BlockFi Bitcoin Rewards Credit Card
Update: The company has released a new set of exclusive rewards for BlockFi credit card holders. In addition to the unlimited 1.5% bitcoin rewards on all transactions and a $250 bonus after spending $3,000 or more in the first three months, BlockFi card owners will receive:
- Bitcoin Rewards Rate Boost — After three months of card ownership, the rewards rate of 1.5% back increases to 3.5% back in bitcoin on every purchase for the following three months, with an accrual payout of up to a maximum of $100 in bitcoin, paid out in the seventh month.
- Stablecoin Boost — Card owners that hold stablecoin assets such as GUSD, PAX, or USDC in a BlockFi Interest Account (BIA) will earn an extra 2% APY on top of BlockFi’s current stablecoin APY. The bonus earnings accrue over the first year of card ownership based on an account’s average daily stablecoin balance and will be paid in the first month after annual renewal as a bonus of up to $200 in bitcoin.
- Trading Bonus — Card owners who trade cryptocurrencies with BlockFi will earn 0.25% of their trading volume back in bitcoin, up to a maximum of $500 in bitcoin each month. Note: stablecoin to stablecoin trading is excluded from this bonus.
- Refer-a-Friend Bonus — Card owners will earn an additional $30 in bitcoin for each successful referral to BlockFi. Currently, BlockFi account holders receive $10 in bitcoin for their first four new client referrals and $20 in bitcoin for every referral after that. With this bonus, users can earn $40 in bitcoin for each of their first four referrals and up to $50 in bitcoin for each referral thereafter.
The BlockFi Bitcoin Rewards Credit Card is not available just yet. The company says it expects to begin shipping cards to consumers later this year. If you haven’t signed up for the BlockFi Rewards Credit Card waitlist yet, you can do so now.
You can read the original article below:
When you think of credit card rewards, you usually expect miles, points or just straight cash back. But now, Visa has partnered with cryptocurrency startup BlockFi to offer a credit card that earns you Bitcoin instead.
BlockFi Bitcoin Rewards Cardholders will receive 1.5% of their purchases back in the form of Bitcoin for all purchases. The 1.5% cashback that is earned, will be converted to Bitcoin and placed into a BlockFi account in a regular monthly cycle. The card also has a signup bonus. You can earn $250 in the crypto-asset if you spend more than $3,000 in the first three months.
The card, which comes with a $200 annual fee, will be issued by Evolve Bank & Trust. And yes, the card is made of metal. It has a cool vertical design in the back, while the front is clean with the Visa, BlockFi and Bitcoin logos.
Now the waiting list for the BlockFi Bitcoin Rewards Credit Card is officially available to clients with funded BlockFi accounts in the BlockFi app. “We’re excited to add credit cards to our suite of products and expand Bitcoin’s accessibility to a broader set of consumers,” Zac Prince, chief executive officer and founder at BlockFi, said in the statement. The company hopes to make the card available in early 2021. The card will initially be available only in the US.
Conclusion
Earning Bitcoin instead of regular miles and points might be a cool idea, but 1.5% back on all purchases is not a very exciting proposition. Additionally, the card comes with a $200 annual fee, while there are several card out there that will earn you 2X on all purchases with no fees. The signup bonus is also small, just $250.
Let us know if you think it’s worth applying!
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200 dollar yearly fee. Dont think thats a great deal. I can buy crypto on abra and get paid 10 percent for holding stable coins
Um, can’t someone just take their existing no-annual fee card that earns 1.5% to 2% cashback and just buy crypto?
But does their existing card have a Bitcoin logo on it?????