Crypto Lending Firm Blockfi announced the availability of the highly anticipated BlockFi Rewards Visa Signature Credit Card to select approved US waitlist clients. BlockFi and its partners have begun offering those first in line clients in the U.S. on the credit card waitlist, who can now apply and get the card shipped to them.
Since launching the waitlist in December 2020, the BlockFi Rewards Visa Signature Card waitlist has amassed nearly 400,000 people. The world’s first Bitcoin Rewards Credit Card is available to any client with a funded BlockFi Interest Account in the BlockFi app.
The card recipients will be able to earn 1.5 percent back in Bitcoin on using the Visa branded card for all day-to-day purchases. As an initial offer, cardholders will receive a 3.5 percent Bitcoin rewards rate for the first 90 days, with a cap of $100 in Bitcoin.
Additionally, cardholders can also earn 2 percent back in Bitcoin on every dollar spent over $50,000 annually. Once redeemed, Bitcoin rewards are transferred to a cardholder’s BlockFi Interest Account (BIA) where rewards can earn crypto interest, meaning even more Bitcoin.
The BlockFi Rewards Visa Card can be used anywhere Visa is accepted, along with a wide range of additional bonuses from Visa, including travel opportunities, fine wine and food, sporting events, shopping, and more.
BlockFi also provides cardholders a wide range of additional bonuses and opportunities to earn, including stablecoin bonus, trading bonus and refer-a-friend bonus.
Though the card was initially announced with an annual fee of $200, BlockFi has now confirmed that there will be no annual fee. Applicants can see if they are pre-approved without impacting their credit score before they apply.
The card features a sleek metallic design, along with a prominent Bitcoin logo. The product was developed through partnerships with global payments technology firm Visa, Evolve Bank & Trust, and financial service firm Deserve. It comes with all the standard Visa Signature Benefits cardholders expect.
The partnership with Visa is seen as part of Visa’s Fintech Fast Track Program, which provides a new commercial framework to support fintech and startup companies that includes access to Visa’s payment capabilities, reduced fees and streamlined processes.
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