BlockFi Rewards Visa^® Signature Card Review

In this BlockFi Reward Visa^® Signature Credit Card review, we’ll look at who the card is best suited to, the credit score requirements, key features, and more. Let’s dive in.

Who is this card for?

The BlockFi Reward Visa^® Signature Credit Card is the world's first crypto rewards credit card. The card is designed for people who own or are interested in owning crypto or expanding their existing crypto portfolios. Cardholders earn 1.5% back in crypto on every purchases with no annual fee which makes this credit card one of the easiest ways to earn crypto assets.

Credit Score Requirements 

BlockFi generally reserves its crypto rewards credit card for applicants with good to excellent credit scores, but you're free to check whether or not you qualify without impacting your credit score.

Some of the factors issuers take into consideration include your income and credit history. As a result, those with a credit score around 680+ FICO stand the highest chances of approval. However, the card issuer may reject even those with this credit score based on various underwriting parameters such as identity, bureau, bank, and alternative data sources. 

Cryptocurrency Rewards

A. Earn back crypto on every purchase 

The ability to earn crypto rewards is the biggest benefit to owning this credit card and you have very limited options if you're in the market for one of these. It should be noted that the credit card rewards eligible purchases with BlockFi Cryptocurrency Rewards Points rather than a specific crypto asset like Bitcoin, Ethereum, etc.

Points can be redeemed every month as a crypto asset of your choice which is then funded to your BlockFi account and here on it is yours to keep - you can hold it, trade it, sell it, or, move it to a wallet of you choice. 

You start out with a flat 1.5% back in points for every dollar spent on eligible purchases. This rate goes up to 2% once you spend $50,000 or more and resets every calendar year. 

B. Bonuses

This card also offers you two types of bonuses:

1. Welcome bonus
   New cardholders earn up to 3.5% in crypto rewards on all purchases made within the first three months of card ownership up to $100 in rewards. 
   
   
2. Trading bonuses
   Every cardholder who trades crypto on the BlockFi platform earns a trading bonus of 0.25% of their trading volume back in bitcoin on all eligible trades.  These rewards are limited to $500 in bitcoin each month.

BlockFi Rewards Credit Card Fees

The BlockFi Rewards Visa Signature Credit Card has no annual fee and no foreign transaction fee.

No foreign transaction fee will be particularly appealing to anyone who does a fair amount of traveling, as you won’t incur any additional expenses if you use the card abroad. 

There are a couple of penalty fees you should keep in mind. Late payments can incur a  fee of up to $25 and returned payments can result in a fee of up to $37. 

What’s a returned payment fee?
Cardholders incur a returned payment fee if attempting to make a purchase with insufficient funds in their account. 

Key Characteristics of the BlockFi Rewards Credit Card 

• Earn 1.5% back in crypto on every purchase - This increases to 2% if you spend more than $50,000 in 12 months. 
  
  
• Multiple bonuses - The card comes with a sign-up bonus and a trading bonus. 
  
  
• Minimal fees - Aside from some penalty fees, card owners don’t have to worry about an annual fee, a foreign transaction fee, or a monthly subscription fee. 
  
  
• BlockFi Account Required - You will need to sign up for a BlockFi Account to apply for this card. This is necessary as your rewards are funded straight into your BlockFi Account.
  
  
• Geographic limitations - Since BlockFi is a crypto financial institution it needs to abide by ongoing cryptocurrency regulations. Due to this the card is not available in the state of New York or US territories at this point in time. 
  
  
• Unconventional - The BlockFi crypto rewards credit card doesn’t support balance transfers, cash advances, or adding authorized users.
  
  What does that mean?
  A balance transfer involves moving a debt balance from one account to another, often to take advantage of a lower interest rate.
  
  A cash advance is like a short-term loan. You can use your credit card at a bank or ATM to withdraw cash up to a certain limit. 
  
  An authorized user is someone else who you’ve permitted to use your card. BlockFi aims to address this in the future.
  
  
• Crypto rewards flex - This was essentially a Bitcoin-centric offer from BlockFi at the time of launch but that is no longer the case. Cardowners now have multiple redemptions and can opt to receive their rewards in Bitcoin, Ethereum, Doge, or any other supported asset and they can pick a different cryptocurrency each month. This is good news for those looking to expand their portfolio.

Other credit cards within the same realm that you might want to consider include:

• SoFi Credit Card
• Upgrade Bitcoin Rewards Visa^®
  
  

Wrapping Up

Those actively engaged in trading cryptocurrency can get the most value out of the BlockFi Rewards Credit Card and will find that it can be an excellent way of earning crypto especially when used in conjunction with the rest of the services this crypto platform has to offer.

So, if you're in the market for a crypto rewards credit card, you can apply for the BlockFi Rewards Visa Signature Card here.