BlockFI Opens Waitlist for Bitcoin Rewards Credit Card
It seems as though, in recent weeks, cryptocurrencies have been having a bit of a renaissance. In addition to more high-profile figures expressing interest and even confidence in the technology, the price of Bitcoin has continued to enjoy a bull run (despite a few pullbacks along the way). Now, the company BlockFi has announced that its opening the waitlist for its upcoming Bitcoin Rewards Credit Card, which will reward users for their various purchases.
As BlockFi notes, the card will operate just like a normal Visa card — meaning that customers can make purchases with it wherever Visa is accepted, receive a monthly statement, and pay no interest if they pay off their balance in full before the due date. In terms of rewards, cardholders will earn 1.5% cashback on everything they buy. Then, this cashback balance will automatically be converted to BTC and deposited into users’ BlockFi account on a monthly basis.
Also true to your typical credit card, the BlockFi Bitcoin Rewards Credit Card is offering a sign-up bonus. Currently, customers can earn $250 in Bitcoin once they spend at least $3,000 on the card in their first three month. However, the card will carry a $200 annual fee.
According to BlockFi, the card will initially be released in the United States. Nevertheless, the company is encouraging those outside of the U.S. to still join the waitlist so that they can be informed when the product reaches their home country. In their announcement, they also recognized their partners for the product: Visa, Evolve Bank, and Deserve.
The BlockFi Bitcoin Rewards Credit Card comes as more cryptocurrency-centric financial products hit the market. For example, the app Fold — which enables users to earn Bitcoin back on gift card purchases — is currently in the process of rolling out a debit card that will also reward customers in BTC. Incidentally, both BlockFi and Fold have been working with Visa as part of the company’s Fast Track program for FinTechs.
While it’s exciting to see Bitcoin’s continued growth in the mainstream and enthusiasts are sure to love the concept of being rewarded in the cryptocurrency, there are some notable downsides to BlockFI’s product. First and foremost is the $200 annual fee. Although that’s not an unheard of figure for credit cards, the 1.5% cashback earning rate doesn’t seem to warrant such a price. That said, BlockFi say it plans to add features, benefits, and offers to the card once it’s released. Therefore, perhaps the complete product can prove itself — but, for now, it’s at least something to keep an eye on.