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BlockFi Bitcoin Rewards Credit Card – Review


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At a glance

Blockfi Bitcoin Rewards Credit Card

Our rating

4.2/5

BlockFi Bitcoin Rewards Credit Card

  • Sign-Up Bonus: Earn 3.5% back in BTC during the first three months your account is open, with a maximum bonus of $100 in BTC
  • Rewards: Earn 1.5% back in bitcoin on every eligible fiat purchase up to a $50,000 annual spend threshold, then earn 2% back in bitcoin for the remainder of the year
  • Fees: See terms for fee information
  • Annual Fee: $0
  • Introductory APR: None
  • Credit Limits: Not disclosed
  • Credit Required: Good to excellent


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Seeking a new way to earn valuable rewards every time you swipe, dip, or tap your credit card? Tired of the same old cash-back credit cards?

The BlockFi Bitcoin Rewards Visa Credit Card might be for you. This mold-breaking crypto credit card earns bitcoin, not cash-back rewards or travel points, on every fiat purchase — that is, a dollar-denominated purchase — every day.

Every eligible transaction earns 1.5% back in bitcoin (BTC) with no caps or restrictions on how much you can earn — up to a $50,000 annual spend threshold, after which all eligible transactions earn 2% back in bitcoin.

The Bitcoin Rewards Visa Credit Card is part of Visa’s Fintech Fast Track program, a super-secure platform that makes its innovative Bitcoin rewards scheme possible. Backed by BlockFi, a leading cryptocurrency wallet provider, it’s issued by Evolve Bank & Trust and powered by Deserve, the mold-breaking fintech behind the Deserve EDU student credit card.

This card has some notable advantages, including no annual fee or foreign transaction fees and a solid welcome offer. Its biggest drawback is the fact that it exposes cardholders to a potentially volatile cryptocurrency.

Key Features

The Bitcoin Rewards Visa card officially launched in July 2021. To qualify for consideration and apply for this card, first open a funded BlockFi account. When you do, you could earn a separate account opening bonus: up to $250 BTC when you deposit $20,000 or more.

Once you’re in, it’s time to take a closer look at the Bitcoin Rewards Credit Card. It has some noteworthy features, including an unusually generous welcome offer and a solid rate of return on fiat purchases.

Preapproval Process

The BlockFi Bitcoin Rewards Credit Card doesn’t require a hard credit pull to determine application eligibility or to receive your initial credit card offer. However, applicants do need to consent to a hard credit pull during the application process.

Welcome Offer (Sign-Up Bonus)

Earn 3.5% back in BTC during the first three months your account is open. This introductory offer tops out at $100 in bitcoin, or approximately $5,000 in eligible spending during the offer period.

You’ll receive your welcome offer payout during the fourth month of card ownership.

Rewards Rate

Earn 1.5% back in BTC on every eligible fiat purchase and 2% back in BTC on every eligible purchase over $50,000 in annual spend for the remainder of the year. At the end of the year, the spend dial resets and you go back to earning 1.5% back in BTC.

Redeeming Rewards

Rewards automatically accrue in your BlockFi account and don’t expire as long as your account remains open and in good standing.

Important Fees

There is no annual fee or foreign transaction fee. See terms for additional fee information, including fees for balance transfers, cash advances, and other transactions.

Credit Required

This card requires a good to excellent credit score and a BlockFi account that’s open and in good standing.


Advantages

The Bitcoin Rewards Visa Credit Card has some big perks, including a hefty welcome offer for new cardholders and a solid rate of return on all eligible purchases.

  1. Great Welcome Offer for New Cardholders. Promising 3.5% back in BTC on an initial spend of up to $5,000 within the first three months, this card’s welcome offer is above average. And it’s eminently realistic for moderate to heavy spenders able to clear a bit more than $1,500 in charges each month.
  2. No Annual Fee. The Bitcoin Rewards Visa Credit Card does not have an annual fee. That’s a notable advantage over other premium rewards credit cards, some of which charge hefty annual fees regardless of spend.
  3. Solid Rate of Return on Fiat Purchases. This card’s flat, unlimited return on spending would be good enough were it denominated in fiat currency. But unlimited 1.5% back in BTC below the $50,000 annual spend threshold offers clear upside for Bitcoin enthusiasts who expect the price of the world’s most popular cryptocurrency to continue to rise.
  4. Higher Returns for Heavy Spenders. Spend $50,000 on purchases each year on your Bitcoin Rewards card and you’ll earn 2% back in BTC, a 0.5% premium on purchases below the $50,000 annual spend threshold. This is great news for cardholders able to clear that threshold each year.
  5. BlockFi Interest Account Benefits. Each BlockFi Rewards Credit Card user must have an active BlockFi Interest Account (BIA) to hold and earn bitcoin rewards. BIA benefits include crypto interest on crypto rewards, an extra 2% APY (above the regular variable interest rate) on USD-backed stablecoin holdings like Ethereum and Bitcoin, and a trading bonus that delivers 0.25% back on all eligible bitcoin trades up to $500 in bitcoin each month.

Disadvantages

This card has few downsides. The biggest is its exposure to Bitcoin, which is more volatile than fiat currency.

  1. Exposure to a Potentially Volatile Digital Asset With Downside Risk. What goes up must come down. Although Bitcoin has performed quite well in recent years, there’s no guarantee its rise will continue. Cardholders concerned about volatility in the value of rewards earned with this card — and Bitcoin in general — might prefer traditional rewards cards instead.

Final Word

The BlockFi Bitcoin Rewards Visa Credit Card is a good credit card for cryptocurrency enthusiasts eager to increase their exposure to Bitcoin with every fiat dollar spent. A nice welcome offer sweetens the deal for new cardholders too.

But let’s have no illusions that the BlockFi Bitcoin Rewards Visa Credit Card is appropriate for all consumers. If you’re a risk-averse type who’d prefer to deal in fiat currency and traditional credit card rewards, this or any cryptocurrency rewards credit card probably isn’t a good fit.

Fortunately, you have plenty of tried-and-true options among the many, many low- or no-annual-fee cash-back and travel rewards credit cards available to those with strong credit.

FEATURED PROMOTION

The Verdict

Blockfi Bitcoin Rewards Credit Card

Our rating

4.2/5

BlockFi Bitcoin Rewards Credit Card

The BlockFi Bitcoin Rewards Visa Credit Card is an innovative rewards credit card that’s great for moderate to heavy spenders seeking exposure to the Bitcoin market. Spend heavily enough to unlock the 2% back tier and you’ll make out well with this card.

Editorial Note: The editorial content on this page is not provided by any bank, credit card issuer, airline, or hotel chain, and has not been reviewed, approved, or otherwise endorsed by any of these entities. Opinions expressed here are the author's alone, not those of the bank, credit card issuer, airline, or hotel chain, and have not been reviewed, approved, or otherwise endorsed by any of these entities.

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