BlockFi Unveils Bitcoin-Earning Credit Card: 1.5% Back, $0 Annual Fee

Kimberly PalmerDec 4, 2020

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Rewards credit cards typically earn cardholders cash back, points or airline miles for their spending — but a new product will soon offer rewards in the form of bitcoin, a cryptocurrency.

BlockFi

The BlockFi Bitcoin Rewards credit card will earn 1.5% cash back on purchases, which will be converted to bitcoin and held in the cardholder's BlockFi account.

The new BlockFi Bitcoin Rewards credit card isn’t available yet, but you can join a waitlist for it. You will need good or excellent credit (meaning, typically, FICO scores of 690 or higher) to be approved for the card, according to Zac Prince, founder and CEO of BlockFi.

BlockFi Bitcoin Rewards card: Key features

The card runs on the Visa network and comes with a $0 annual fee.

Cardholders will earn 1.5% cash back on their purchases, plus 2% back on every dollar spent over $50,000 annually. Rewards will be converted into bitcoin and held in their BlockFi accounts.

The card, which has a black metal design, also comes with an introductory rewards rate. For the first 90 days, you'll earn 3.5% back on purchases, until you reach $100 worth of rewards in Bitcoin.

Given the fluctuations in the bitcoin market, the value of these rewards will go up and down.

As with more traditional rewards cards, the BlockFi Bitcoin Rewards card comes with a credit limit and interest rate (between 14.99% and 22.99% variable, as of this writing) on outstanding balances.

BlockFi — which has partnered with Visa, Evolve Bank and Deserve on this product — says cards will begin shipping to approved cardholders later this year. At least at first, the card will be available only in the U.S.

Card image courtesy of BlockFi 

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