Mastercard teams with Gemini for credit card with bitcoin rewards

Forget air miles, spend money to get some crypto.

Collecting credit card points is about to get way more interesting. 

Mastercard and Visa announced earlier in the year they would start integrating cryptocurrencies with their systems. In the case of Mastercard, it partnered with the Winklevoss twins to offer a new credit card that rewards customers with bitcoin or another crypto for using it.

Gemini, a cryptocurrency exchange founded by the Winklevoss twins, will release its Gemini credit card with 3% rewards in bitcoin or 30 other cryptos available at the exchange this summer, the companies said in a press release Tuesday. Mastercard will provide the payment network while WebBank will issue the cards.

Cardholders will receive the 3% reward on dining purchases, 2% on groceries and 1% back on other purchases, and they will have a choice of which cryptocurrency they want to receive such as bitcoin, ethereum, litecoin and filecoin. Rewards go directly into the owner's Gemini account in real time rather than waiting for the end of the statement period. The Gemini credit card will have no annual fee and access to other Mastercard benefits. 

"As more consumers look to enter the crypto ecosystem, the Gemini Credit Card gives them an easy point of entry and an effortless way to earn crypto as a reward without changing their daily spending habits," Tyler Winklevoss, CEO of Gemini, said in a statement. 

Those interested in getting a Gemini Credit Card can sign up for the waitlist, which already has more than 140,000 on the list.