BlockFi Credit Card Adds Retail Offers for Bigger Rewards
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» Editor's note
BlockFi filed for bankruptcy on Nov. 28, 2022. The BlockFi Rewards Visa® Signature Credit Card is now "paused," according to a company representative, and customers cannot use it to make purchases. Per the company: "New cards are not being issued. Clients should continue to make their regular statement payments. Assets held on the BlockFi platform cannot be used toward these payments." For customers wondering what happens to their crypto in a situation like this, we're updating this article as we learn more.
The BlockFi Rewards Visa® Signature Credit Card is adding retail offers to the card’s rewards program, allowing cardholders to earn up to 10% back in cryptocurrency.
The extra rewards at thousands of brands and restaurants is in addition to the card’s current flat rewards rate of 1.5% back in cryptocurrency for each dollar of purchases. (It also offers 2% back in crypto on every purchase over $50,000 of annual spending.)
The annual fee remains $0.
New personalized card-linked offers include such brands as Adidas, Costco, Finish Line, H&M and Shake Shack, and are powered by Cardlytics, a card rewards platform.
In a news release, BlockFi offered the example that if a cardholder bought something at a local coffee shop that featured a 5%-back offer, while the offer is valid, they can earn 5% back in crypto in addition to the 1.5% base rewards rate (6.5% back in crypto, total).
The release notes that the offers are "automatically added directly to each cardholder’s BlockFi account at the end of every month for immediate use." The BlockFi app also will allow cardholders to discover curated offers.
BlockFi says the rewards earned will be redeemable for more than 10 different crypto assets available on its platform.
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