BlockFi's new bitcoin rewards credit card still has a waitlist, but it's starting to take applications from people at the top. Since its original announcement in late 2020, the crypto exchange has also made some significant changes to the card to make it more appealing.

Key Takeaways

  • Since BlockFi announced the first bitcoin rewards credit card in December 2020, it has made significant changes to the card's features.
  • The updates should make the card more competitive with other crypto rewards credit cards that have been announced or launched in the meantime.
  • BlockFi has begun allowing people at the top of its waitlist in the U.S. to apply for the new card.

The New BlockFi Credit Card Has Finally Launched

In December 2020, BlockFi announced what was originally called the Bitcoin Rewards Visa Credit Card. The first of its kind, the crypto rewards credit card was to offer 1.5% back in the form of Bitcoin instead of cash back, points, or miles. 

Not long after that, other companies announced crypto-based credit cards of their own.

The BlockFi card's launch was initially set for early 2021, but it was delayed as the exchange made some major changes to the card's features, based in part on feedback from interested consumers. A week ago, the crypto exchange opened applications to the first people on the card's waitlist.

What's New About the Card

Here are the details on the new-and-improved BlockFi Rewards Visa Signature Credit Card:

  • The card still offers 1.5% back on every purchase you make, but with an introductory offer of 3.5% back to new cardholders during their first 90 days with the card.
  • For every dollar you spend over $50,000 annually, you'll earn 2% back. Also, you will be able to earn higher rewards rates with certain merchants.
  • BlockFi axed its planned $200 annual fee, which was a major pain point, especially after other crypto rewards credit cards were announced with no annual fee.
  • Cardholders will be able to pay their bill with stablecoin assets in addition to U.S. dollars. 
  • If you have stablecoin holdings in a BlockFi Interest Account, you'll receive up to an extra 2% APY on top of the prevailing stablecoin APY.
  • As a cardholder, you'll receive 0.25% of your trading volume on BlockFi back in the form of bitcoin rewards, up to $500 per month.
  • You will be able to choose which cryptocurrency you want to receive in rewards, expanding the redemption option beyond bitcoin.
  • Cardholders will be able to add authorized users to their accounts.

If you get approved, you'll receive a digital card to add to your digital wallet, so you can start using it immediately. You'll also receive a physical card in the mail. 

Once you have an account, you can refer friends and receive a bonus if they apply and are approved. You'll get $40 per friend for the first four referrals, then up to $50 per friend after that.

Is the BlockFi Credit Card Right for You?

With the new updates, the BlockFi credit card is more appealing than when it was first announced. The option to earn bitcoin and other digital currencies with your everyday spending can be a good way to get into crypto without risking your own money. And if you're a crypto enthusiast, it's a way to go all in and make your overall experience with BlockFi more rewarding.

But it's important to remember that cryptocurrencies can be extremely volatile, so make sure you're comfortable with how crypto works and the potential risks you may face.