Review of BlockFi Rewards Card

Triston Martin

Dec 30, 2022

The lack of a yearly membership fee Among the first cryptocurrency-earning credit cards available, which can be redeemed monthly for Bitcoin, Ethereum, Litecoin, and other cryptocurrencies of your choice in your BlockFi account.

There is a 0.25 percent cryptocurrency rebate on all purchases made with the card, a 1.5 percent cryptocurrency rebate on all other purchases, and a 2 percent cryptocurrency rebate if $30,000 in yearly spending is reached.

With the BlockFi credit card, you can get a bonus of up to 0.25 percent of your monthly trading volume on BlockFi in crypto, with a maximum bonus of 500 dollars' worth of crypto every month.

Rewards Prospects

Statistical evidence from the government indicates that the annual credit card bill for a household in the 70th percentile of income earners is $32,072. A family of four using the BlockFi Rewards credit card to pay for their monthly expenses will earn around $481.08 in cryptocurrency at the current exchange rate. Since $2,072 of their total spending is greater than the $30,000 minimum needed to earn 2% cash back, they would receive an extra $10.36.

Due to the high volatility associated with cryptocurrencies, the total incentives won in a year could be much higher or lower. Extra Benefits of the BlockFi Rewards Visa Signature Card If you use your BlockFi card to buy or sell cryptocurrency on the platform, you will receive a bonus equal to 0.25 percent of your monthly trading volume, up to a maximum of $500 in cryptocurrency.

Subtle Interest Charges

Annual Percentage Rates Usually Between 15.74 Percent and 25.74 Percent (Variable) No Annual Percentage Rate (APR) for the First Six Months on Purchases and Balance Transfers Fees Balance in a Year: $0.00 Cost of Transfer: Per Agreement.

If you have a Gemini credit card, incentives are instantly converted to bitcoin on the Gemini platform. This allows you to time large purchases with periods when the value of Bitcoin is high.

There are extra category options with the Gemini Credit Card. In addition to the standard 1% cash back on all other transactions, this card offers a generous 3% cash back on dining (up to $6,000 in yearly spending; then 1%), 2% cash back on groceries, and 5% cash back on gas purchases. People who put significant amounts of money into eating out and grocery shopping may benefit from switching to the Gemini Credit Card.

Even though the BlockFi Rewards credit card offers a special regular earning rate of 1.5%, the value of the bonus categories and-real time rewards must be weighed against the more favorable earning rate. In the same vein, there is no sign-up incentive for The Gemini Credit Card®* right now.

SoFi Credit Card* vs. BlockFi Rewards Visa® Signature Card*

SoFi Credit Card* is another option that doesn't charge an annual fee. When you set up direct deposit with SoFi, you will receive a 3% cashback bonus for a whole year. After that, you'll get 2% back on anything you buy, no matter how much you spend, as long as you use that money to invest, save, or pay down a loan through SoFi.

If you have an active investment account with SoFi, you can turn the cash back you earn from your SoFi Credit Card* into bitcoin. The procedure is easy and may be completed on the SoFi app. In addition to the standard Mastercard perks, the SoFi Credit Card* offers features like identity theft insurance. The SoFi Credit Card* also includes $1,000 in free cell phone insurance.

The Bank of America® Customized Cash Rewards credit card has more rewards than the BlockFi Rewards credit card if you spend your money in the card's bonus categories. After the introductory period of 18 billing cycles, the Customized Cash Rewards card's variable purchase and debt transfer APR will be 17.74% - 27.74%. Any balance transfers within the first 60 days are eligible for the introductory rate. However, there is a 3% fee (minimum $10) for making the transfer.

Do you qualify to apply for the BlockFi Rewards Visa Signature Card?

Even if the BlockFi Rewards credit card was one of the first of its kind, that doesn't automatically make it the best. This card is severely limited by not having any extra categories or a real-time rewards option. Generally speaking, a 2% cashback rewards card you convert into bitcoin is preferable to any other type of rewards card. Traditional rewards cards still offer better opportunities for earning cashback that can be converted into bitcoin, even if BlockFi is your preferred payment method.

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