BlockFi Bitcoin Rewards Credit Card Review: What You Need To Know

GOBankingRates Score

4.1
Our take: The BlockFi Rewards Visa Signature Credit Card is a cryptocurrency rewards card that earns 1.5% in bitcoin for every purchase. However, you can't convert your rewards into cryptocurrency immediately. BlockFi will convert your rewards to bitcoin monthly. If you're into cryptocurrency — particularly Bitcoin — this card might be a good choice.
  • 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 bitcoin rewards in the first 90 days
  • Extra 2% APY on stablecoin holdings in a BlockFi Interest Account

Cons

  • Volatile rewards

BlockFi Rewards Visa Signature Credit Card Overview

The BlockFi Bitcoin Rewards credit card is one of the first cryptocurrency credit cards on the market. The card lets you earn bitcoin rewards, rather than cash back or miles, on every purchase. Purchases made with the BlockFi credit 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 rewards are capped at $100 in bitcoin. The card also offers 2% back for every dollar over $50,000 spent per year. Plus, cardholders with stablecoins in a BlockFi Interest Account can earn an additional 2% annual percentage yield on their eligible stablecoin balance.

With the BlockFi credit 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

Bitcoin Rewards

The BlockFi Bitcoin Rewards 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 bitcoin.
  • Earn bitcoin on all purchases: After the first three months of card ownership, you’ll earn 1.5% back in bitcoin on all purchases.
  • Earn back on trades: For all eligible trades with BlockFi, you’ll earn 0.25% back, up to $500 in bitcoin each month.
  • Spend bonus: For every dollar you spend over $50,000 per year, earn 2% back in bitcoin.
  • Refer-a-friend bonus: Earn $30 in bitcoin for every client you refer to BlockFi.
  • Additional interest: Earn an extra 2% APY on your stablecoin holdings in a BlockFi Interest Account, for up to $200 in bitcoin.

Rewards accrue in your BlockFi account and are automatically converted to bitcoin 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

Interest Rates

  • 14.99% to 24.99% annual percentage rate
  • Extra 2% APY on eligible stablecoin balance in a BlockFi Interest Account

Competitors

BlockFi Bitcoin Rewards 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 Bitcoin Rewards Credit Card vs. Upgrade Bitcoin Rewards

Like the BlockFi credit card, Upgrade Bitcoin Rewards has no annual fee and lets you earn an unlimited 1.5% in bitcoin for every purchase made. However, this card doesn’t have a welcome offer — but you can redeem your rewards for a statement credit. With this card, you’re also limited to Bitcoin as the only available cryptocurrency.

BlockFi Bitcoin Rewards 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 Bitcoin Rewards credit card. With the Gemini card, you can convert your rewards in real time and you’re not only limited to Bitcoin — you can convert your rewards to over 40 cryptos. You’ll also earn 3% back on dining, 2% back on groceries and 1% back on all other purchases.

Is the BlockFi Bitcoin Rewards Credit Card Right for You?

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

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About the Author

Lydia Kibet has been writing professionally since 2017. Her passion for helping brands in all aspects of content marketing flows through in the expert industry coverage she provides — personal finance, investing and healthcare. Her work has been featured in The Motley Fool, Investor Junkie, Green Market Report, and Medical News Today. When she’s not writing, she’s either reading, playing guitar or catching up with nature. Follow her on Twitter.

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