The content is accurate at the time of publication and is subject to change.
BlockFi partnered with Visa, Evolve Bank & Trust, and Deserve to release the Bitcoin Rewards Credit Card - the first credit card in the crypto ecosystem.
The BlockFi Bitcoin Rewards Credit Card will be a metal card with the bitcoin logo on it. It will offer 1.5% cash back on all purchases that will automatically be converted to bitcoin and placed into the cardholder's BlockFi account every month. Plus, purchases over $50,000 in a calendar year will earn 2% back in bitcoin. Earned bitcoin will be regarded as crypto funding and can be withdrawn, earn interest, be traded, or used as collateral towards a crypto-backed loan.
The BlockFi Bitcoin Rewards Credit Card will also have a welcome bonus. Cardholders will earn 3.5% back in bitcoin during the first three months of account opening. However, this bonus is capped and members won't be able to earn more than $100 dollars in bitcoin, which equates to approximately $5,000 of spend to earn an extra $100 in bitcoin.
As for the fees, there is no information about the card's APR. However, there will be no foreign transaction fees, and the initially announced $200 annual fee was dropped, and the card has no annual fee now. After launching the product, BlockFi plans to add more features and benefits to the card.
BlockFi Rewards Visa® Signature Credit Card is not available for application yet. It was initially available to BlockFi current and new clients with funded BlockFi accounts, but now anyone can join the waitlist. Joining the waitlist does not guarantee approval for the card, though.