BlockFi Bitcoin Rewards Credit Card – Review
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Seeking a new way to earn valuable rewards every time you swipe, dip, or tap your credit card?
Tired of same-old, same-old cash-back credit cards?
The BlockFi Bitcoin Rewards Visa Credit Card might be for you. This mold-breaking credit card earns Bitcoin, not cash-back rewards or travel points, on every fiat purchase — that is, a dollar-denominated purchase — every day. Every eligible transaction earns 1.5% back in Bitcoin with no caps or restrictions on how much you can earn.
The Bitcoin Rewards Visa Credit Card is part of Visa’s Fintech Fast Track program, a super-secure platform that makes its innovative Bitcoin rewards scheme possible. Backed by BlockFi, a leading cryptocurrency wallet provider, it’s issued by Evolve Bank & Trust and powered by Deserve, the mold-breaking fintech behind the Deserve EDU student credit card.
This card’s biggest drawback is its $200 annual fee. Spend at least $3,000 in eligible purchases during the first three months your account is open, though, and you’ll earn $250 in Bitcoin as a welcome bonus — enough to offset the annual fee for the first year.
The Bitcoin Rewards Visa card officially launches in early 2021. To join the waitlist and be among the first to claim this card, simply open a funded BlockFi account. When you do, you could earn a separate account opening bonus: up to $250 in Bitcoin when you deposit $20,000 or more.
The Bitcoin Rewards Credit Card has some noteworthy features, including an unusually generous welcome offer and a solid rate of return on fiat purchases.
This card is currently waitlist-only for BlockFi account holders. You must have an eligible BlockFi account to join the waitlist before the public waitlist opens in early January 2021.
Earn $250 in Bitcoin after spending at least $3,000 in eligible fiat purchases in the first three months your account is open.
Earn 1.5% back in Bitcoin on every eligible fiat purchase.
Rewards automatically accrue in your BlockFi account and don’t expire as long as your account remains open and in good standing.
The annual fee is $200. See terms for additional fee information.
This card requires good to excellent credit and a BlockFi account that’s open and in good standing.
The Bitcoin Rewards Visa Credit Card has two big advantages: a hefty welcome offer for new cardholders and a solid rate of return on all eligible purchases.
- Great Welcome Offer for New Cardholders. Promising $250 in Bitcoin on an initial spend of $3,000 within the first three months, this card’s welcome offer is above average. And it’s eminently realistic for moderate to heavy spenders able to clear $1,000 in charges each month.
- Solid Rate of Return on Fiat Purchases. This card’s flat, unlimited return on spending would be good enough were it denominated in fiat currency. But unlimited 1.5% back in Bitcoin offers clear upside for Bitcoin enthusiasts who expect the price of the world’s most popular cryptocurrency to continue to rise.
This card has two big downsides: a fairly high annual fee and exposure to Bitcoin, which is more volatile than fiat currency. Also, it’s waitlist-only until further notice.
- High Annual Fee. The Bitcoin Rewards Visa Credit Card has a relatively high annual fee for a flat-rate rewards card. Indeed, a recurring levy of $200 is probably a deal-breaker for light spenders, even those predisposed to crypto-earning credit cards.
- Exposure to a Potentially Volatile Currency With Downside Risk. What goes up must come down. Although Bitcoin has performed quite well in recent years, there’s no guarantee its rise will continue. Cardholders concerned about volatility in the value of rewards earned with this card — and Bitcoin in general — might prefer traditional rewards cards instead.
- Waitlist-Only Until Further Notice. This card remains waitlist-only as of early January 2021. The waitlist is set to open to the general public early in 2021, but it’s not clear when the card itself will hit wallets.
The BlockFi Bitcoin Rewards Visa Credit Card is a good credit card for cryptocurrency enthusiasts eager to increase their exposure to Bitcoin with every fiat dollar spent. A nice welcome offer sweetens the deal for new cardholders too.
But let’s have no illusions that the BlockFi Bitcoin Rewards Visa Credit Card is appropriate for all consumers. If you’re a risk-averse type who’d prefer to deal in fiat currency and traditional credit card rewards, this or any cryptocurrency rewards credit card probably isn’t a good fit. Fortunately, you have plenty of tried-and-true options among the many, many low- or no-annual-fee cash-back and travel rewards credit cards available to those with strong credit.
Published at Thu, 14 Jan 2021 23:44:53 +0000