BlockFi Rewards Visa Signature Credit Card Review 2022: Perfect for Crypto Enthusiasts

GOBankingRates Score

4.1
Quick Take: The BlockFi Rewards Visa Signature credit card is a cryptocurrency rewards card that earns 1.5% in bitcoin or more than 10 other cryptocurrencies for every purchase.  If you're a cryptocurrency enthusiast, the BlockFi rewards card might be the one for you.
  • Rewards
    4.5
  • Fees
    4.2
  • Features
    4.5
  • Cryptocurrencies Supported
    3.0
How did we calculate this?

Pros

  • No annual fee
  • No foreign transaction fees
  • Welcome offer of 3.5% back in crypto rewards in the first 90 days

Cons

  • Volatile rewards

BlockFi Rewards Visa Signature Credit Card Overview

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

The card offers an introductory bonus of 3.5% back on all purchases in the first 90 days of ownership. However, the introductory rewards are capped at $100 in bitcoin. The card also offers 2% back for every dollar over $50,000 spent per year. Plus, cardholders who select stablecoins as their reward currency earn up to 3.5% back in a select group of currencies.

With the BlockFi rewards card, you’ll also earn 0.25% back on all eligible cryptocurrency trades with BlockFi, which can go up to $500 in bitcoin per month. What’s more, there’s a refer-a-friend bonus of $30 in bitcoin for every person you refer to BlockFi.

Rewards and Features

Cryptocurrency Rewards

The BlockFi Rewards Visa Signature credit card offers several ways to earn rewards, including the following:

  • Sign-up bonus: The card currently offers a 3.5% sign-up bonus for all purchases in the first 90 days of card membership, capped at $100 in cryptocurrency.
  • Earn crypto on all purchases: After the first three months of card ownership, you’ll earn 1.5% back in cryptocurrency on all purchases.
  • Earn back on trades: For all eligible trades with BlockFi, you’ll earn 0.25% back, up to $500 in cryptocurrency each month.
  • Spend bonus: For every dollar you spend over $50,000 per year, earn 2% back in cryptocurrency.
  • Refer-a-friend bonus: Earn $30 in cryptocurrency for every client you refer to BlockFi.

Rewards accrue in your BlockFi account and are automatically converted to cryptocurrency each month.

Visa Card Benefits

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

  • Luxury hotels
  • Visa Signature Concierge Service
  • Fine food and wine events
  • Premium car rental service
  • Shopping

Fees

  • No annual fee
  • No foreign transaction fees
  • Withdrawal fees that vary by currency

Interest Rates

Competitors

BlockFi Rewards Visa Signature Credit Card vs. SoFi Credit Card

The SoFi Credit Card is another no annual fee card you may want to consider. It offers 2% cash back on eligible purchases that you can redeem toward saving, investing or paying down a loan with SoFi.

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

BlockFi Rewards Visa Signature Credit Card vs. Upgrade Bitcoin Rewards

Like the BlockFi rewards card, Upgrade Bitcoin Rewards has no annual fee and lets you earn an unlimited 1.5% in bitcoin for every purchase made. You can redeem your rewards for a statement credit. If you open a Rewards Checking account and make at least three debit card transactions in the first 60 days after opening your Upgrade card, you’ll earn a $200 welcome bonus in the form of a rewards credit that will be posted to your Upgrade card.

BlockFi Rewards Visa Signature Credit Card vs. Gemini Credit Card

Along with no annual fee and no foreign transaction fees, the Gemini Credit Card offers more benefits than the BlockFi Rewards Visa Signature credit card. With the Gemini card, you can convert your rewards to over 50 cryptocurrencies in real time. You’ll also earn 3% back on dining, 2% back on groceries and 1% back on all other purchases. But there’s a catch — you’ll have to join a waiting list and then wait to be invited to apply.

Is the BlockFi Rewards Visa Signature Credit Card Safe?

Yes, BlockFi’s Visa card is safe to use for investors worldwide. Although the rewards are managed by BlockFi, the card is issued by Evolve Bank & Trust. Cryptocurrency assets are held by regulated custodians, such as Gemini.

Will the BlockFi Rewards Visa Signature Credit Card Affect My Credit Score?

It might. The soft credit pull BlockFi does to preapprove you for a card has no effect on your credit. However, BlockFi will do a hard pull if you apply after you receive an offer of credit, and that hard pull can have a small effect on your score. Once you have received your card and start using it, responsible use and on-time payments can help your credit score — but late payments could hurt it.

Is the BlockFi Rewards Visa Signature Credit Card Right for You?

The question of whether the BlockFi Rewards Visa Signature credit card is right for you entirely depends on your needs. If you’re looking for a rewards credit card that earns you cryptocurrency, this card might be a great choice. But if you want to earn rewards that you can convert to a wide variety of other cryptocurrencies, you might want to look at other alternatives.

Daria Uhlig contributed to the reporting for this article.

Editorial Note: This content is not provided by BlockFi. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by BlockFi.

Information is accurate as of March 19, 2022.

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About the Author

Lydia Kibet is a freelance writer specializing in personal finance and investing. She's passionate about explaining complex topics in easy-to-understand language. Her work has appeared in GoBankingRates, Investopedia, Business Insider, The Motley Fool, and Investor Junkie. She currently writes about investing, banking, insurance, real estate, mortgages, credit cards, loans, and more. Connect with her on Twitter or moneycredible.com.

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