BlockFi starts shipping Visa-backed Bitcoin rewards credit cards
Cardholders will earn a percentage back in Bitcoin instead of airline miles or other cashback rewards.
New York-based crypto loans and savings startup BlockFi launched its Bitcoin (BTC) rewards credit card today. The card is available to select approved customers on the United States waitlist.
Officially named BlockFi Rewards Visa Signature Credit Card, the card was first announced at the end of last year by Visa and BlockFi. Available to use anywhere Visa is accepted, the card allows its recipients to earn 1.5% back in Bitcoin instead of airline miles or other cashback rewards. Earned Bitcoin rewards will be transferred to cardholders’ BlockFi Interest Account.
Initial reports were saying that the card would have a $200 annual fee. But BlockFi took a U-turn on that decision in May, launching the card with no annual fee. Cardholders are eligible to earn 2% in Bitcoin on annual expenses exceeding over $50,000. For example, if a customer spends $60,000 within a year, they will receive 2% of the $10,000 expenditure in BTC.
BlockFi’s credit card also offers familiar perks for the crypto ecosystem, such as trading bonuses and a referral program. The card is issued by Evolve Bank & Trust.
Terry Angelos, SVP and global head of fintech at Visa, noted that crypto rewards programs are a compelling way to welcome users to the crypto economy, and Visa is excited to see more examples of them.
Related: Institutional exchange launches crypto debit card
Almost everyone knows cryptocurrencies’ role in reshaping the financial space, said BlockFi co-founder Flori Marquez, adding, “This card will make it easier than ever for people to earn Bitcoin back while making day-to-day purchases.”
Visa is a known explorer of cryptocurrencies to broaden the adoption of digital currencies in general. As Cointelegraph analyzed in detail, Visa’s public affirmation of its positive stance toward cryptocurrency payments services reflects its drive to remain a leading player in the global payment network.