The BlockFi credit card is one of the first crypto credit cards on the market. BlockFi has partnered with Visa to allow you to pay for every day goods with USD while earning bitcoin on every purchase. The card works like any other credit card and can be used anywhere.
Here are the perks:
- No annual fee (it was formerly a $200 annual fee but they dropped it)
- No foreign transaction fees
- 3.5% back in bitcoin for the first 3 months, up to $100. To earn the full $100 would require $5,000 in USD spend
- 1.5% back in bitcoin on every purchase. After $50,000 of annual spend that increases to 2% back
- 0.25% back in bitcoin on trading transactions, up to $500 in bitcoin each month
- Extra 2% APY stablecoin bonus on stablecoins held in BlockFi interest accounts, up to $200 USD
The 2% interest rate boost on stablecoins works in a unique way. It’s paid out in btc one year after you’ve activated your credit card, up to a max of $200 USD. It does not boost your monthly interest from 7.5% APY to 9.5% APY, paid out monthly. So keep that in mind. Essentially if you have a $10k stablecoin balance in BlockFi you’d earn an extra $200 per year.
BlockFi has also emphasized they will be rolling out additional features to the card as time goes on. These features include:
- Paying credit card bills with stablecoins like USDC, GUSD, BUSD
- Receiving rewards in coins other than bitcoin
- Card partnerships
- Mobile features, and more
Is the BlockFi Credit Card Worth Getting?
So this all leads to the big question: is the BlockFi credit card worth getting?
If you hold stablecoins in a BlockFi interest account, we’d say the BlockFi credit card is definitely worth getting. BlockFi basically pays you up to $200 a year to keep the credit card open with the 2% stablecoin bonus – what other credit card does that?
The 1.5%-2% cashback in bitcoin is also very good. It may not be the highest reward rate on the market, but the biggest appeal about BlockFi’s credit card is that the card offers a way to passively dollar cost average into bitcoin. Every purchase you make essentially returns a small amount of bitcoin back to you.
You can also think of the 1.5% bitcoin reward as being reinvested and compounded into a historically appreciating asset. That means the 1.5% in bitcoin rewards could easily equate to a 3-6% actual reward, which is top of the line for credit cards. Not to mention the interest you earn on top of those rewards.
If you already have a good credit card with good cashback rewards, you could technically just use the cashback from that to buy bitcoin with every month. When you do the math you might even make more bitcoin that way. However, the key here is the BlockFi credit card is a much simpler method without any extra leg work on your end.
BlockFi Credit Card FAQs
Is the BlockFi credit card available in Europe?
Right now the BlockFi credit card is only available to US residents in eligible states. However, BlockFi has said they intend to roll out the card to new countries as soon as possible.
Does applying for the BlockFi credit card hurt my credit score?
BlockFi does a soft credit pull before you’ve accepted the credit card offer, allowing you to see if you’re pre-approved or not without hurting your credit score. After you’ve accepted the offer, they will do a hard credit pull which can impact your credit score.
Does BlockFi’s credit card integrate with Mint and Personal Capital?
The team has stated API integration is on the roadmap so you can integrate the card with Mint and Personal Capital. They will also have a CSV download button soon.
What is the BlockFi credit card limit?
It mostly depends on your credit score. According to this reddit thread, most people with scores of 750+ received a $10K USD limit.
Is the BlockFi credit card metal?
Unfortunately the BlockFi credit card is not fully metal. The card has a metal slug, which means the center is metal but is surrounded by plastic.
Does the BlockFi credit card support tap to pay?
At this time no, the BlockFi credit card does not support tap to pay. You can, however, set up the card on Google and Apple pay to tap with your phone.
Is the BlockFi credit card safe?
Yes, the credit card functions the same way as every Visa card does. You can enroll in Visa Purchase Alerts to get real-time notifications whenever a purchase is made.