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Update:
Introduction
The no-annual-fee BlockFi credit card was one of the first "cryptocurrency-earning" credit cards to hit the market. However, in our analysis, you will see that when compared to other crypto credit cards (and traditional credit cards) it would seem to fall short.
The way the card works is the cardholder earns 1.5% rewards on all purchases, which are converted to one of several options of cryptocurrencies. The options include Bitcoin, Ethereum, Litecoin, DAI, Dogecoin, Litecoin, Uniswap and USDC.
You can change the crypto you are rewarded as many times as you like. However, you can only be paid in one crypto and in a single monthly payment.
The card functions like a cash-back card that is automatically used to purchase crypto every month. It should be noted that with these credit cards, you do not receive your crypto rewards in real time. Rather the rewards are converted monthly.
Card Rewards:
The card earns 0.25% back in crypto on all eligible trades, 1.5% back in crypto for every purchase, and the ability to earn 2% back in crypto after $30,000 of annual spending.
The BlockFi credit card also offers a few benefits to BlockFi (crypto exchange) users. This includes a bonus of 0.25% of their trading volume on BlockFi in crypto up to $500 worth of crypto per month.
With a rewards rate lower than many cash-back credit cards, no bonus categories and a lack of real-time rewards, there doesn't seem to be much reason to use this credit card when traditional credit cards often offer better rewards.
What Is BlockFi?
BlockFi is a company founded in 2017 by Zac Prince and Flori Marquez. It is a U.S.-domiciled cryptocurrency platform. This is rare as many cryptocurrency businesses are based overseas as they don't have to deal with the oversight and regulations of the U.S.
BlockFi specializes in offering crypto-backed loans. The company also offers crypto trading and has been known to be the first crypto rewards credit card offered to the market.
BlockFi has an impressive list of corporate backers. This includes leading companies such as Valar Ventures, Morgan Creek Capital, CMT Digital, Castle Island Ventures, and Coinbase Ventures. In its most recent financing round (Series D), BlockFi received over $350 million of funding and a $3 billion valuation.
Card Highlights
- $0 annual fee
- No foreign transaction fees
- This card does not offer a welcome bonus.
- 0.25% back in crypto on all eligible trades, and 1.5% back in crypto for every purchase. Additionally, you have the ability to earn 2% back in crypto (after $30,000 of annual spending).
BlockFi Rewards Visa Signature Card Rewards
There are three reward tiers available for the BlockFi Rewards Visa Signature Card.
How Rewards are Earned
The BlockFi Rewards Card earns 0.25% in crypto on all eligible trades. It also earns 1.5% back in crypto for every purchase made with the card. Also, for those who spend more than $30,000 (annually), the rewards increase to 2%.
How to Redeem Your Rewards
Rewards are converted into the cryptocurrency of your choice once a month.
Annual Rewards Potential
What is the annual rewards potential? Assuming the average family spent approximately $32,000 on this credit card, the annual reward earnings would amount to approximately $480 in crypto rewards.
When compared against traditional credit cards and other crypto credit cards, this is relatively low earnings in rewards.
The Fine Print
Interest Rates:
| Interest Rates | Percentage |
|---|---|
| Regular APR: | 15.74% - 25.74% (Variable) |
| Purchase Intro APR: | N/A |
| Bal. Transfer Intro APR: | N/A |
Fees:
| Fees | Percentage |
|---|---|
| Annual Fee: | $0 |
| Balance Transfer Fee: | See Terms |
| Foreign Purchase Fee: | None |
Is this Crypto Rewards Credit Card for You?
As one of the first crypto rewards credit cards to hit the market, the low reward offerings (when compared to other crypto-reward credit cards) do seem to be lower than expected.
For starters, there is a lack of bonus categories and lack of options for real-time rewards when compared to other crypto credit cards.
If you are already receiving 2% back on your credit card, you may be better off just converting those rewards into crypto on your own rather than using this credit card.
Even if you prefer BlockFi when compared to other credit cards, you will likely earn more in cash rewards than what this card offers.
However, if you are already a BlockFi user and looking for some additional trading bonuses, including a discount on your trading fees, you may want to consider this crypto rewards credit card.
What are the Best Crypto Credit Cards?
If you are looking for the best crypto rewards credit cards, check out this article:
Richard Knight
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