BlockFi to launch Bitcoin Rewards Credit Card in early 2021

By Pavithra R

Digital-asset lending platform provider BlockFi has announced the official availability of the waiting list for Bitcoin Rewards Credit Card that lets user earn bitcoin back with their purchases. 

The waitlist is available to clients with funded BlockFi accounts in the BlockFi app. Once the application for card gets approved, users will receive a credit limit (in USD). Users can spend this limit each month, and if they complete statement balance on time, the firm ensures not to charge any interest on the balance. 

For every transaction that customers make on the card, 1.5% cash back will accrue and then automatically be converted to bitcoin and placed into their respective BlockFi account on a regular monthly cycle. The card will have an annual fee of $200. 

BlockFi will also offer a signup bonus of $250 in bitcoin after spending $3,000 or more on the card within the first 3 months, giving everyone the chance to earn extra bitcoin in a familiar way. The company is planning to add more features and offers overtime, including new benefits both on and off BlockFi’s platform. The product is expected to change the landscape for earning bitcoin in several significant ways, including:

• Touts to be the first credit card in the crypto ecosystem with the bitcoin logo featured prominently on a physical card.
• Market-leading bitcoin reward rate of 1.5% and accrues with every purchase.
• The $250 bonus in bitcoin returns $50 in bitcoin above the $200 annual fee after spending $3,000 on the card in first three months.
• Consumers prefer credit cards over debit cards for the numerous benefits that they offer, including better purchase protections, greater reward rates, and opportunities for building credit.

The card will initially be launched in the U.S. The firm will make the waiting list available publicly in January and will start shipping cards in spring of next year.

Founded in 2017, BlockFi provides wealth management products which crypto investors need, all powered by blockchain technology. The FinTech is backed by investors including Galaxy Digital, Susquehanna, Akuna Capital, Fidelity, Recruit Strategic Partners, Coinbase Ventures, CMT Digital, SoFi, ​ConsenSys Ventures, and Morgan Creek Digital.