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. Earned bitcoin will be regarded as crypto funding and can be withdrawn, earn interest, be traded, or used as collateral towards a crypto-backed loan.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 of $250 in bitcoin. Cardholders will earn it after spending $3,000 or more on the card within the first three months of account opening.
As for the fees, there is no information about the card's APR or foreign transaction fees, but the annual fee will be $200. After launching the product, BlockFi plan to add more features and benefits to the card.
The Bitcoin Rewards Credit Card is not available for application yet. It will initially be available to BlockFi current and new clients with funded BlockFi accounts who can now join the waitlist. The waitlist will become available publicly in January 2021.