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Our Verdict The BlockFi Rewards Visa Signature Credit Card* is one of the first cryptocurrency rewards credit cards to hit the market, but isn’t necessarily the best. It earns 1.5% back for every purchase made, but the rewards don’t immediately go into cryptocurrency. You receive 1.5% cash back and that cash is converted into Bitcoin that deposits into your BlockFi account monthly. Any purchases over $50,000 in a calendar year will earn 2% back. The ability to only earn one type of crypto (Bitcoin) plus the lack of bonus categories and real time rewards might encourage consumers looking for cryptocurrency rewards credit cards to look elsewhere.

Note: The BlockFi Bitcoin Rewards is currently operating with a waitlist but as of writing has not been released to the general public. This review will be updated with details as they are released.

BlockFi Rewards Visa Signature Credit Card Welcome Bonus $100 Annual Fee $0 Regular APR See Terms Credit Score Good/Excellent Pros Earn 1.5% back on all purchases and 2% on any purchases made after spending $50,000 on the card in a calendar year Cardholders who trade cryptocurrencies on the BlockFi platform will earn 0.25% of their trading volume back in Bitcoin up to a maximum of $500 BTC per month Cardholders with stablecoin assets in a BlockFi Interest Account (BIA) can earn up to an extra 2% APY on top of the prevailing stablecoin APY No annual fee Cons No real time Bitcoin rewards earnings Limited to only Bitcoin for crypto rewards No bonus categories  Welcome bonus capped at $100 Highlights Earn an unlimited 1.5% back in bitcoin on every purchase. No annual fee. No foreign transaction fees. More Highlights Credit Score ranges are based on FICO® credit scoring. This is just one scoring method and a credit card issuer may use another method when considering your application. These are provided as guidelines only and approval is not guaranteed. Clients who are approved for the card will receive a 3.5% Bitcoin rewards rate for the first 90 days. The introductory offer is capped at $100 dollars in bitcoin, which equates approximately $5,000 of spend to earn an extra $100 in bitcoin. Introduction The no annual fee BlockFi Bitcoin Rewards credit card aims to be one of the first cryptocurrency earring credit cards to hit the market, but does it set the standard or fall short? The card earns 1.5% rewards on all purchases which are converted to Bitcoin in your BlockFi account monthly. The card functions like a cash back card that automatically invests in Bitcoin every month. Note that you do not receive your Bitcoin rewards in real time, preventing you from potentially timing big purchases to when Bitcoin is trading at a favorable rate. You also cannot convert your rewards to any other form of cryptocurrency directly.

The BlockFi Bitcoin Rewards credit card offers an introductory rewards rate of 3.5% back on every purchase for the first 90 days of card membership, but the earnings are capped at $100 worth of Bitcoin. You will receive a rewards rate of 2% for every dollar spent over $50,000 annually.

The BlockFi Bitcoin Rewards credit card offers a few benefits to BlockFi users, including a bonus 0.25% of their trading volume on BlockFi in Bitcoin up to $500 worth of Bitcoin per month. Cardholders with stablecoin assets in a BlockFi Interest Account (BIA) can also earn up to an extra 2% APY on top of the prevailing stablecoin APY.

The BlockFi Bitcoin Rewards credit card still isn’t available but you can sign up for the waitlist. With a rewards rate lower than many cash back credit cards, no bonus categories and a lack of real time rewards, consumers interested in cryptocurrency rewards-earning credit cards should look elsewhere unless they are already heavily invested in the BlockFi platform.

At a Glance No annual fee Earn 3.5% rewards up to $100 in Bitcoin for first 90 days, 1.5% on all purchases after that Earn 2% back in Bitcoin on every purchase over $50,000 of annual spend No foreign transaction fees Rewards Earning Rewards The BlockFi Bitcoin Rewards credit card currently offers an introductory bonus rate of 3.5% rewards converted monthly to Bitcoin for the first 90 days of card membership up to $100 in Bitcoin. After that you earn 1.5% back on all purchases. Your rewards are converted to Bitcoin each month in your BlockFi account at the prevailing rate at the time. Every dollar you spend over $50,000 on the card earns 2% back in Bitcoin.

Redeeming Rewards BlockFi has not yet announced the exact mechanism by which your crypto earnings will be added to your account, but we know that the rewards will be converted to Bitcoin monthly. We expect to hear more about this when the card is released.

Rewards Potential Government spending data shows that the typical family in the 70th-percentile of wage-earners spends $26,410 on their credit cards per year. If a family put all purchases on the BlockFi Bitcoin Rewards credit card they would earn about $396.15 which would be converted to Bitcoin at the prevailing exchange rate each month. Because Bitcoin is volatile, the total amount of rewards earned in a year would vary with the price of Bitcoin and could be significantly more or less than this amount.

Other Card Benefits Bonus Based on Trades: Cardholders who trade cryptocurrencies on the BlockFi platform will earn 0.25% of their trading volume back in Bitcoin up to a maximum of $500 BTC per month. APY Boost on Stablecoin Balance in BlockFi: Cardholders with stablecoin assets in a BlockFi Interest Account (BIA) can earn up to an extra 2% APY on top of the prevailing stablecoin APY. Fine Print Interest Rates

Regular APR: See Terms Purchase Intro APR: N/A Balance Transfer Intro APR: See Terms Fees

Annual Fee: $0 Balance Transfer Fee: See Terms Cash Advance: See Terms Foreign Purchase Transaction Fee: $0 How The Card Stacks Up BlockFi Rewards Visa Signature Credit Card* vs. Gemini Credit Card* The Gemini Credit Card offers a couple of advantages to the BlockFi Bitcoin Rewards credit card. First, the Gemini Credit Card converts your rewards to cryptocurrency in real time. This means you can time big purchases to coincide with times when Bitcoin’s trading value is favorable to you.

Secondly, you earn rewards in any cryptocurrency on the Gemini platform if you use the Gemini Credit Card. That means you’re not limited to only Bitcoin, you can earn other popular cryptocurrencies, such as Ethereum.

Thirdly, the Gemini Credit Card offers bonus categories. You will receive 3% back on dining, 2% back on groceries and 1% back on all other purchases. Card owners who have large expenses and dining and groceries might be better off with the Gemini Credit Card.

The BlockFi Bitcoin Rewards credit card does offer a better regular earning rate of 1.5%, so you need to weigh the value of the bonus categories and real time rewards against the more favorable earning rate. The Gemini Credit Card also does not currently offer a welcome bonus.

BlockFi Rewards Visa Signature Credit Card* vs. SoFi Credit Card Another no annual fee credit card to consider is the SoFi Credit Card. Earn 2% unlimited cash back on eligible purchases when redeemed towards investing, saving, or paying down an eligible loan with SoFi. That’s up to 0.5% more than you would with the BlockFi Bitcoin Rewards credit card.

Rewards can be kept as cash back, but you can also convert your SoFi Credit Card rewards into cryptocurrency with a SoFi active invest account. The process is simple and can be done through the SoFi app. The SoFi credit card also comes with other ancillary Mastercard benefits like a complimentary ShopRunner account and a 3 month free trial for DoorDash’s DashPass. In addition, the SoFi Credit Card offers complimentary cell phone coverage up to $1,000.

The rewards flexibility combined with the better earning rate definitely make the SoFi Card worth considering. You could even take your cash back from the SoFi and invest in BlockFi if you wanted.

While the Sofi Credit Card does not currently come with a welcome bonus, you will quickly start coming out ahead with the SoFi card since it earns 2% cash back.

BlockFi Rewards Visa Signature Credit Card* vs. Bank of America® Customized Cash Rewards* Another card you may want to consider is the Bank of America Customized Cash Rewards credit card. Earn 3% cash back in the category of your choice: gas, online shopping, dining, travel, drug stores, or home improvement/furnishings, 2% cash back at grocery stores and wholesale clubs and unlimited 1% cash back on all other purchases. 3% and 2% cash back is earned on the first $2,500 in combined choice category/grocery store/wholesale club purchases each quarter, then earn 1%. The cash rewards earned from this credit card can be used to invest in cryptocurrency (at BlockFi or any exchange).

If you spend money in the bonus categories, you’re likely to come ahead using the Bank of America Customized Cash Rewards credit card instead of the BlockFi Bitcoin Rewards credit card. The Customized Cash Rewards card also comes with a New cardholders receive 0% introductory APR for 15 billing cycles for purchases, and for any balance transfers made in the first 60 days of account opening. After the intro APR offer ends, the standard APR of 13.99% – 23.99% Variable will apply. A 3% fee (min $10) applies to all balance transfers.

If you are a Bank of America Preferred Rewards customer, you can earn 25% to 75% more rewards using the Bank of America Customized Cash Rewards credit card. If you are a Bank of America Platinum Honors Preferred Rewards customer (over $100,000 in deposits at Bank of America and Merrill Lynch combined), you earn 5.25% cash back in your customized category, 3.5% on groceries/wholesale clubs and 1.75% on all other purchases. If you fall into that category, you should definitely consider the Bank of America Customized Cash Rewards credit card instead of the BlockFi Bitcoin Rewards credit card.

Compare BlockFi Bitcoin Rewards credit card With Other Cards BlockFi Rewards Visa Signature Credit Card 2x Reward Rate Earn Unlimited 2x miles on every purchase, every day. Earn Unlimited 2x miles on every purchase, every day Welcome Bonus $100 Annual Fee $0 Credit Score Good/Excellent Regular APR See Terms SoFi Credit Card Apply Now → Apply Now On SoFi’s Secure Website Welcome Bonus Up to $100 Annual Fee $0 Credit Score Good Regular APR 12.99%-24.99% APR Credit Score ranges are based on FICO® credit scoring. This is just one scoring method and a credit card issuer may use another method when considering your application. These are provided as guidelines only and approval is not guaranteed. Earn up to $100 when you open and fund a SoFi Money and a SoFi Invest account after getting approved for the SoFi Credit Card (See Terms). Bank of America® Customized Cash Rewards Welcome Bonus Online $200 cash rewards bonus Annual Fee $0 Credit Score Excellent/Good Regular APR 13.99% – 23.99% Variable APR on purchases and balance transfers Credit Score ranges are based on FICO® credit scoring. This is just one scoring method and a credit card issuer may use another method when considering your application. These are provided as guidelines only and approval is not guaranteed. $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening Is The Card For You? Although we still don’t have the complete picture of the BlockFi Bitcoin Rewards credit card, it does seem that being one of the first doesn’t necessarily make this card one of the best. The lack of bonus categories and lack of an option for real time rewards really hamstrings this card. In most cases you’re better off with a 2% cash back rewards card that you convert to cryptocurrency on your own. Even if you prefer the BlockFi exchange, in most cases you can earn more cash back that you can convert into cryptocurrency and also avoid being limited solely to Bitcoin.