BlockFi has announced that it has officially launched the Visa credit card with rewards for its US customers, and users will receive crypto cashback when they use the card.
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First announced in December 2020, the card has created a waiting list of 400,000 people in the last 7 months. The company said it will begin shipping the BlockFi card to selected customers in eligible states. The statement from the company included the following statements:
The company stated that the waiting list was created on a “first come, first serve” basis, but if the applicant referred others, it could push its position higher. BlockFi’s card can be used anywhere Visa is accepted, just like a regular credit card.
Unlike regular credit card rewards programs, cardholders will be able to earn an introductory offer of 1.5% Bitcoin on every purchase they make and a 3.5% Bitcoin reward rate for the first 90 days after opening their account. Cardholders will also be able to earn 2% Bitcoin back for every dollar spent over $50,000 annually. The introductory offer is capped at $100 Bitcoin. In other words, to spend $ 100 in Bitcoin, it will be necessary to spend $ 5,000 in the proposal. Apart from that, 0.25% of Bitcoin will be redeemable for eligible transactions and there will be a quota of $500 Bitcoin each month.
The company said bitcoin rewards can be transferred on a monthly cycle to the cardholder’s BlockFI Interest Account, which can accrue daily crypto interest, meaning “more Bitcoins” for customers.
Apart from earning Bitcoin, there will be no annual fee for the card. Cardholders will also be able to earn bonus rewards for referrals to friends.
Terry Angelos, Visa’s Senior Vice President and head of global fintech, said that as the popularity of the digital currency industry grows, crypto rewards programs are a compelling way to engage consumers in the crypto economy.
Flori Marquez, co-founder and senior vice president of BlockFi, used the following statements on the subject.