BlockFi, a New York-based crypto loans and savings startup, has collaborated with Visa to launch the BlockFi Rewards Visa Signature Credit Card. It is the first-ever Bitcoin (BTC) rewards credit card and is available to over 400,000 approved customers who have been on the United States waitlist since December 2020, when plans were initially disclosed.
Card users are entitled to receive 1.5% back in Bitcoin on an accrual basis for every transaction made through the card, and an additional 2% back in Bitcoin on every dollar spent over $50,000 annually. New users will receive a 3.5% Bitcoin rewards rate as an incentive for the first 90 days or until they receive $100 worth of Bitcoin.
The crypto reward card provides clients with an easy way to acquire Bitcoin without worrying about complicated exchange processes. The card is also accepted wherever Visa cards are accepted, entitling the holders to special upgrades and travel opportunities. Other benefits the rewards card offer includes rebates on trading fees with no annual or foreign transaction fee.
Terry Angelos, SVP and Global Head of Fintech at Visa, said:
Crypto rewards programs are a compelling way to engage consumers in the crypto economy. We’re excited to see programs like the BlockFi Rewards Visa Card, which offer rewards that are relevant to the growing community of digital currency adopters.