Our take
4 out of 5 stars
The BlockFi rewards card stands out among the first crypto credit cards to be launched.
The BlockFi Rewards Visa Signature credit card was one of the first crypto cards to be launched in the crypto space. Formerly known as a Bitcoin Rewards credit card, this card allows its holders to receive rewards in cryptocurrencies as opposed to earning rewards in cashback, miles, or reward points.
With this card, holders can earn 1.5% cashback on every purchase. Additionally, there is an introductory bonus offer for new cardholders and an annual spending bonus.
Furthermore, cardholders are not required to pay an annual fee for using the card. Similarly, there are no foreign transaction fees attached to card usage.
Apart from the benefits listed above, the BlockFi credit card has many other exciting features. An in-depth review of the BlockFi rewards visa signature card will be presented in this article. As part of our discussion, we'll look at card requirements, crypto rewards, and card availability, to name a few.
BlockFi Credit Card Requirements
Not many requirements are attached to obtaining a Blockfi rewards visa signature credit card. Previously, the interested parties who wanted to get the BlockFi credit card needed to join a waitlist. However, that process has been scrapped by the BlockFi team.
As a replacement for the previous waitlist process, BlockFi users who want to get the visa signature card simply need to login into their BlockFi accounts and click on the Accounts icon. Next, click on the credit card icon to begin the application process.
Potential cardholders must have a good credit score rating to be selected for the card. Their credit must fall within the ‘Good’ through ‘Excellent score range. Currently, the minimum credit score rating is fixed at 680, while the maximum score can reach 850.
Want to know more about BlockFi? Check out this article: BlockFi Review Pros and Cons. Is BlockFi safe?
BlockFi Credit Card Rewards
Similar to traditional credit cards, rewards are attached to using the BlockFi Visa Signature card. These rewards include an introductory bonus, a 1.5% cashback offer, a trading bonus, and an annual spending bonus.
Introductory Bonus Offer
The BlockFi credit card introductory bonus offer rewards new users with 3.5% cashback for purchases made during the first three months (90 days) of card ownership. The 90-day period for this offer begins immediately after the user has activated the card.
We must clearly state that this bonus is only applicable for transactions worth up to $5,000. New cardholders who take advantage of this offer can earn up to $100 in crypto rewards.
1.5% Cashback Offer
After the first three months, the standard 1.5% cashback offer attached to the BlockFi card will be activated. This bonus rate ensures cardholders earn back crypto rewards from all purchases.
Trading Bonus
Cardholders are also eligible to receive a 0.25% Bitcoin bonus for all qualified trades. This offer allows cardholders to earn up to $500 in Bitcoin each month.
Spend Bonus
This offer applies to cardholders who have made purchases worth over $50,000 annually. When this occurs, the bonus rate increases from 1.5% to 2% for the rest of the year.
No Annual Fee
An additional reward attached to the BlockFi Rewards Visa Signature Credit Card is the removal of annual fees from the card charges.
Previously, BlockFi added a $200 annual charge for cardholders. However, at the time of writing, that charge has been removed. Current cardholders of BlockFi credit cards will not be charged an annual fee.
Referral Bonus
As an additional reward, BlockFi provides a $30 crypto reward through its Refer-a-Friend program. Through this medium, users on this platform will receive $30 for every client referral.
There are many other benefits attached to using the BlockFi credit card. Some of these perks include access to all-expense-paid travel, sporting events, shopping, fine wine, and food, to name a few.
When Does BlockFi Pay Credit Card Rewards?
According to information on its website, all rewards attached to the credit card are paid directly into each user's BlockFi wallet each month. This includes Bitcoin rewards and other crypto rewards.
Where Is The BlockFi Card Available?
As previously stated, the Visa Signature card is only available to BlockFi users residing in the eligible states within the US. BlockFi users resident in New York and Kentucky do not qualify for this Visa Signature card.
The company plans on releasing its credit card internationally in the future. However, for now, BlockFi users outside the United States are not eligible for this card.
BlockFi Credit Card Support
Similar to other traditional credit card companies, BlockFi Rewards Visa Signature credit card has its dedicated support team. This team was created to help cardholders resolve any problem they encounter when using the card.
Additionally, new applicants can reach out to the team to learn more about the status of their card applications. To speak to a member of the support team, call 1-833-426-0304.
This number is available Monday through Friday, 9 am-9 pm ET, and Saturday, 10 am-3 pm ET. You can also contact support by submitting a ticket.
How to Apply For BlockFi Credit Card
BlockFi users resident in eligible states in the US can now apply for the Rewards Visa Signature credit card by logging into their BlockFi accounts and clicking on the Accounts icon. Next, click on the credit card icon to begin the application process.
After completing this process, applicants can learn more about the status of their credit card applications by checking their email. Generally, BlockFi will notify applicants via email if additional information is required.
Similarly, applicants will receive an email notifying them if they qualify for the credit card. Usually, applicants will receive an email concerning their credit card within ten business days from the date of their application. If the credit card support team did not send an email, please contact them.
After the application process, approved applicants can expect to receive their credit cards within 7 – 10 days.
Does BlockFi Rewards Card Affect Credit Score?
The preapproval process for the BlockFi Rewards Visa Signature credit card will not affect an applicant's credit score. However, applicants who want to proceed to the next stage must agree to a hard credit pull after the preapproval phase.
After agreeing to this term, BlockFi will conduct a credit inquiry. When the hard credit pull occurs, it may impact the credit score of potential cardholders.
Is The BlockFi Rewards Card Free?
The application process for the BlockFi Rewards card is free. However, cardholders must pay specific fees after activating their credit card.
Credit Card Fees
Although this credit card comes without an annual fee or foreign transaction fees, users are still required to pay a late payment fee and a returned payment fee.
The late payment fee costs up to $25, while the returned payment fee can reach up to $37. At the time of writing, balance transfers are not available. Similarly, a cash advance fee is not attached to the Rewards Visa Signature credit card.
Compare with the best crypto credit card alternatives
| Provider | Processor | Rewards | |
|---|---|---|---|
| Gemini | Mastercard | Up to 3% crypto | → |
| BlockFi | Visa | 3.5% intro, then 1.5% crypto | → |
| Venmo | Visa | Up to 3% crypto | → |
| Nexo | Mastercard | Up to 2% NEXO, or 0.5% BTC | → |
See the complete review of the best crypto credit cards.
Conclusion
The stands out among the first crypto credit cards to be launched. A 90-day introductory offer rewards new cardholders with a 3.5% cashback worth up to $100.
After the first three months, the standard 1.5% cashback offer attached to the BlockFi card will be activated.
Although rewards were initially paid using Bitcoin, cardholders can earn rewards using a wide range of crypto assets. Users will not be charged an annual or foreign transaction fee for using this card.
FAQS
Is The BlockFi Rewards Card Available In Europe?
Currently, the BlockFi Rewards credit card is not available in Europe. This credit card is only available in 50 states within the US. BlockFi users residing in New York and Kentucky are not eligible to receive this card.
Are BlockFi credit cards secured or unsecured?
The BlockFi credit card is classified as an unsecured credit card. As a result, cardholders are not required to make security deposits before using the card.
Which Countries Is The BlockFi Rewards Card Available?
Currently, the BlockFi Rewards card is only available in 50 states within the US. Although this card is not available to BlockFi users outside the US, the company intends to release its credit card internationally.
BlockFi cardholders who carry out transactions outside the US will not be charged a foreign transaction fee.