BlockFi has introduced an innovative product, BlockFi Bitcoin Reward Credit card. With the bitcoin reward card, you will be earning back bitcoin for every purchase you make. This service is available to clients with BlockFi funded accounts in the BlockFi app. There isn’t a crypto reward credit card available in the market so far. At the initial stages, the BlockFi credit card will be available only to customers within the US. However, customers outside the US are advised to join the waiting list.
There are benefits that one enjoys with BlockFi Credit Card. They include:
- They provide purchase protection
- Users earn greater rewards
- Build credit over time
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.
Bitcoin reward credit cards will attract an annual fee of $200. However, the fee can be offset during the first year. All you need to do is to spend $3,000 or more with the card in the first three months after opening an account. In return, you will get a $250 bonus. It means you will be left with $50 in that year. Other details about Bitcoin Reward Credit Card fees and rates have not been availed yet.
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 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.
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.
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.