BlockFi Credit Card Review 2022

Billed as the world’s first crypto rewards card, the BlockFi Rewards Visa Signature Card is an unsecured consumer credit card with several perks. It offers a generous intro bonus, flexible rewards, and other appealing benefits that crypto enthusiasts will appreciate. 

If you’re interested in earning crypto rewards on your everyday spending, this card could be worth a look. Read on to learn what it has to offer.

What is the BlockFi Credit Card?

BlockFi is a cryptocurrency exchange launched in 2017 by co-founders Flori Marquez and Zac Prince. Since then, the company has developed a suite of crypto-related products in addition to the exchange, including crypto loans, a digital wallet, the BlockFi interest account (unavailable in the U.S. as of Feb. 14, 2022), and the BlockFi Rewards Visa Signature Card.

Unlike a traditional cash back or travel card, the BlockFi Rewards credit card lets cardholders earn crypto from their regular purchases. Plus, this credit card offers several other perks, like no annual fee, no foreign transaction fees, and referral bonuses. Cardholders can expect a variable APR of 15.24% to 25.24%, and balance transfers aren’t supported.

You can get pre-approved for the BlockFi Rewards card without impacting your credit score. But once you formally apply, the issuer will run a hard credit check. You’ll likely need good to excellent credit to get approved, and the card is not available to residents of New York. 

BlockFi Credit Card Rewards

The BlockFi Rewards Visa Signature Card comes with a sign-up bonus for new cardholders and other rewards. New cardholders earn 3.5% back in crypto rewards (capped at $100) for the first three months after opening an account. After that, you earn 1.5% back, but if your annual spend exceeds $50,000, subsequent purchases earn 2% back.

As a cardmember, you can choose which asset you’d like to earn from your spending, as long as it’s available to trade on BlockFi. For instance, if you prefer to earn Bitcoin rewards, you can select Bitcoin as your rewards currency. You can also choose to receive rewards in other assets currently available on BlockFi, including:

  • Algorand (ALGO)

  • Basic Attention Token (BAT)

  • Binance USD (BUSD)

  • Bitcoin (BTC)

  • Bitcoin Cash (BCH)

  • Chainlink (LINK)

  • Dai (DAI)

  • Dogecoin (DOGE)

  • Ethereum (ETH)

  • Gemini USD (GUSD)

  • Litecoin (LTC)

  • PAX Gold (PAXG)

  • Tether (USDT)

  • Uniswap (UNI)

  • USD Coin (USDC)

  • USDP Coin (USDP)

In addition to decent rewards rates and the option to change your rewards currency as often as you want, you can also earn referral and trading bonuses with this crypto credit card. If a friend signs up for the card using your referral link, you earn $30 in bitcoin. And you can earn 0.25% back in bitcoin (up to $500/month) for eligible trades.

Alternatives to the BlockFi Credit Card

If you’re interested in applying for a rewards credit card but the BlockFi Card doesn’t sound like the right fit, here are some alternatives to consider:

Personal

  • Coinbase: The Coinbase Card is a Visa debit card that also lets you earn crypto from your purchases. Cardholders can earn up to 4% back in crypto rewards, and there’s no annual fee to worry about.

  • Gemini: Like the BlockFi Credit Card, the Gemini Credit Card offers no annual fee and lets you earn crypto rewards. Cardholders can earn up to 3% back and choose to earn rewards in one of 60+ assets available on the Gemini crypto exchange.

  • Crypto.com: Crypto.com offers tiered prepaid cards that let you earn Cronos (CRO), the Crypto.com native token. While the highest tier card currently earns up to 8% in CRO rewards, that earning rate will decrease to 5% as of June 1, 2022.  

  • Uphold Bitcoin Card: There’s currently a waitlist for the Uphold Debit Card, which earns 1% cash back on US dollar purchases and 2% in crypto rewards for crypto purchases. There’s also no annual fee with the Uphold card.

Business

  • dash.fi: dash.fi offers a unique corporate credit card that lets cardholders earn rewards and easily track their digital advertising spend. It offers the ability to earn 3% cash back in the first two months of ad spending and has high limits, which is helpful for companies growing quickly. Cardholders also get unlimited virtual cards for each advertising account, network, and campaign. Plus, you can track your spending in one dashboard, providing a convenient, high-level view of what’s happening with your digital advertising efforts.  

How Does the BlockFi Credit Card Work?

The BlockFi Rewards Visa Signature Card works like other rewards credit cards. You simply use it to make purchases wherever Visa is accepted and earn rewards from your spending. But instead of earning cash back, points, or miles, you earn crypto rewards. There’s also the option to earn more rewards when you make eligible trades, refer friends, or spend over $50,000 in a cardmember year. 

Additionally, the BlockFi Rewards card offers benefits you’d see with other popular rewards cards, like a sign-up bonus, no foreign transaction fees, and an annual spend bonus. Cardholders also get access to Visa Signature benefits like 24/7 concierge access, special event access, and premium car rental service. 

Overall, this card is worth considering if you’re interested in adding more crypto to your investment portfolio. Compared to other crypto rewards cards, it offers a generous earnings rate and other valuable benefits. While it does allow you to choose your rewards currency, BlockFi currently supports around a dozen assets. Those seeking access to more crypto assets might be better off with the Gemini Card.


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