BlockFi Bitcoin Rewards Credit Card
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.
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!