BlockFi Rewards Visa Now Supports Earning in Other Cryptocurrencies BlockFi Rewards Visa Now Supports Earning in Other Cryptocurrencies
BlockFi crypto card

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.

The "Email" field is empty, you must enter some text to proceed.The text you entered in the "Email" field appears to be invalid, please edit it and try again
Get the Latest News Delivered to Your Inbox

FedEx Announces Winners of 11th Annual 2023 Small Business Grant Contest

Nearly three months after the entry period ended, FedEx has announced the winners of its 11th annual Small Business Grant Content. This year's event saw more than $300,000 in funds going to a variety of small businesses across the nation. Last month, the company revealed 100 finalists, with that list now being narrowed down to just 10 winners. This year's grand prize winners included KindVR, The Cupcake Collection, Up In...
H-E-B and Central Market  credit cards

Imprint Launches Credit Cards from H-E-B and Central MarketĀ 

The FinTech Imprint is partnering with the popular Texas-based grocery chain H-E-B for a pair of new rewards credit cards. This week saw the launch of the H-E-B Visa Signature Credit Card as well as the Central Market Visa Signature Credit Card. With these two (nearly identical) options, customers will be able to earn rewards on groceries and beyond. First, both versions of the card earn up to 5% back on select...
Summer app

Student Loan Benefit FinTech Summer Raises $6 Million

For years, student debt has been one of the most talked about financial topics. What's more, while the debt itself has become a major part of many Americans' lives, discussion of student loans has become political due to efforts to forgive certain loan repayments. However, while we wait for resolution on that front, a FinTech that brings student debt benefit solutions to employers and consumers has raised a new round...
Choice Privileges Select Card

Choice Hotels, Wells Fargo Debut Choice Privileges Select Card

With spring well underway and the summer travel season now just around the corner, Choice Hotels and Wells Fargo have unveiled their latest co-branded credit card offering. Today, the two companies announced the Choice Privileges Select Mastercard. Carrying an annual fee of $95, this card will serve as the premium option in the hotel brand's new lineup. Looking at the Choice Privileges Select, it offers a mix of rewards categories....
Melissa Urban holding a Ness card

Health and Wellness Rewards Card Ness Partners with Whole30

In recent years, several unique rewards cards have come to market. These include offerings from FinTech startups as well as brands looking to do something special for their loyal fans. On that note, a recently-announced rewards credit card offering is now working with a popular brand to introduce new benefits for customers. This week, the Ness Card (which is issued by The Bank of Missouri) unveiled a new partnership with...