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.

Author

Jonathan Dyer

I'm a small town guy living in Los Angeles looking to make solid financial decisions. I write for a number of finance websites, including HuffingtonPost and Business2Community. I founded DyerNews.com in 2015 to focus on personal finance and the emerging FinTech markets.

Other Articles by Jonathan Dyer

Gas Prices Reach New Record Highs Ahead of Memorial Day Holiday

With the Memorial Day holiday weekend ahead, motorists are likely to be paying more to fill their tanks. According to the latest figures from GasBuddy, average gas prices hit new record highs this past week — marking the fifth week in a row that prices have climbed. The app's data (collected from more than 150,000 stations across the country) show an average price of $4.57 per gallon, which is up 11¢ from...

Progressive Announces "Driving Small Business Forward" Grant Program

Small business owners hoping to add some wheels to their operation may have a chance to do so thanks to a newly-announced grant opportunity. The well-known insurance provider Progressive has announced the launch of its Driving Small Business Forward grant program. Partnering with the accelerator Hello Alice, this program is specifically aimed at Hispanic entrepreneurs and will include 10 $25,000 grant winners. These funds can then be used toward the...

Banking-as-a-Service Platform Unit Raises $100 Million

Put another tally mark on FinTech "megadeal" board for 2022. This week, Unit announced that it had closed a $100 million round. The Series C was led by Insight Partners. Existing investors such as Accel, Better Tomorrow Ventures, and Flourish Ventures also participated along with newcomers Moving Capital and Stepstone. Notably, the round valued the company at $1.2 billion, earning it "unicorn" status. To date, Unit has now raised a...