Blockfi Credit Card. The wait is over, you can now earn rewards that can be redeemed for bitcoin on your everyday credit card purchases.
BlockFi, a cryptocurrency trading platform for investors. Announced in December 2020 that it would be launching a new credit card in the near future.
Since then, the waiting list has grown to include hundreds of thousands of cryptocurrency enthusiasts. Who are eager to earn bitcoin rather than cashback or travel rewards as a result of their participation.
After seven months of waiting. BlockFi has begun to make the BlockFi Rewards Visa Signature Credit Card available to select members of their waiting list. According to the company.
However, it is not too late to join in the frenzy at this point. The card is still available to those who are on the waiting list. This is important to keep in mind because this card is not the same as a traditional credit card such as the Chase Sapphire Preferred® Card.
It has a variety of requirements, features, and processes. Because it is still in the process of being introduced into consumers’ wallets.
The BlockFi bitcoin credit card has introduced its Rewards program.
For starters, you will not be issued a bitcoin directly. But rather BlockFi Cryptocurrency Rewards Points, which are equivalent to bitcoin.
Every dollar spent on the card will result in 1.5 times the number of points earned. After that, if you spend more than $50,000 in a 12-month period, you will earn 2X points per dollar spent on subsequent purchases.
Once the points have been deposited and the cardholder’s account is in good standing. BlockFi will convert the points to bitcoin immediately and without delay. For every dollar, you spend with this card. You are essentially earning 1.5 percent of your money back in bitcoins.
All purchases made within the first three months of card membership will earn new cardholders an additional 3.5 percent in bitcoin. In addition to other rewards. This, however, is limited to a total of $100 in bitcoin.
If you have the card, you can also earn additional rewards from the cryptocurrency you own and cryptocurrency trades you make with BlockFi if you have the card.
You can earn a 2% annual percentage yield (APY) bonus in rewards on stablecoin holdings, up to a maximum of $200.
Additionally, you can earn 0.25% back on all eligible trades, up to a maximum of $500 in bitcoin per month, up to a maximum of 500 bitcoin per month. You can also earn $30 in bitcoin for each person you refer who purchases the card.
Because it operates on the Visa network, there are no annual fees or foreign transaction fees associated with the card.
How Do I Qualify For The Blockfi Credit Card?
As of the time of publication. The card was still on a waiting list, and BlockFi had not released a timeline for when people should expect to be called to pick up their cards.
However, if you refer others to join the waitlist for the card, you will be able to move up in line faster.
Joining the waitlist will not cost you anything and will have no impact on your credit score. In addition, a soft credit pull can be used to determine whether you are eligible for the card.
An application for the card will be submitted to the credit bureaus, and a hard credit inquiry will be recorded on your credit report.
According to BlockFi’s website, you must have “good to excellent” credit in order to qualify for the card.
Are There Any Limitations To The Usage Of The Card?
This credit card, in contrast to traditional credit cards, has a geographical restriction. While there are no specific provisions listed in the terms and conditions.
It does indicate that the laws surrounding cryptocurrency are rapidly changing. And that the use of the BlockFi online platform may not be available in your state at the time of your request.
At this time, there has not been made available an up-to-date list of the states that are eligible.
The terms and conditions also state that if you access the online platform from a country or jurisdiction other than the United States. “You do so at your own risk. And you are responsible for compliance with the applicable laws of the country or jurisdiction where you may be located.”
Balance transfers and cash advances are not possible with this card. Because it does not allow for the addition of an authorized user.
Conclusion
This card may be a good fit for someone who does not require the cashback or travel rewards that this card offers.
For this reason, cardholders should be prepared for and understand that the value of their rewards may fluctuate dramatically over time. Due to the extreme volatility of bitcoin and cryptocurrencies.
This is an option to consider if you’re looking for a credit card that allows you to earn bitcoin while you go about your daily business.
If a traditional rewards credit card is more appropriate for your needs. Consider a cash-back or travel rewards credit card as an alternative option.
Earning cash back could provide you with greater flexibility. As you would have the option to use that money to purchase bitcoin if you so desired. Or you could use it for nearly anything else.