Flexible rewards for crypto enthusiasts, but no value guarantee
The BlockFi Rewards Visa Card is a crypto credit card, or a rewards card that earns cryptocurrency.
Fee yearly
This card is fee-free.
Greetings
BlockFi Rewards Visa Card does not give a standard sign-up bonus, but you can receive 3.5% back in bitcoin in the first 90 days. This incentive is restricted at $100 after spending little under $3,000. Over that, you'll get 1.5 percent.
Offer intro
No welcome offer is available.
Rewards
After the promotional time, regular purchases receive 1.5% back in crypto. Spending over $30,000 in a year earns you 2% back in crypto.
You'll earn points that be paid out in crypto monthly at market pricing. Because crypto prices fluctuate, you may receive more crypto one month (or vice versa), even if your points rewards are the same.
Fees
BlockFi's Visa card has no yearly or foreign transaction fees. Variable APR for balances is 15.74 to 25.74 percent. Late payment costs can reach $25, while returned payments might cost $37.
Advantages
As a Visa Signature card, the BlockFi Rewards Visa Card offers access to travel opportunities and events, concierge services, and Visa Signature Luxury Hotel Collection perks.
ADVICE
Pre-approval for the BlockFi Rewards Visa Card doesn't affect your credit score until you accept an offer.
BlockFi Visa Card Benefits
The BlockFi Rewards Visa Card is worth considering if you want to invest in bitcoin. This card offers cash-back-style incentives on purchases. Your rewards are sent to your BlockFi Wallet in crypto. You can hold, trade, sell, or shift coins from there.
This card gives you full control over your crypto assets, unlike others. Upgrade Bitcoin Rewards Card offers 1.5% back in Bitcoin, but you can't transfer it to another wallet or exchange.
Earn 3.5 percent back in bitcoin for the first 90 days (limited at $100) with the BlockFi Rewards Visa Card. You can receive 2% back in bitcoin if you spend $30,000 in a cardmember year (effective 7/1).
BlockFi Rewards Visa Card disadvantages
This card's rewards structure is a drawback. Crypto's value might fluctuate daily, unlike cash back or points and miles. A single Bitcoin cost over $60,000 in October 2021 and less than $37,000 in January 2022. Those who earned bitcoin using the BlockFi Earnings Visa Card in 2021 had their rewards plummet roughly 40% in a short time.
You only lose wealth if you sell, and many people are waiting for Bitcoin to rise again. Investing in crypto is fickle, and your rewards can fluctuate.
This card's 1.5% cash-back rate is lower than many others'. After spending $30,000 in a year, the BlockFi Rewards Visa Card gives you 2% back. You must achieve this spending criterion every year since the earning rate "resets."
If you choose a 2% cash back card, you could earn that rate from day one and invest in crypto on your own terms.
BlockFi Rewards Visa Card Instructions
BlockFi Rewards Visa Card has no bonus categories, so maximizing rewards is straightforward. If you utilize it for bills and spending, you'll earn bitcoin. You may also earn $30 for each friend you refer with the BlockFi Rewards Visa Card.
Stick to charges you can afford to pay off when your account is due. Monthly payments avoid interest charges. High variable APR will wipe out benefits if you carry a balance.
Should You Get the BlockFi Visa Card?
If you're bullish on Bitcoin, the BlockFi Rewards Visa Card lets you invest in crypto using rewards on your spending. New Yorkers cannot apply for the card at this time.
This crypto credit card gives greater flexibility with rewards than others. Upgrade Bitcoin Rewards Card doesn't enable you move your holdings outside the platform or into your wallet. With BlockFi Rewards, you can sell or trade on BlockFi or move your holdings to a wallet or exchange account.
Be careful when opening a cryptocurrency-rewards credit card. Crypto is volatile, unlike cash or points. When redeeming 1.5% cash back or 1.5x points, expect a regular value. 1.5 percent return in bitcoin can fluctuate, therefore you may lose value with another card.
Wells Fargo Active Cash Card offers 2% cash back with no annual fee. If you want to get into crypto, utilize that card for the higher rewards rate, then invest in Bitcoin or another cryptocurrency.
Consider whether this highly speculative asset is good for you if you want a crypto rewards card but are unsure about investing in crypto directly. Bitcoin and other cryptocurrencies vary in value, so there's no guarantee your holdings will grow.