Cash Back is out, Bitcoin is in it

[ad_1]

The Selects editorial team works independently to review financial products and write articles that we believe our readers will find useful. We may receive a commission when you click on product links from our affiliate partners.

The wait is over, you can now earn rewards redeemable for bitcoin on your daily credit card purchases. In December 2020, BlockFi, a trading platform for cryptocurrency investors, announced that it would be launching a new credit card. Since then, the waiting list has grown to hundreds of thousands of cryptocurrency enthusiasts keen to earn bitcoin rather than cash back or travel rewards. Seven months later, BlockFi began releasing the Visa Signature BlockFi Rewards credit card to select their waitlist members.

However, it’s not too late to jump into the frenzy. The card is still open for candidates on the waiting list. Keep in mind that this card is a little different from a traditional credit card like the Chase Sapphire Preferred Card. It has different requirements, features and processes as it continues to be distributed in consumer wallets.

Below, Select details everything you need to know about the map.

BlockFi bitcoin credit card launched

First, you don’t get bitcoin directly, but BlockFi Cryptocurrency reward points instead. You will earn 1.5 times more points for every dollar spent on the card. If you spend more than $ 50,000 in a 12 month period, you will earn twice as many points per dollar thereafter. Once the points are deposited and the cardholder’s account is in good standing, BlockFi will immediately convert the points to bitcoin. With this card, you basically earn 1.5% in bitcoin for every dollar spent.

New cardholders can earn 3.5% bitcoin on all purchases made in the first three months of card membership. However, this is capped at $ 100 in bitcoin. Compared to other credit card signup bonuses, this is a modest offer.

If you hold the card, you can also earn additional rewards from the crypto you hold and cryptocurrency transactions with BlockFi. You can earn a 2% APY bonus in rewards on stable holdings, up to $ 200. Plus, you can earn 0.25% on all qualifying transactions, up to a maximum of $ 500 in bitcoin each month. And for each person you refer to the card, you can earn $ 30 in bitcoin.

The card has no annual fees or foreign transaction fees and works on the Visa network.

Card eligibility

At the time of publication, the card still has a waiting list and BlockFi has not released a timeline for when people should expect their turn to receive the card. But you can improve your place in the queue if you recommend other people to join the waiting list for the card.

Signing up on the waiting list costs nothing and has no impact on your credit score. And you can get pre-approved for the card with soft credit. Once you are able to apply for the card, a credit check will be recorded on your credit report.

The card requires you to have “good to excellent” credit, according to the BlockFi website.

Card limits

Unlike traditional credit cards, this one is geographically limited. While there are no specific provisions listed in the terms and conditions, this indicates that laws regarding cryptocurrency are changing rapidly and use of the BlockFi online platform may not be available in your condition. No updated list of eligible states is available at this time.

In addition, the terms and conditions state that if you access the online platform outside of the United States, “you do so at your own risk and are responsible for compliance with the applicable laws of the country or jurisdiction where you may do so. find “.

The card does not have the ability to add an authorized user, balance transfers or cash advances.

At the end of the line

This card might be suitable for someone who doesn’t necessarily need cash back or travel rewards. Since bitcoin and cryptocurrencies are extremely volatile, a cardholder should expect and understand that the value of their rewards can fluctuate significantly. So if you are interested in a card where you can passively earn bitcoin from your daily purchases, this option is worth considering.

If a traditional rewards credit card is more appropriate, consider a cash back or travel rewards credit card. Earning cash back rewards might offer more flexibility, as you would have the option of buying bitcoin if you wanted to, or using that cash for almost anything else.

The Visa Signature BlockFi Rewards credit card information was independently collected by Select and was not reviewed or provided by the card issuer prior to posting.

Editorial Note: The opinions, analysis, criticism or recommendations expressed in this article are those of the editorial teams of Select only and have not been reviewed, endorsed or otherwise approved by any third party.

[ad_2]