The BlockFi Rewards Credit Card has piqued the interest of many individuals interested in cryptocurrencies, as it offers a unique opportunity to earn Bitcoin on every purchase. As a crypto-backed financial product with no annual fee, this credit card presents a relatively low-risk entry point for those looking to dip their toes into the world of digital currencies.
One of the key features of the BlockFi Rewards Credit Card is its unlimited 1.5% back in Bitcoin on every purchase. What sets this apart from other rewards programs is the potential for significant growth in the value of the rewards, as the earnings are tied directly to the performance of Bitcoin. For the first 90 days, new users can also enjoy a 2% rewards boost, earning up to 3.5% back in Bitcoin, or up to $100, further sweetening the deal for those considering the card.
With a competitive regular APR range of 11.74%-21.74% and no annual fee, the BlockFi Rewards Credit Card stands out among its peers. Despite its relatively young life, having launched in 2017, BlockFi has become a prominent player in the cryptocurrency exchange and wallet service space, further solidifying the legitimacy of its unique Bitcoin rewards credit card.
BlockFi Credit Card Overview
The BlockFi Credit Card is a rewards credit card that offers users the opportunity to earn cryptocurrencies, such as Bitcoin, Ethereum, Litecoin, and Dogecoin, rather than the traditional cashback rewards. With this card, users can earn 1.5% – 2% back in crypto on their purchases. The rewards can also be converted to over a dozen cryptocurrencies, giving cardholders flexibility in managing their crypto assets.
The cryptocurrency rewards earned with this card are not earned in real time, potentially reducing their value due to market fluctuations.
Fees and APR
The BlockFi Credit Card has no annual fee associated with it, which is advantageous for those looking to enter the cryptocurrency space without additional costs. Furthermore, the card offers an APR range of 11.74% – 21.74% variable, depending on the cardholder’s creditworthiness.
The card also boasts no foreign transaction fees for cardholders, making it a useful option for frequent travelers who may be using their card for purchases abroad.
In summary, the BlockFi Credit Card provides an appealing option for those interested in earning cryptocurrency rewards on their everyday spending. The combination of its crypto reward offerings, no annual fee, and reasonable APR range help position it as an accessible entry point into the world of digital currency.
BlockFi Rewards Visa® Signature Credit Card Features
The BlockFi Rewards Visa® Signature Credit Card offers an attractive welcome bonus to new cardholders. Upon signing up and meeting the required spending threshold, users can earn a substantial bonus in the form of cryptocurrency rewards.
Cash Back and Points
The BlockFi credit card provides cardholders with the opportunity to earn rewards in the form of cryptocurrencies, such as Bitcoin and Ethereum. The card accumulates rewards based on the user’s spending, offering a percentage as cash back, which is then converted into cryptocurrency and added to the user’s BlockFi account.
- Earn a base rate of 1.5% back in crypto on every purchase
- Bonus rewards for BlockFi users, including 0.25% of their trading volume on BlockFi up to $500 worth of crypto per month
This unique rewards structure makes the BlockFi Rewards Visa® Signature Credit Card an appealing option for cryptocurrency enthusiasts and those looking to diversify their investment portfolio.
Foreign Transaction Fees
One of the notable features of the BlockFi Rewards Visa® Signature Credit Card is its lack of foreign transaction fees. This benefit allows cardholders to use the card when traveling abroad without incurring additional charges, making it an ideal choice for those who frequently travel internationally.
While the BlockFi Rewards Visa® Signature Credit Card offers various attractive features and rewards, it might not be the best option for individuals looking to transfer a balance from another credit card. It’s essential to weigh the card’s rewards and features against any potential balance transfer costs, including fees and promotional interest rates.
Using the BlockFi Credit Card App
The BlockFi Credit Card App offers a seamless experience for users to manage their crypto investments and transactions. In this section, we will discuss three key features of the app: Buy, Sell, and Exchange Cryptocurrencies, BlockFi Interest Account, and Investment and Security Features.
Buy, Sell, and Exchange Cryptocurrencies
The app allows users to easily buy, sell, and exchange cryptocurrencies within the platform. Investors can choose from a range of popular digital assets and execute transactions with just a few taps. By integrating these features within the app, BlockFi ensures a convenient experience for users to manage their portfolios.
BlockFi Interest Account (BIA)
One of the main benefits of using the BlockFi app is the BlockFi Interest Account (BIA). Investors can earn competitive interest rates on their cryptocurrency holdings, with rates based on prevailing market conditions and the type of asset held. The BIA functions by lending out users’ funds to institutional borrowers, providing liquidity for the market while generating income for account holders. BlockFi charges an origination fee for loans, which helps to support the high-interest rates paid to BIA users.
The interest rates offered by BIA are subject to change, as they depend on market factors like demand and supply. However, the rates have generally been favorable, making the BIA an attractive option for investors looking to earn passive income from their digital assets.
Investment and Security Features
In addition to the trading and interest account features, the BlockFi app offers various investment and security tools. Users can track their portfolio performance and receive real-time information on the value of their digital assets. The app also includes security features such as two-factor authentication to protect accounts from unauthorized access.
To summarise, the BlockFi Credit Card App provides a comprehensive platform for users to manage their cryptocurrencies. The app offers flexibility in buying, selling, and exchanging digital assets, while the BlockFi Interest Account allows investors to earn attractive interest rates on their holdings. Finally, the app incorporates investment and security features to support a smooth and safe user experience.
BlockFi Credit Card Support and Services
Fees and Withdrawal Limits
The BlockFi Rewards Credit Card offers a variety of benefits for users interested in earning cryptocurrency on their purchases. The card has no annual fee and allows cardholders to earn unlimited 1.5% back in Bitcoin on every purchase. Furthermore, the card charges no foreign transaction fees, making it a suitable option for international use.
The withdrawal fees on BlockFi depend on the type of cryptocurrency being transferred. For instance, Bitcoin, Ethereum, and Litecoin have different withdrawal fees. BlockFi also implements withdrawal limits, which vary depending on the crypto asset being withdrawn.
Here is a brief summary of some popular asset withdrawal fees and limits:
|Crypto Asset||Withdrawal Fee||Limit (24H)|
|Bitcoin||0.00075 BTC||100 BTC|
|Ethereum||0.02 ETH||5000 ETH|
|Litecoin||0.0025 LTC||10,000 LTC|
BlockFi offers customer support through email, phone, and social media channels. Users can submit support tickets through the official website or app, and the support team typically replies within a few hours to a day. The team is knowledgeable in addressing various concerns related to the BlockFi Rewards Credit Card and its associated crypto wallet.
Additionally, there are helpful resources available on the website and mobile app, such as FAQs and user guides. These resources provide step-by-step instructions for managing cryptocurrency balances, completing transactions, and troubleshooting common issues.
In conclusion, the BlockFi Rewards Credit Card offers competitive cryptocurrency rewards and a supportive customer service experience. Its fees and withdrawal limits vary by crypto asset, allowing users to manage their earnings in various cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and more.
BlockFi Crypto-Backed Loans and Investments
BlockFi offers crypto-backed loans, aiming to provide customers with access to funds without selling their cryptocurrency holdings like Bitcoin and Ethereum. This section will cover the Loan-to-Value Ratio (LTV), Interest Rates, and Collateral Requirements associated with these loans.
Loan-to-Value Ratio (LTV)
The Loan-to-Value (LTV) ratio represents the amount of a loan compared to the value of the collateral used to secure it. BlockFi offers LTV ratios of up to 50%, meaning that borrowers can access a loan amount of up to 50% of their cryptocurrency holdings’ value. It’s essential to keep an eye on the LTV ratio, as a higher LTV may lead to a higher risk of liquidation due to price fluctuations in the cryptocurrency market.
BlockFi’s interest rates for crypto-backed loans depend on the LTV chosen by the borrower. Here’s an overview of the interest rates associated with different LTV ratios:
- 20% LTV: Annual Percentage Rate (APR) of 4.5%
- 35% LTV: APR of 7.9%
- 50% LTV: APR of 9.75%
The interest rates remain competitive and are designed keeping both risk management and borrower convenience in mind.
Borrowers can use several popular cryptocurrencies as collateral for a crypto-backed loan at BlockFi. These include:
- Bitcoin (BTC)
- Ethereum (ETH)
- Litecoin (LTC)
- Chainlink (LINK)
It’s crucial to ensure that the collateral chosen aligns with BlockFi’s requirements, as this affects interest rates, LTV ratios, and other loan terms.
On top of crypto-backed loans, BlockFi also offers a crypto interest account where users can earn interest on various assets like Bitcoin, Ethereum, DAI, USDC, and more. Furthermore, the BlockFi Rewards Visa® Signature Card allows users to earn rewards in cryptocurrency for their purchases. Together, these services provide an integrated experience for cryptocurrency users seeking different financial opportunities in the ecosystem.
Competition and Alternatives to BlockFi Credit Card
FTX Exchange is a popular cryptocurrency trading platform that offers a range of products and services in addition to its core trading features. Unlike the BlockFi Rewards Visa Signature Credit Card, which primarily focuses on rewarding users with crypto based on their spending, FTX Exchange emphasizes lower trading fees and a broader range of cryptocurrencies to trade. This can be an advantage for users who are more invested in actively trading crypto and want more control over their portfolio.
In terms of rewards, FTX Exchange does not offer a credit card, but they do provide a native token, FTT, that can be used within their ecosystem for various benefits, including reduced trading fees and bonus interest rates.
Binance, another major cryptocurrency exchange, is a strong competitor to BlockFi. Binance offers a wide selection of cryptocurrencies to trade and has lower trading fees compared to most platforms. While they do not directly offer a credit card product like BlockFi, Binance has its own Visa debit card that enables users to spend their cryptocurrencies directly, without the need to convert them into fiat currencies.
Additionally, Binance has its own native token, BNB, which offers multiple benefits within the platform, such as discounted trading fees and the ability to participate in token sales.
Cryptocurrency Trading Platforms
There are numerous cryptocurrency trading platforms available, each with different features and offerings. Some popular alternatives to BlockFi include Coinbase, Kraken, and eToro. These platforms provide users with the ability to buy, sell, and trade a variety of cryptocurrencies.
While these platforms do not offer a rewards credit card like BlockFi, they may provide other incentives, such as lower trading fees, access to a broader range of cryptocurrencies, and enhanced security features.
Overall, the BlockFi Rewards Visa Signature Credit Card caters mainly to users who want a convenient way to earn cryptocurrency through everyday spending, while platforms like FTX Exchange, Binance, and other trading platforms offer additional benefits and flexibility for those more focused on actively trading cryptocurrencies.
Pros and Cons of BlockFi Credit Card
The BlockFi Rewards Credit Card offers some unique benefits and drawbacks for users interested in cryptocurrency. Here, we’ll discuss the pros and cons of using this credit card.
- Ability to convert rewards to cryptocurrencies: With the BlockFi credit card, users can earn cashback rewards and convert them to over a dozen cryptocurrencies. This feature provides users with an easy way to grow their crypto holdings.
- No foreign transaction fees: The BlockFi credit card doesn’t charge any foreign transaction fees, making it convenient for users who travel or make purchases outside of their home country.
- Bonus cash back on crypto trades: Users can enjoy bonus cashback when trading cryptocurrencies, adding an extra incentive for those looking to invest in digital currencies.
- No annual fee: The card does not charge any annual fees, so users can enjoy its benefits without being burdened by ongoing costs.
- Rewards are not earned in real time: As a notable drawback, the rewards generated from using the card are not earned in real time, which may reduce their potential value depending on market fluctuations.
- Requires a BlockFi Interest Account: To apply for the card, it is necessary to have an existing BlockFi Interest Account, which might be an inconvenience to users who use other platforms.
- Requires excellent credit score: Applicants must have an excellent credit score (typically 700+) to qualify for the BlockFi credit card, which may limit its accessibility to a segment of potential users.
- Limited selection and trading features: As mentioned in some reviews, the selection of cryptocurrencies available and trading features offered by BlockFi may not be as extensive as other platforms. This may influence the potential benefits users can derive from their rewards.
The BlockFi Rewards Credit Card provides a unique opportunity for users to dive into the world of cryptocurrency while enjoying standard card benefits like no annual fee and no foreign transaction fees. However, applicants should also be aware of its limitations, such as delayed rewards and the requirement of having a BlockFi account.
Frequently Asked Questions
Is the BlockFi card worth it?
The BlockFi Rewards Credit Card might be worth it if you’re interested in earning cryptocurrency as rewards for your daily expenses. It offers an unlimited 1.5% back on purchases which is converted into Bitcoin or other cryptocurrencies. If you’re already investing in crypto and have a BlockFi account, the card could be a good addition to your wallet. However, it might not be the best choice if you prefer traditional cashback rewards or travel points.
What are the rewards offered?
The BlockFi Rewards Credit Card allows you to earn 1.5% back on every purchase, which is converted into Bitcoin or a choice of over a dozen other cryptocurrencies. There is no limit on the rewards you can earn.
Are there any fees?
The BlockFi Rewards Credit Card has no annual fee and no foreign transaction fees. However, fees might apply to crypto trades and interest accrual on the BlockFi platform.
How to apply?
To apply for the BlockFi Rewards Credit Card, you can visit the BlockFi website and fill out the online application form which requires your personal and financial information. Approval is subject to creditworthiness and a thorough review process.
What is the credit limit?
The credit limit for the BlockFi Rewards Credit Card is determined on an individual basis, taking into account factors such as credit history, income, and debt. It is not specified as a standard amount.
Is there a signup bonus?
As of now, there is no specific signup bonus for new BlockFi Rewards Credit Card users. However, promotions and bonuses may become available in the future, so you may want to keep an eye on their website for updates.