The card can be used anywhere that accepts Visa and gives holders 1.5% back in Bitcoin on every purchase
Crypto wealth management provider BlockFi announced yesterday the launch of its long-awaited rewards card.
The BlockFi Rewards Visa Signature Credit Card was announced last year and almost 400,000 people have signed up to the waiting list since December 2020. Now those at the front of the queue are being invited to apply for the card, which is being released to selected approved clients in the US.
The card comes with all the standard Visa Signature Benefits and can be used anywhere that accepts Visa, which means 44 million merchants across more than 200 countries and territories.
SVP and Global Head of Fintech at Visa, Terry Angelos, commented, “Crypto rewards programs are a compelling way to engage consumers in the crypto economy. We’re excited to see programs like the BlockFi Rewards Visa Card, which offer rewards that are relevant to the growing community of digital currency adopters.”
The BlockFi card provides a way for customers to earn Bitcoin. They will receive 1.5% back in Bitcoin for every purchase they make with the card and 2% back for every purchase over an annual spend of $50,000. For the first three months of card ownership, users will receive a Bitcoin rewards rate of 3.5%. These rewards are sent to the customer’s BlockFi Interest Account (BIA) once redeemed, where they earn compounding crypto interest.
Other benefits for cardholders include $30 in Bitcoin for every successful client referral to BlockFi, which is on top of the base refer-a-friend programme. There is also a trading bonus which enables customers to earn 0.25% of their trading volume of eligible cryptocurrencies back in Bitcoin, up to a monthly maximum of $500. Furthermore, a stablecoin bonus will see cardholders receive an extra 2% APY on their stablecoin holdings in a BIA. This is also paid in Bitcoin.
Co-founder and SVP of Operations at BlockFi, Flori Marquez, added, “The crypto industry has come a long way since the first Bitcoin payment transaction 11 years ago. Today, nearly everyone knows about the important role crypto plays in reshaping the financial space, and our new credit card is set to be another game-changer. This card will make it easier than ever for people to earn Bitcoin back while making day-to-day purchases.”