FinTech News
Upcoming BlockFi Credit Card Announces Additional Crypto Benefits
Late last year, BlockFi garnered headlines when it opened the waitlist for its Bitcoin Rewards Credit Card. At the time, the company announced that the BlockFi Credit Card would offer 1.5% cashback (paid out in the form of Bitcoin) on everything they buy in addition to a one-time Bitcoin bonus equal to $250 once they spend at least $3,000 on the card in their first three months. However, with the card expected to carry a $200 annual fee, some may have expected more from the offering. Now, BlockFi has revealed some additional benefits for cardholders that might interest potential applicants.
First, following the initial spending bonus period of three months, cardholders will enjoy a Bitcoin Rewards Rate Boost for another three months. Starting in the fourth month of card membership, BlockFi credit card customers will earn 3.5% Bitcoin back on purchases instead of the typical 1.5% back for three months — up to a total of $100 in Bitcoin. Bonus funds earned will then be paid out during the seventh month of being a cardholder.
Elsewhere, those with both the BlockFi Bitcoin Rewards Credit Card and a BlockFi Interest Account may enjoy enhanced earnings. Customers who hold such stablecoin assets as GUSD, PAX, and USDC in their BlockFi Interest Account will receive an extra 2% APY on top of their normal stablecoin APY. These bonus earnings will accrue during the year and be paid out during the first month after cardholder renewal. This bonus is also capped at a total of $200 and, with BlockFi’s press release stating that this benefit is earned “over the first year of card ownership,” it’s unclear if it will be an on-going perk in subsequent years.
Rounding out the additional perks, carholders who trade assets with BlockFi will earn 0.25% of their trading volume back in the form of Bitcoin (up to $500 in Bitcoin per month and stablecoins are excluded). Lastly, BlockFi credit card customers will earn an additional $30 when they successfully refer friends to the BlockFi platform. Currently, the company offers $10 in Bitcoin for the first four referrals and $20 in Bitcoin for each additional referral, so cardholders would see this would climb to $40 and $50 per referral respectively.
Commenting on the impending launch of the card and its rewards, BlockFi founder and CEO Zac Prince said in a statement, “Demand among our client base for this credit card has been strong, and we believe that interest among crypto-curious consumers will be even stronger.” Prince added, “The Bitcoin Rewards Visa Credit Card makes it simple for people to gain or increase exposure to a new asset class without changing their spending or investing habits. And by working with Visa, Deserve and Evolve, we have the infrastructure to put this card in millions of consumers’ wallets.”
With the price of Bitcoin more than doubling since BlockFi’s waitlist debut, the timing of this latest announcement probably couldn’t be much better. Furthermore, while some may have had concerns about the annual fee before, perhaps these newly-revealed perks will lead them to see more value in the offering. In either case, those interested in the BlockFi Bitcoin Rewards Credit Card can now join the waitlist.
