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The wait is over – you can now earn rewards on your daily credit card purchases that can be redeemed for Bitcoin. In December 2020, BlockFi, a trading platform for cryptocurrency investors, announced the launch of a new credit card. Since then, the waiting list has grown to include hundreds of thousands of cryptocurrency enthusiasts eager to earn Bitcoin instead of Cashback or Travel rewards. Seven months later, BlockFi started the BlockFi Rewards Visa Signature Credit Card Select members of their waiting list.
It’s not too late to get into the frenzy, however. The card is still open to waiting list applicants. Remember, this card is a little different from a traditional credit card like the one Chase Sapphire Preferred® card. It has different requirements, functions and processes as it is still making its way into consumers’ wallets.
Below, Choose breaks down everything you need to know about the map.
First, you will not receive Bitcoin directly, but BlockFi Cryptocurrency Rewards Points. You will receive 1.5X points for every $ 1 spent on the card. If you spend more than $ 50,000 in a 12 month period, you will earn 2X points per dollar after that. As soon as the points are deposited and the cardholder’s account is in order, BlockFi immediately converts the points into Bitcoin. With this card, you will essentially earn 1.5% in Bitcoin for every dollar spent.
New cardholders can get 3.5% back in Bitcoin on all purchases made within the first three months of card membership. However, this is capped at $ 100 in Bitcoin. Compared to other Credit card sign-up bonuses, that’s a modest offer.
If you own the card, you can also earn additional rewards from cryptocurrencies you own and cryptocurrency trading with BlockFi. You can earn a 2% APY bonus on rewards on stablecoin stocks, up to $ 200. Additionally, you can get 0.25% back on all eligible trades, up to a maximum of $ 500 per month in Bitcoin. And for every person you refer to the card, you can make $ 30 in bitcoin.
The card has no annual fee or international transaction fees and runs on the Visa network.
Qualification for the card
At the time of publication, the card still has a waiting list and BlockFi has not released a schedule of when people should expect to receive the card. But you can improve your place in line by recommending others to join Waiting list for the card.
It doesn’t cost anything and it doesn’t affect yours credit-worthiness to join the waiting list. And you can be pre-approved for the card with a soft credit pull. Once you can apply for the card, a hard credit request will be recorded on your credit report.
The card requires that you have Credit “good to excellent”, according to the BlockFi website.
Limitations of the card
In contrast to conventional credit cards, this is geographically limited. Although there are no specific provisions listed in the Terms and Conditions, it indicates that cryptocurrency laws are changing rapidly and use of the BlockFi online platform may not be available in your state. There is currently no up-to-date list of eligible states available.
In addition, the Terms and Conditions state that if you access the Online Platform outside of the United States, “You do so at your own risk and you are responsible for complying with the laws of the country or jurisdiction in which you are located” .
This card could work well for someone who doesn’t necessarily need the cashback or travel rewards. Because bitcoin and cryptocurrencies are extremely volatile, a cardholder should expect and understand that the value of their rewards can fluctuate dramatically. So if you are interested in a card that will allow you to passively earn Bitcoin from your daily purchases, this option is worth considering.
If a traditional premium credit card is more suitable, pull one Cashback or Travel rewards credit card. Earning cashback could offer more flexibility as you have the option to buy Bitcoin when you want or use that money on almost anything else.
Information about the BlockFi Rewards Visa Signature Credit Card was independently collected by Select and was not verified or provided by the card issuer prior to publication.
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