FinTech News
BlockFi Rewards Visa Now Supports Earning in Other Cryptocurrencies
As crypto credit cards grow in popularity and the crypto market continues to diversify, one card offering has announced a new feature. Now, BlockFi Rewards Credit Card customers will be able to choose what crypto they want to earn rewards in.
With Rewards Flex, cardholders will be able to stick with the default of earning Bitcoin back on their purchases or can opt to earn Ether (ETH), Litecoin (LTC), Chainlink (LINK), PAX Gold (PAXG), Basic Attention Token (BAT), or Uniswap (UNI) instead. Additionally, stablecoins Gemini Dollar (GUSD), USD Coin (USDC), Paxos Standard (PAX), Multi-Collateral Dai (DAI), or Binance USD (BUSD) are also now supported as part of Rewards Flex. Regardless of which asset is selected, customers will continue to receive the same 1.5% crypto-back rate. Similarly, with the card’s current welcome bonus allowing new cardholders to earn 3.5% back for their first 90 days (up to $100 in earnings), customers will be able to earn this enhanced rate in the form of any of the supported crypto they choose.
In order for card members to switch their selection, they’ll first need to visit the Credit Card section of Blockfi.com. From there, they’ll select “Rewards” followed by the “Manage Rewards” section under “Rewards Currency.” Customers can then view and choose available crypto options. Notably, crypto-back payouts can only be made in one crypto asset type per month. Thus, whichever token that a customer has chosen on the last day of the month is what they will receive for their following month’s payout.
BlockFi’s announcement comes as the card has reportedly been a success. According to the company’s press release, annualized credit card spendings with the card is currently on pace to reach $2 billion. Additionally, since launching in August, the card has amassed 50,000 users who, in turn, have earned more than 170 Bitcoin in rewards. However, competition is on the way as Gemini’s credit card is on the horizon. Notably, that card already promised the option of earning cryptocurrency rewards from a number of different choices.
Meanwhile, this is actually the second time BlockFi has updated their rewards credit card since announcing it but the first since actually launching the product. Originally, the card was set to include some other benefits for BlockFi customers but would carry a $200 annual fee. However, BlockFi later revamped the offering to the no-annual-fee version that’s now available.
Although Bitcoin continues to be the most well-known and largest crypto, it’s clear that a larger number of consumers are now taking an interest in other options. Thus, in order for BlockFi’s credit card to remain competitive, it makes sense that they’d want to open up possibilities for customers. Following this initial announcement, it will also be interesting to see whether the list of supported assets continues to grow from here. Don’t be surprised if such a move were to happen early and often.
