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

X1 Opens Waitlist for New X1+ Credit Card

A neo-credit card issuer is looking to build upon its early success and expand its line-up. This week, X1 announced the upcoming X1+ card while opening a waitlist for the product. With the X1 being billed as "the world’s smartest credit card," this latest offering is being hailed as the only credit card for smart travel. The X1+ is expected to launch this spring and will carry an annual fee...

Bilt and Point.Me Partner for Award Flight Search Integration

With several credit cards, customers can earn points that can then be transferred to various travel programs and redeemed for flights or hotel bookings. Unfortunately, finding and booking the best award travel deals isn't always as straightforward as one might assume. To assist with that, Bilt has unveiled a new integration with Point.Me that will help its rewards members search for award flights on airlines that participate in Bilt's transfer...

Zurp Raises $5 Million for Creator Experience Rewards Credit Card

A FinTech looking to marry credit card rewards with the creator economy has just closed a fresh round of funding. This week, Zurp announced that it had raised $5 million to create a "credit card for experiences." New Form, MAGIC Fund, Launchpad VC, OVO Fund, Darling Ventures, and Animal Capital all participated in the pre-seed fund along with a number of strategic investors. Zurp is a startup looking to create...