Forget traditional cash back and travel miles; a new era of credit card rewards has arrived. The BlockFi Rewards Visa® Signature Credit Card is now available, allowing cardholders to earn cryptocurrency on their daily purchases. This innovative financial product bridges the gap between conventional spending and the dynamic world of digital assets, offering a unique way to accumulate Bitcoin and other cryptocurrencies simply by using your card.
Initially announced in late 2020, the card generated massive interest, with a waitlist swelling to hundreds of thousands. After a seven-month rollout period, the card is now being issued to selected applicants from that list. The excitement stems from its core proposition: converting everyday spending into crypto assets, a appealing alternative for those looking to diversify their reward earnings beyond standard fiat currency options.
How the BlockFi Crypto Credit Card Works
Understanding the Rewards Structure
The card's primary mechanism revolves around earning BlockFi Cryptocurrency Rewards Points, which are then converted into crypto. Here’s a detailed breakdown of the earnings structure:
- Base Rewards Rate: Cardholders earn 1.5% back in crypto on every dollar spent.
- Tiered Boost: Spending increases to 2% back in crypto on every purchase after you surpass $30,000 in annual spend. This counter resets on your cardmember anniversary date each year.
- Automatic Conversion: Once points are deposited into your account and your account is in good standing, BlockFi immediately converts those points into your chosen cryptocurrency.
This system effectively turns routine purchases like groceries, gas, and subscriptions into a method for dollar-cost averaging into the crypto market.
Additional Ways to Earn Crypto
Beyond spending, cardholders can amplify their crypto accumulation through other activities on the BlockFi platform:
- Trading Rewards: Earn 0.25% back on all eligible cryptocurrency trades made on BlockFi, up to a maximum of $500 in crypto per month.
- Referral Program: You can earn $30 in crypto for each person you successfully refer to the card.
The card also boasts no annual fee and no foreign transaction fees, making it a cost-effective option for both domestic and international use on the Visa network.
Eligibility and Application Process
Joining the Waitlist and Credit Requirements
As of the latest updates, the card is still operating through a waitlist system. Joining the list is free, does not affect your credit score, and allows you to get pre-approved using only a soft credit pull. Your position in the queue can be improved by referring others to sign up.
When your turn arrives and you formally apply, the issuer will perform a hard credit inquiry, which will be recorded on your credit report. BlockFi explicitly states that applicants need "good to excellent" credit to be approved for the card.
👉 Check your eligibility for crypto rewards cards
Important Limitations to Consider
Prospective applicants should be aware of several key limitations that differentiate this card from traditional credit products:
- Geographic Restrictions: The availability of BlockFi's services, including the credit card, is subject to state-level regulations surrounding cryptocurrency, which are frequently changing. There is no definitive, public list of eligible states, so users must verify availability in their jurisdiction.
- International Use: The terms and conditions note that accessing the platform from outside the United States is done at the user's own risk, and they are responsible for complying with local laws.
- Standard Features Omitted: The card does not support adding authorized users, processing balance transfers, or providing cash advances.
Is the BlockFi Crypto Rewards Card Right for You?
This card is ideally suited for individuals who are already comfortable with and interested in cryptocurrency. It represents a fantastic tool for passively building a crypto portfolio through habitual spending without requiring additional investment.
However, it is crucial to understand the inherent volatility of cryptocurrency. The value of your rewards will fluctuate dramatically based on market conditions. This card is not for those who need the predictable, stable value of cash back or travel points. If you prefer flexibility, a traditional cash-back card might be a better fit, as you can always choose to use your cash rewards to purchase crypto yourself while retaining the option to spend the money elsewhere.
For those ready to dive in, this card offers a pioneering and convenient gateway into the world of crypto earnings.
Frequently Asked Questions
What cryptocurrency do I earn with the BlockFi card?
While early marketing materials mentioned Bitcoin, the rewards are denominated as "cryptocurrency." The specific type of crypto you receive (e.g., Bitcoin, Ethereum) is determined by BlockFi upon conversion of your rewards points. Always check the latest terms for current details.
How do I redeem my crypto rewards?
The process is automatic. Your spending earns rewards points, which are deposited into your account. Provided your account is in good standing, BlockFi then immediately converts those points into cryptocurrency, which is held within your BlockFi account.
Is my crypto safe from market volatility?
No. The value of cryptocurrency is highly volatile. The dollar value of the crypto you earn today could be significantly higher or lower tomorrow. This card is for those who understand and accept this risk as part of earning in a digital asset class.
Can I use this card outside the United States?
The card runs on the Visa network, so it can be used for purchases internationally. However, BlockFi's terms state that accessing their online platform from outside the U.S. is done at your own risk, and you are responsible for complying with local laws regarding cryptocurrency.
What credit score do I need to qualify?
BlockFi states that applicants need "good to excellent" credit. This typically translates to a FICO score of 670 or higher, though other factors in your credit profile will also be considered during the application process.
Are there any fees associated with this card?
The card itself has no annual fee and no foreign transaction fees. However, you should always be aware of potential other standard credit card fees, such as late payment fees or returned payment fees.