BlockFi Credit Card: Crypto Rewards & More
GOBankingRates Score
-
Rewards
4.5
-
Fees
4.2
-
Features
4.5
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Cryptocurrencies Supported
3.0
Pros
- No hard credit pull to check for preapproval
- No annual fee
- No foreign transaction fees
- Refer-a-Friend bonus opportunities
Cons
- 2% rewards rate only applies after $30,000 spend annually
- Rewards are volatile and may decrease in value
- No welcome bonus
- BlockFi may be experiencing financial difficulties after FTX's bankruptcy
BlockFi Rewards Visa Signature Credit Card Overview
The BlockFi Rewards Visa Signature card is one of the market’s first Visa cryptocurrency credit cards. 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, ethereum, litecoin, dogecoin or other cryptocurrencies deposited to your BlockFi account monthly. BlockFi’s Rewards Flex allows you to change your cryptocurrency preference as often as you want. However, you can only earn monthly rewards in one cryptocurrency. BlockFi has rewarded users with over $35 million in cryptocurrency between 2017 and 2022.
The card also offers 2% back in crypto for every dollar over $30,000 spent annually. Plus, cardholders receive up to 10% back from select brands with BlockFi Offers. For example, if you make a purchase from a participating business, you can earn points on top of the regular 1.5% rewards rate.
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 crypto per month. What’s more, there’s a Refer-a-Friend bonus of $10 for every person you refer to BlockFi who funds their account with $100 or more and holds the funds for at least 30 days. Card members can also receive an additional $30 Refer-a-Friend reward in the cryptocurrency of their choosing.
That being said, BlockFi issued an update in November 2022 that paused some operations after the crypto exchange FTX filed for bankruptcy. Customers cannot currently make cryptocurrency withdrawals or deposits, and the fate of the BlockFi credit card seems to be in limbo as BlockFi works with Evolve Bank and Deserve to figure out the next steps.
Rewards and Features
The BlockFi Rewards Visa Signature credit card offers a variety of benefits.
Cryptocurrency Rewards
There are several ways to earn rewards with the BlockFi Rewards Visa Signature credit card, including the following:
- Earn crypto on all purchases: You’ll earn 1.5% back in cryptocurrency on all purchases. This is calculated by earning 1.5 points per $1 spent, which equals approximately $0.01 depending on which cryptocurrency you choose.
- 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 $30,000 per year, earn 2% back in cryptocurrency.
- Refer-a-Friend bonus: Earn $10 in cryptocurrency for every client you refer to BlockFi who meets the eligibility criteria.
Rewards accrue in your BlockFi account and are automatically converted to cryptocurrency each month. You can keep your rewards in your BlockFi Wallet or transfer them to another account. To earn rewards, your account must be open and in good standing.
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
Creating a BlockFi account is free and allows you to begin building a cryptocurrency wallet without a minimum balance.
Interest Rates
The BlockFi Rewards Visa Signature Card Agreement states that the APR is 18.74% to 28.74% variable depending on your credit and fluctuating with the market’s prime rate.
Competitors
When considering adding a new card to your wallet, it is smart to compare similar options to pick the best fit for you and your spending habits.
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 up to 3% cash back on eligible purchases that you can redeem toward saving, investing or paying down a loan with SoFi.
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, as long as you make payments on your balance. 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 60 cryptocurrencies in real-time. You’ll also earn 3% back on dining, 2% back on groceries and 1% back on all other purchases, and there’s no waiting period for your rewards. But there’s a catch — unless you’re already a Gemini user, you’ll have to create a Gemini account, prequalify for the card and then wait to be invited to apply.
Is the BlockFi Rewards Visa Signature Credit Card Right for You?
Whether the BlockFi Rewards Visa Signature credit card is right for you depends on your needs. This card might be a great choice if you’re looking for a rewards credit card that earns you cryptocurrency. However, it is unclear how BlockFi will move forward with its credit card services, so customers may be forced to move to another cryptocurrency credit card.
In addition, if you want to earn rewards that you can convert to a wider variety of other cryptocurrencies, you might want to look at other alternatives.
BlockFi Rewards Visa Signature FAQ
Get answers to your most frequently asked questions about the BlockFi credit card below.- Is the BlockFi card a credit card?
- The BlockFi card is a credit card. You will have a credit limit that is based on your creditworthiness, and you will have to make payments each month. You can make payments online, over the phone or by mail.
- What bank is the BlockFi credit card issued through?
- The BlockFi credit card is issued by Evolve Bank & Trust.
- Is the BlockFi credit card metal?
- Yes, the BlockFi credit card is metal with a simple design of the BlockFi, bitcoin and Visa logos.
- Is the BlockFi Rewards Visa Signature credit card safe?
- In general, BlockFi's Visa card is safe to use for investors in the United States. Although BlockFi manages the rewards, the card is issued by Evolve Bank & Trust.
- BlockFi's cryptocurrency wallets are secured with industry-compliant security features, including two-factor authentication and allow-listing, ensuring funds are only withdrawn by approved methods.
- At this time, BlockFi's credit card may not be functional for new or existing customers, and the financial stability of BlockFi and some of its business associates may be in question.
- 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 started using it, responsible use and on-time payments can help your credit score -- but late payments could hurt it.
- Is the BlockFi credit card hard to get?
- The BlockFi credit card requires good to excellent credit. BlockFi uses Deserve, Inc. to set the credit requirements and the minimum credit score is generally around 680, but the company also uses other factors such as your income to determine eligibility.
- What happened to BlockFi's credit card?
- BlockFi issued an update in November 2022 that paused some operations after the crypto exchange FTX filed for bankruptcy. Customers cannot currently make cryptocurrency withdrawals or deposits, and the fate of the BlockFi credit card seems to be in limbo as BlockFi works with Evolve Bank and Deserve to figure out the next steps.
Taylor DeJesus contributed to the reporting for this article.
Data is accurate as of Dec. 5, 2022, and is subject to change.
Editorial Note: This content is not provided by any entity covered in this article. 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 any entity named in this article.
