BlockFi Unveils Bitcoin-Earning Credit Card: 1.5% Back, $0 Annual Fee
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» Editor's note
BlockFi filed for bankruptcy on Nov. 28, 2022. The BlockFi Rewards Visa® Signature Credit Card is now "paused," according to a company representative, and customers cannot use it to make purchases. Per the company: "New cards are not being issued. Clients should continue to make their regular statement payments. Assets held on the BlockFi platform cannot be used toward these payments." For customers wondering what happens to their crypto in a situation like this, we're updating this article as we learn more.
UPDATE Nov. 19, 2021: When the BlockFi Rewards Visa® Signature Credit Card launched in 2020, its rewards were available only in Bitcoin, as described in the article below. In November 2021, the card introduced "Rewards Flex," which allows cardholders to receive their rewards in one of about a dozen cryptocurrencies. See our full review of the BlockFi Rewards Visa® Signature Credit Card for details.
Rewards credit cards typically earn cardholders cash back, points or airline miles for their spending — but a new product is offering rewards in the form of Bitcoin, a cryptocurrency.
The BlockFi Rewards Visa® Signature Credit Card was once on a waitlist but is now available for general applications. You will need good or excellent credit (typically, FICO scores of 690 or higher) to be approved for the card, according to Zac Prince, founder and CEO of BlockFi, which has partnered with Visa, Evolve Bank and Deserve on the product.
BlockFi Rewards Visa® Signature Credit Card: Key features
The card runs on the Visa network and comes with a $0 annual fee.
Cardholders earn 1.5% cash back on their purchases, plus 2% back on every dollar spent over $50,000 annually (UPDATE: As of June 2022, this amount was lowered to $30,000). Rewards are converted into Bitcoin and held in cardholders' BlockFi accounts.
The card, which has a black metal design, also comes with an introductory rewards rate. For the first 90 days, you'll earn 3.5% back on purchases, until you reach $100 worth of rewards in Bitcoin.
Given the fluctuations in the Bitcoin market, the value of these rewards will go up and down.
As with more traditional rewards cards, the BlockFi Rewards Visa® Signature Credit Card comes with a credit limit and an interest rate on outstanding balances: The ongoing APR is 11.74%-21.74% APR.
At least at first, the card will be available only in the U.S.
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