BlockFi Credit Card Review (Bitcoin Credit Card)

BlockFi has introduced an innovative product, BlockFi crypto credit card in the US. With the bitcoin rewards credit card, you get an unlimited 1.5% back in crypto on every purchase. The BlockFi credit card is only available to customers within the US.

 

We strongly advise you to take extra precautions when investing in BlockFi. In June 2022, the company secured a $250 million loan to boost its balance sheet following the recent crypto market downturn. Many crypto lending fintech are experiencing liquidity problems. In July 2022, Celcius Network, the crypto lending platform, filed for bankruptcy. It suspended withdrawals in June 2022. You are also advised not to invest into cryptocurrency more than you can afford or willing to lose. Generally, it is advisable not to invest more than 10% of your funds into crypto.

Key Takeaways

  • 1.5% back on every purchase, 2% back after $30K of annual spend
  • No annual fee or foreign transaction fees
  • BlockFi Credit Card is accepted wherever Visa is accepted

Blockfi Card Benefits

There are benefits that one enjoys with BlockFi Credit Card. They include:

  • They provide purchase protection
  • Users earn greater rewards
  • Build credit over time


 

How BlockFi Credit Card Works

When a cardholder makes a purchase, he earns a 1.5% cashback which is then converted to bitcoin, It will then be placed in the BlockFi account. Since this cryptocurrency is deposited in the BlockFi account, it is also a way of funding the account. You can withdraw these bitcoin rewards, while they can also earn interest, or used as collateral in crypto-backed loans.

BlockFi credit card annual fee: Initially, the crypto card had a $200 annual fee. BlockFi credit card fee has been removed to become more competitive.

BlockFi Credit Card Benefits

  • Bitcoin credit card rewards. BlockFi Bitcoin credit card offers 1.5% back on every purchase you make.
  • Annual rewards. For every dollar you spend over $50,000 annually, you’ll earn 2% back. You will also be able to earn higher rewards rates with certain merchants.
  • Pay bills. Cardholders will be able to pay their bill with stablecoin assets in addition to U.S. dollars.
  • Extra APY. In addition to the current stablecoin APY in your BlockFi Interest Account, you will receive up to an extra 2% APY.
  • Bitcoin trading rewards. As a cardholder, you will receive 0.25% of your trading volume on BlockFi back in the form of bitcoin rewards (up to $500 per month).
  • Flexibility. You can choose which cryptocurrency you want to receive in rewards.
    Add users. You are able to add authorized users to their accounts.
  • Referral rewards. You receive a bonus if you refer friends who get approved. You will get $40 per friend for the first four referrals, then up to $50 per friend after that.



 

Why is BlockFi Reward Credit Card a Big Deal?

Although there are debit cards that offer bitcoin rewards like CoinBase and Fold, this one does not offer you points as rewards. Instead, it is offering bitcoin and other currencies as a reward. The BlockFi Reward Credit Card has been seen as a great product since it is for the first time a bitcoin logo has been featured on a physical card. Besides, the 1.5% bitcoin reward rate is so far the highest in the market and it also awarded for every purchase. This gives it a greater distinction from all the other rewards in the market.

BlockFi Visa Credit Card

The Bitcoin Reward Credit Card has been availed due to the partnership between Visa and BlockFi. It is the first-ever credit card to offer bitcoin rewards. The credit card is available to all US residents in all states except New York. It is because there are still regulatory restrictions within the state. Evolve Bank & Trust will issue the card while Deserve will be power the technology to manage the card.

Who Can Apply for BlockFi Credit Card

The BlockFi Rewards Card is for US residents in qualified states (except NY). You must have a BlockFi account to apply. The credit card is not available for business accounts at this time.

BlockFi Crypto Card Alternative

Cryptocurrency cards alternatives include the following:

You can also go for crypto friendly bank accounts if you want additional services that are not possible with BlockFi credit card. Revolut is more advanced and also comes with a multi-currency account including your own bank account numbers. The Crypto feature is mostly for investing though and is less advanced.

For more information and to check out all offers be sure to check out our Crypto Banking page.

Final Thoughts on BlockFi Credit Card

BlocFi Bitcoin Reward Credit card is the first credit card to offer cryptocurrency rewards. This is an excellent way to grow your crypto assets and fund your BlockFi account. In addition, the bitcoin rewards you earn for every purchase can earn interest and be withdrawn. Additionally, you can use bitcoin rewards to back crypto loans. You can get the card if you are a resident of the U.S. If you are a non-resident, you can join the waiting list.

We strongly advise you to take extra precautions when investing in BlockFi. In June 2022, the company secured a $250 million loan to boost its balance sheet following the recent crypto market downturn. Many crypto lending fintech are experiencing liquidity problems. In July 2022, Celcius Network, the crypto lending platform, filed for bankruptcy. It suspended withdrawals in June 2022. You are also advised not to invest into cryptocurrency more than you can afford or willing to lose. Generally, it is advisable not to invest more than 10% of your funds into crypto.