BlockFi Bitcoin Rewards Credit Card Review

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GOBanking Rate Score

Our opinion : The BlockFi Rewards Visa Signature Credit Card is a cryptocurrency reward card that earns 1.5% in bitcoin for every purchase. However, you cannot immediately convert your rewards to cryptocurrency. BlockFi will convert your rewards into bitcoins on a monthly basis. If you are into cryptocurrency, especially Bitcoin, this card might be a good choice.

  • Awards
  • Costs
  • Characteristics
  • Supported cryptocurrencies

How did we calculate this?

Advantages

  • No annual fee
  • No foreign transaction fees
  • Welcome offer of 3.5% cash back in bitcoin rewards in the first 90 days
  • Additional 2% APY on Stable Holdings in a BlockFi Interest Account

Signature BlockFi Rewards Visa credit card overview

The BlockFi Bitcoin Rewards credit card is one of the first cryptocurrency credit cards on the market. The card allows you to earn Bitcoin rewards, rather than cash back or miles, on every purchase. Purchases made with the BlockFi credit card earn 1.5% in bitcoin, deposited into your BlockFi account monthly.

The card offers a 3.5% introductory bonus on all purchases within the first 90 days of ownership. However, the rewards are capped at $ 100 in bitcoin. The card also offers a 2% cashback for every dollar over $ 50,000 spent per year. Additionally, cardholders with stablecoins in a BlockFi Interest Account can earn an additional 2% annual return percentage on their eligible stablecoins balance.

With the BlockFi credit card, you will also earn 0.25% on all eligible cryptocurrency transactions with BlockFi, which can be up to $ 500 in bitcoin per month. Additionally, there is a $ 30 bitcoin referral bonus for each person you refer BlockFi.

Rewards and Features

BlockFi Rewards

The BlockFi Bitcoin Rewards credit card offers several rewards, including the following:

  • Registration bonus: The card currently offers a 3.5% sign-up bonus for all purchases during the first 90 days of card membership, capped at $ 100 in bitcoin.
  • Earn bitcoins on all your purchases: After the first three months of owning the card, you will earn 1.5% in bitcoin on all purchases.
  • Earn in return on transactions: For all eligible transactions with BlockFi, you will earn 0.25% back, up to $ 500 in bitcoin each month.
  • Spending bonus: For every dollar you spend over $ 50,000 per year, earn 2% in bitcoin.
  • Referral bonus: Earn $ 30 in bitcoin for every customer you refer to BlockFi.
  • Additional interest: Earn an additional 2% APY on your stable holdings in a BlockFi interest account, up to $ 200 in bitcoin.

The rewards accumulate in your BlockFi account and are automatically converted to bitcoin each month.

Benefits of the Visa card

In addition to BlockFi rewards, there are several other benefits of the Visa card, including access to the following types of benefits:

  • Luxury hotels
  • Visa Signature Concierge Service
  • Gastronomic and oenological events
  • Premium car rental service
  • Purchases

Costs

  • No annual fee
  • No foreign transaction fees

Interest rate

  • Annual percentage rate from 14.99% to 24.99%
  • Additional 2% APY on Eligible Stable Coin Balance in a BlockFi Interest Account

Competitors

BlockFi Bitcoin Rewards Credit Card vs. SoFi Credit Card

Another no annual fee card that you might want to consider is the SoFi credit card. It offers 2% cash back on qualifying purchases that you can use to save, invest, or pay off a loan with SoFi.

While the SoFi credit card doesn’t have a signup bonus, you’ll be better off with the 2% unlimited cash back. Plus, the card comes with Mastercard perks, including a free annual ShopRunner membership, a three-month free trial of DoorDash DashPass, and $ 5 Lyft credit for all three rides, once a month.

BlockFi Bitcoin Rewards Credit Card vs. Upgrade Bitcoin Rewards

Like the BlockFi credit card, Upgrade Bitcoin Rewards has no annual fee and allows you to earn unlimited 1.5% in bitcoin for every purchase you make. However, this card does not have a welcome offer, but you can redeem your rewards for a credit on your statement. With this card, you are also limited to Bitcoin as the only cryptocurrency available.

BlockFi Bitcoin Rewards Credit Card vs. Gemini Credit Card

In addition to the absence of annual fees and overseas transaction fees, the Gemini credit card offers more benefits than the BlockFi Bitcoin Rewards credit card. With the Gemini card you can convert your rewards in real time and you are not just limited to Bitcoin – you can convert your rewards to over 40 cryptos. You’ll also earn 3% on meals, 2% on groceries, and 1% on all other purchases.

Is BlockFi Bitcoin Rewards Credit Card Right For You?

Whether the BlockFi Bitcoin Rewards Credit Card is right for you depends entirely on your needs. If you are looking for a rewards credit card that earns you bitcoin, this card could be a great choice. But if you want to earn rewards that you can convert to other cryptocurrencies, there are other alternatives that you can consider.

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About the Author

Lydia Kibet has been writing professionally since 2017. Her passion to help brands in all aspects of content marketing is reflected in the expert coverage of the industry she provides – personal finance, investing and healthcare. His work has been featured in The Motley Fool, Investor Junkie, Green Market Report, and Medical News Today. When not writing, she reads, plays the guitar or discovers nature. Follow her on Twitter.



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