Upgrade Bitcoin Rewards Card vs. BlockFi Rewards Visa Card: Choose BlockFi Rewards Visa for More Crypto Rewards Flexibility

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Good for Flat Rewards
Upgrade Bitcoin Rewards Visa®
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Upgrade Bitcoin Rewards Visa®
Rewards rate:

1.5% back in bitcoin when you make payments

Apply Now externa link icon At Upgrade’s secure site See Rates & Fees, Terms Apply.
Our Pick
Good for More Crypto Flexibility
BlockFi Rewards Visa® Signature Card
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BlockFi Rewards Visa® Signature Card
Rewards rate:

Earn 2% back in crypto on every purchase over $30,000 of annual spend. Rewards rate increases from 1.5% to 2% after $30,000 of spend has been achieved and resets on the card anniversary date every year. (effective 7/1) Earn 1.5% back in crypto on every single purchase.

Apply Now externa link icon At BlockFi’s secure site See Rates & Fees, Terms Apply.
  • Intro offer:
    $200 bonus
  • Annual fee:
    $0
  • Regular APR:
    14.99% – 29.99%
  • Recommended credit score:
    670-850 (Good to Excellent)
  • Rewards rate:

    1.5% back in bitcoin when you make payments

  • Intro offer:
    N/A
  • Annual fee:
    $0
  • Regular APR:
    15.74% – 25.74% (Variable)
  • Recommended credit score:
    670-850 (Good to Excellent)
  • Rewards rate:

    Earn 2% back in crypto on every purchase over $30,000 of annual spend. Rewards rate increases from 1.5% to 2% after $30,000 of spend has been achieved and resets on the card anniversary date every year. (effective 7/1) Earn 1.5% back in crypto on every single purchase.

Pros and Cons
Pros and Cons
Pros
  • Earn 1.5% back in Bitcoin as you make payments on your card
  • Fixed payments each month can help you save on interest if you carry a balance
  • No annual fee
  • No foreign transaction fees
Cons
  • Potential for high APR
  • Not available in every state
  • Rewards can fluctuate in value based on market trends
Pros and Cons
Pros
  • Earn crypto rewards on your spending
  • Graduate to a higher earning rate of 2% back in crypto after you spend over $30,000 on your card within a year
  • No foreign transaction fees
  • You can move crypto to another wallet or exchange
  • Get pre-approved
Cons
  • You must open a BlockFi account to apply
  • High APR for spending
  • Crypto rewards fluctuate in value
  • Does not allow balance transfers
  • Not available to New York state residents
Additional Card Details
Additional Card Details
  • Bitcoin is added to your account 1-2 statement periods after your payment, and the value is based on market prices at that time
  • If you sell the Bitcoin you earn, you’ll pay a 1.5% transaction fee, deducted from the sale
  • APR of 14.99% to 29.99%
  • Credit lines range from $500 to $25,000
  • Pay down balances with a fixed interest rate and set monthly payments
  • Not available in several states: Hawaii, Iowa, New Hampshire, North Carolina, West Virginia, Wisconsin, and the District of Columbia
Additional Card Details
  • Comes with Visa Signature benefits including access to concierge services, travel opportunities, sporting events, upgrades through the Visa Signature Luxury Hotel Collection, and more
  • Once your crypto rewards are redeemed into your BlockFi account, you can hold or trade them through BlockFi or move them to another crypto wallet
  • Crypto rewards are paid out once per month, and you can only be paid rewards in once cryptocurrency at a time, though you may change your chosen crypto each payout period
  • Earn 0.25% back in Bitcoin on all eligible trades made through BlockFi (up to a maximum of $500 in Bitcoin per month)
  • No annual fee and no foreign transaction fees
  • Variable APR of 15.74% to 25.74%
NextAdvisor’s Take

With both the Upgrade Bitcoin Rewards Card and the BlockFi Rewards Visa Card, you’ll earn crypto rewards on your spending. But the BlockFi Rewards card allows you to move your holdings to another crypto wallet, making it the more flexible choice for most.

Credit cards with cryptocurrency rewards have made a big splash among crypto-curious cardholders over the past several months. 

In many ways, these cards work just like general rewards cards; you can use the card to charge purchases, and you’ll earn rewards on eligible spending. Instead of cash back or rewards points, though, you’ll earn your rewards in the form of Bitcoin or other cryptocurrencies. 

Crypto credit cards are also different from crypto debit cards. You can earn crypto rewards on your spending with both. But prepaid crypto debit cards typically don’t require a credit check, and they also allow you to make purchases with crypto using the converted value of your holdings. This can be a more risky proposition; in most cases, spending cryptocurrency is not a good option.

However, earning crypto rewards can be a good strategy for the risk-averse to build a crypto portfolio, without investing much of their own money. But crypto rewards credit cards, too, have some drawbacks compared to regular rewards credit cards. Most importantly, cash back and other rewards have relatively standard redemption value, so one point is generally worth about one cent. But because crypto prices are notoriously volatile, your rewards value can fluctuate wildly over time. Also, if you’re interested in a crypto rewards card because you don’t want to risk your own cash in crypto investments, consider whether cryptocurrency is right for you at all. 

If you are interested in earning crypto rewards on your spending, two currently-available crypto rewards cards are the Upgrade Bitcoin Rewards Card and the BlockFi Rewards Visa Card. Here’s what you need to know about these cards and how they compare.

Side-by-Side Comparison

Upgrade Bitcoin Rewards CardBlockFi Rewards Visa Card
Annual Fee$0$0
Welcome OfferEarn a $200 bonus after opening a Rewards Checking account and making 3 debit card transactions*No welcome offer
RewardsEarn 1.5% back in bitcoin as you make payments on your cardEarn 1.5% back in crypto on every purchase
Other Benefits• Fixed monthly payments can help you save on interest if you carry a balance

• No foreign transaction fees
• Earn 2% back in crypto on every purchase over $30,000 each year

• Once your crypto rewards are redeemed, you can hold or trade them through BlockFi or move them to another crypto wallet

• No foreign transaction fees

Bonus Comparison

You won’t earn any current welcome offer with the BlockFi Rewards Visa Card.

The Upgrade Bitcoin Rewards Card does have a welcome offer, but it requires a few extra actions. You can earn a $200 bonus (based on the value of Bitcoin when you earn the welcome offer) after opening a Rewards Checking account and making 3 debit card transactions within 60 days of opening your Upgrade Card. The $200 offer is a solid bonus, but if you’re not looking to open a checking account in addition to your card, might not be worth the added account.

Rewards and Benefits Comparison

The BlockFi Rewards Visa Card earns a flat 1.5% in crypto as you make purchases, but you can increase your rewards to 2% back when you spend over $30,000 annually. With this card, you can choose to redeem for any cryptocurrencies available on BlockFi, including Bitcoin, Ethereum, and more.

The Upgrade Bitcoin Rewards Card offers the same 1.5% back rate, but there are a couple important distinctions. First, the Upgrade card only earns rewards in Bitcoin — you don’t have the option to redeem your rewards for any other cryptocurrency. And instead of earning rewards as you spend, you’ll only get your Bitcoin rewards as you pay your balance off. This means you’ll need to be diligent about paying down your card each month to get rewards, though that’s best practice with any rewards card to avoid high-interest debt.

Both of these cards are Visa Signature cards, so they come with a handful of purchase protections and travel benefits. Examples can include concierge services, special access to travel opportunities and events, and privileges within the Visa Signature Luxury Hotel Collection.

As you compare, also consider the differences in how you can use the crypto you earn. With the BlockFi Rewards Visa Card, all the crypto you earn is transferred to your BlockFi Wallet, where you can hold for the long haul, trade for other types of crypto, or even sell. This card also lets you move your crypto to another wallet if you prefer, which gives you a lot more flexibility.

On the flipside, the Upgrade Bitcoin Rewards Card sends your assets to crypto platform NYDIG, and doesn’t let you move your Bitcoin to your personal wallet or another crypto exchange. Unfortunately, this means the only way to use your rewards is to sell your Bitcoin, and you’ll have to pay a 1.5% transaction fee to do so. 

Pro Tip

Before you apply for either card, check whether you’re in a state where the card is available. The BlockFi Rewards Visa is not available to New York state residents, and the Upgrade Bitcoin Rewards card is not available to residents of Hawaii, Iowa, New Hampshire, North Carolina, West Virginia, Wisconsin, and the District of Columbia.

APRs

The Upgrade Bitcoin Rewards Card charges APRs that range from 14.99% to 29.99%, although your specific interest rate will depend on your creditworthiness. If you don’t pay your balance in full, you’ll be assigned a fixed monthly payment schedule at a fixed interest rate. With the BlockFi Rewards Visa Card, the variable APR you’re assigned can range from 14.99% to 24.99%.

Neither card offers an introductory rate for purchases or balance transfers.

Fees

Both cards charge no annual fee and no foreign transaction fees. However, fee structures diverge from there.

With the Upgrade Bitcoin Rewards Card, there’s no late payment fee, but you will pay a 1.5% redemption fee to cash in your Bitcoin. That’s only $1.50 in fees for every $100 in bitcoin you sell, but can add up quickly. 

The BlockFi Rewards Visa Card can charge a late payment fee of up to $25 and a returned payment fee of up to $37.

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Upgrade Bitcoin Rewards Visa®

Upgrade Bitcoin Rewards Visa®

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BlockFi Rewards Visa® Signature Card

BlockFi Rewards Visa® Signature Card

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Chase Freedom Unlimited®

Chase Freedom Unlimited®

  • Intro offer:
    Earn an Additional 1.5% Cash Back
  • Annual fee:
    $0
  • Regular APR:
    18.74% – 27.49% Variable
  • Recommended credit:
    670-850 (Good to Excellent)
  • Apply Now externa link icon At Chase’s secure site

Deciding Between the Upgrade Bitcoin Rewards Card and BlockFi Rewards Visa Card

Editorial Independence

As with all of our credit card reviews, our analysis is not influenced by any partnerships or advertising relationships.

If you decide you want to earn crypto credit card rewards, our pick between these two options is the BlockFi Rewards Visa Card. 

Both cards let you earn 1.5% back in crypto on ongoing purchases, and are free of annual fees and foreign transaction fees. But with the BlockFi card, you’ll have more flexibility in the type of crypto you can earn and where you hold your crypto assets. Plus, you’ll get the opportunity to earn more with boosted rewards after $30,000 spent annually.

That said, take time to think about whether crypto rewards are the right choice for you. With volatile rewards earnings in Bitcoin or other cryptocurrencies, you could be missing out on the guaranteed return offered by credit cards with cash back, points, or miles rewards. And many of the best rewards cards offer even higher rewards rates with no annual fee. If you like the idea of flat rewards on every purchase, some cash back credit cards offer more lucrative welcome offers and up to 2% back on your spending. 

While crypto credit cards make earning Bitcoin easy, you could always earn a higher rate of cash back then invest into crypto yourself.

* Upgrade Bitcoin Rewards Card: To qualify for the $200 bitcoin welcome bonus, you must open and fund a new Rewards Checking Account and make 3 debit card transactions within 60 days of your Upgrade Card account opening. The value of the $200 bonus will be based on the value of bitcoin at the time it is purchased (within 1-2 statement periods from the date the bonus is earned) and may change in price by the time you choose to sell it. Refer to Program Terms. Your Upgrade Card must be in good standing to receive a bonus.