The card can be used anywhere Visa is accepted and returns cardholders 1.5% cashback in Bitcoin on every purchase
BlockFi, a cryptocurrency wealth-management services provider, on Wednesday announced the launch of its long-awaited credit card.
The BlockFi Rewards Visa Signature card was first announced in December 2020 and nearly 400,000 people have since joined the waiting list. Now, those at the top of the list have been invited to apply for the card, which is being issued to selected, accredited customers in the United States.
The card carries all the standard benefits of a Visa Signature and can be used wherever Visa is accepted — at 44 million merchants across more than 200 countries.
SVP and Global Head of Fintech at Visa, Terry Angelos, commented: “Programs that offer cryptocurrency rewards are an interesting way to engage consumers in the space. We’re excited by products like the BlockFi Rewards Visa card, which deliver relevant rewards for the growing digital-currency community.”
The BlockFi card provides customers with a simple way to earn Bitcoin. Cardholders receive 1.5% cashback in Bitcoin on every purchase, and 2% on purchases once annual spending exceeds $50,000. During the first three months of card ownership, users receive a 3.5% Bitcoin reward. When redeemed, rewards are deposited into the customer’s BlockFi Interest Account (BIA), where they can earn compound interest.
Other cardholder benefits include $30 in Bitcoin for each customer referred to BlockFi through the refer-a-friend program. A trading bonus allows customers to earn 0.25% in Bitcoin on eligible crypto trading volume, up to a monthly cap of $500. Additionally, a stablecoin bonus provides cardholders an extra 2% APY on stablecoin liquidity held in a BIA, paid in Bitcoin.
BlockFi co-founder and SVP of Operations Flori Marquez said: “The cryptocurrency sector has come a long way since the first Bitcoin payment 11 years ago. Today, almost everyone recognizes the important role crypto plays in reshaping finance, and our new credit card is set to be another game-changer. This card makes it easier than ever for people to earn Bitcoin while doing everyday shopping.”