request a quote or other offer details. CNET’s compensation is never tied to whether you purchase an insurance product. We don’t charge you for our services. The compensation we receive and other factors, such as your location, may impact what ads and links appear on our site, and how, where, and in what order ads and links appear.
Our insurance content may include references to or advertisements by our corporate affiliate HomeInsurance.com LLC, a licensed insurance producer (NPN: 8781838). And HomeInsurance.com LLC may receive compensation from third parties if you choose to visit and transact on their website. However, all CNET editorial content is independently researched and developed without regard to our corporate relationship to HomeInsurance.com LLC or its advertiser relationships.
Our content may include summaries of insurance providers, or their products or services. CNET is not an insurance agency or broker. We do not transact in the business of insurance in any manner, and we are not attempting to sell insurance or asking or urging you to apply for a particular kind of insurance from a particular company.
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Our Editorial Mission
In a digital world, information only matters if it's timely, relevant, and credible. We promise to do whatever is necessary to get you the information you need when you need it, to make our opinions fair and useful, and to make sure our facts are accurate.
If a popular product is on store shelves, you can count on CNET for immediate commentary and benchmark analysis as soon as possible. We promise to publish credible information we have as soon as we have it, throughout a product's life cycle, from its first public announcement to any potential recall or emergence of a competing device.
How will we know if we're fulfilling our mission? We constantly monitor our competition, user activity, and journalistic awards. We scour and scrutinize blogs, sites, aggregators, RSS feeds, and any other available resources, and editors at all levels of our organization continuously review our coverage.
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The Gemini Credit Card®️, a highly anticipated crypto credit card that opened public applications a few weeks ago, has stopped taking applications from new users. Existing and verified Gemini members can resume applications after a temporary pause in their access, as well.
The Gemini website states that the company has made the decision in order to "further improve the customer experience," while a linked status page suggests there were technical problems on Thursday.
"Applications for the Gemini Credit Card were temporarily paused so we could make an update to the application process," a Gemini spokesperson said. "Applications are now open to existing Gemini users who are fully verified. To be fully verified, Gemini users must provide additional documentation, which for US customers includes a valid passport or driver's license."
While the cause of the application pause isn't transparent, it's worth noting that there's inherent risk in this new genre of crypto credit cards, which may lead to technical delays and hiccups along the way. Banks, governments and credit card institutions alike are trying to navigate developing rules and regulations for this new type of card in real time, so volatility continues to haunt some financial products integrated with cryptocurrencies.
As another example, the BlockFi Rewards Visa Signature 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 making transactions on the card. This action was in response to a February SEC charge requiring the product be registered.
While crypto rewards can offer a lot of potential for growth, they also have the potential to lose value faster than the cash-back, points or miles rewards offered by other credit cards. Just as when investing in crypto through an exchange or broker, it's important to be comfortable with the level of risk you take when using a crypto credit card.
For more information about how to use crypto credit cards and what options are available, check out our roundup of the best crypto credit cards.