Digital asset platform BlockFi will soon offer a credit card with Bitcoin rewards and 1.5% cypto-back in Bitcoin, according to a tweet by the firm. The credit card will be issued in partnership with Visa, Evolve Bank.
It’s here. Log in to your BlockFi account to join the waitlist for the world’s first Bitcoin Rewards Credit Card and earn 1.5% back in Bitcoin on every purchase. RT to be part of history 🚀 pic.twitter.com/DMA14hUjjB
— BlockFi (@BlockFi) December 1, 2020
The crypto loving credit card is expected to be available in 2021 to US residents in qualified states. BlockFi is accepting emails on a waiting list now.
In a blog post, BlockFi shared some additional details:
“The way the card works is simple. After applying and being approved, you’ll receive a credit limit (in USD). You can spend this limit each month, and if you pay your statement balance on time you won’t be charged any interest on the balance. For every transaction that you make on the card, 1.5% cash back will accrue and then automatically be converted to bitcoin and placed into your BlockFi account on a regular monthly cycle … [We are also] offering a signup bonus of $250 in Bitcoin after spending $3,000 or more on the card within the first three months, giving everyone the chance to earn extra bitcoin in a familiar way. The card will have an annual fee of $200. After launching the product, we plan to add more features and offers over time, including new benefits both on and off BlockFi’s platform.”
While many credit cards provide cash back perks on purchases, BlockFi is providing an effortless path to building up some crypto in your account.