Cryptocurrencies are seeing more and more practical use cases, and there are now several companies that allow users to use their crypto credit cards to pay for goods and services. The most recent firm to join the growing list of companies offering crypto credit cards is BlockFi, which just launched its own card today.
BlockFi is a crypto loans and savings company based in New York. The company partnered with Visa last year in order to develop its own Bitcoin (BTC/USD) rewards credit card, with the announcement of the card itself coming at the end of 2020.
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Seven months into 2021, and the card has finally arrived, at least for select and approved customers on the US whitelist.
Details about BlockFi’s Bitcoin Rewards Credit Card
From what is known, the card’s official name is BlockFi Rewards Visa Signature Credit Card. Once they get shipped to their owners, the cards will be usable at any service that accepts Visa. Every time when users use the card to pay for goods and services, they will earn 1.5% of their transaction back in Bitcoin. BTC earned this way will then be transferred to the user’s BlockFi Interest Account.
BlockFi’s original decision was to put an annual fee of $200 on the card. However, around three months ago, in May 2021, the company changed its mind. The card is now available to users without any yearly fee. On top of that, it also allows users to earn 2% in BTC on their annual expenses that go beyond $50,000.
Specifically, if the user pays $55,000 with their card per year, they will receive 2% of the $5,000 that went beyond the baseline of $50k. As mentioned, this amount will also be paid in Bitcoin.
It should also be noted that the card has several other perks of the crypto industry tied to it. For example, it has a referral program, as well as trading bonuses. According to Visa’s global head of fintech and SVP, Terry Angelos, these crypto rewards programs were introduced to encourage users to join the crypto economy. Meanwhile, a referral program will encourage them to invite others to do the same. In fact, Visa is quite excited about the idea and is looking forward to adding more such programs.
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