BlockFi Rewards Visa Card Review: Flexible Rewards for Crypto Enthusiasts, but No Guarantee of Rewards Value

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BlockFi Rewards Visa® Signature Card
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BlockFi Rewards Visa® Signature Card
Editor’s Score: (3.5/5)
Apply Now externa link icon At BlockFi’s secure site. See Rates & Fees, Terms Apply.
BlockFi Rewards Visa® Signature Card
Editor’s Score: (3.5/5)
  • 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.

NextAdvisor’s Take

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
The Bottom Line
The BlockFi Rewards Visa Card offers 1.5% back in cryptocurrency on all your purchases, and a boosted 2% back in crypto on any spending over $30,000 spent in a calendar year. You’ll need a BlockFi account to open the card, and can choose between several types of crypto, including Bitcoin and Ethereum. Just remember, crypto prices are highly volatile, so there’s no guarantee you’ll get the same value for your rewards as you would earning cash back or points.

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%

BlockFi Rewards Visa Card Full Review

Card Type

The BlockFi Rewards Visa Card is a crypto credit card, or a type of rewards card that earns cryptocurrency instead of cash back or rewards points.

Annual Fee

This card does not charge an annual fee.

Welcome Offer

While the BlockFi Rewards Visa Card does not offer a traditional sign-up bonus, you can earn a higher rate of 3.5% back in crypto during their first 90 days of account opening. This bonus is capped at $100 back, which you’ll reach after just under $3,000 in spending during that period. If you spend more than that, you’ll earn the standard 1.5% rate. 

Introductory Offer

This card has no current welcome offer.

Rewards

After the introductory period in which you can earn 3.5% back in crypto, regular purchases accrue rewards at a rate of 1.5% back. However, if you spend over $30,000 within a year, you will earn 2% back in crypto for purchases beyond that threshold.

You’ll earn rewards as points, which are paid out in crypto once per month at the current market price. Because crypto prices fluctuate rapidly, that means you may receive more crypto one month over the next (or vice versa), even if your points rewards are the same.

Fees

The BlockFi Rewards Visa Card comes with no annual fee and no foreign transaction fees. If you carry a balance, the variable APR ranges from 15.74% to 25.74%. Other potential fees include a late payment fee up to $25 and a returned payment fee of up to $37.

Other Benefits

As a Visa Signature card, the BlockFi Rewards Visa Card comes with special access to travel opportunities and events, concierge services, and privileges within the Visa Signature Luxury Hotel Collection. 

Pro Tip

If you’re unsure of your approval odds for the BlockFi Rewards Visa Card, you can get pre-approved online without any impact to your credit score until you accept an approval offer.

Benefits of BlockFi Rewards Visa Card

If you’re looking for ways to beef up your crypto portfolio, or interested in investing in crypto, the BlockFi Rewards Visa Card is worth consideration. This card lets you earn rewards on purchases like you would with a cash back credit card. However, your rewards are offered in crypto and transferred to your BlockFi Wallet. From there, you can hold your coins, trade them for another cryptocurrency, sell, or move to another wallet.

The total control of your crypto assets makes this card different than some other crypto credit cards. For example, the Upgrade Bitcoin Rewards Card also offers 1.5% back in Bitcoin, yet you cannot transfer your Bitcoin to another personal wallet or crypto exchange.

While the BlockFi Rewards Visa Card doesn’t offer a traditional welcome offer, earning 3.5% back in bitcoin for the first 90 days (capped at $100) is a decent bonus. If you’re a big spender, you can also earn 2% back in bitcoin once you spend at least $30,000 on purchases within a cardmember year (effective 7/1).

Drawbacks of BlockFi Rewards Visa Card

There are a few notable downsides to this card, including the rewards structure itself. Unlike cash back or even points and miles rewards, crypto could be worth more or less on any given day. For example, the price of a single Bitcoin surged to over $60,000 in October of 2021, only to drop to less than $37,000 at the end of January 2022. This means those who earned bitcoin with the BlockFi Rewards Visa Card during 2021 watched the value of their rewards drop by nearly 40% over a relatively short amount of time.

Of course, you only really lose that wealth if you sell, and there are plenty of users holding their assets and waiting for Bitcoin values to surge once again. Either way, investing in crypto is volatile, and your rewards value can go up and down over time.

Another downside of this card is the 1.5% back earning rate, which is lower than the amount you could earn with many other cards. The BlockFi Rewards Visa Card only lets you earn 2% back after you spend over $30,000 on your card within a year. The earning rate also “resets” each cardmember year, so you will have to meet this spending requirement annually.

If you picked a 2% cash back card that lets you redeem rewards for cash back, you could earn that rate from day one and invest in crypto on your own terms.

How to Use the BlockFi Rewards Visa Card

With no bonus categories to keep track of, maximizing rewards with the BlockFi Rewards Visa Card is easy. If you use it for everyday spending and bills, you’ll earn bitcoin on everything you buy. The BlockFi Rewards Visa Card also lets you earn $30 for each friend you refer, so you can earn even more bitcoin when people you know sign up.

But like any credit card, stick to charges that are already within your budget and you can afford to pay off when your statement balance is due. Pay your credit card bill in full each month so you can avoid interest charges. If you carry a balance, the high variable APR this card charges will wipe out the value of your rewards.

BlockFi Rewards Visa Card Compared to Other Cards

Our Choice
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BlockFi Rewards Visa® Signature Card

BlockFi Rewards Visa® Signature Card

Editor’s Score: (3.5/5)
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Upgrade Bitcoin Rewards Visa®

Upgrade Bitcoin Rewards Visa®

Editor’s Score: (2.1/5)
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Wells Fargo Active Cash® Card

Wells Fargo Active Cash® Card

Editor’s Score: (4.6/5)
  • Intro offer:
    $200 cash rewards
  • Annual fee:
    $0
  • Regular APR:
    17.99%, 22.99%, or 27.99% Variable APR
  • Recommended credit:
    670-850 (Good to Excellent)
  • Apply Now externa link icon At Wells Fargo’s secure site See Rates & Fees.

Is the BlockFi Rewards Visa Card Right for You?

If you’re bullish on Bitcoin, the BlockFi Rewards Visa Card offers a way to invest in crypto using rewards on your spending, rather than your own cash contributions. Just keep in mind that not everyone is eligible for the card — currently, if you live in New York you cannot apply for this card.

Unlike some crypto credit cards, this card also offers a bit more flexibility when it comes to how you use your rewards. The Upgrade Bitcoin Rewards Card, for example, doesn’t allow you to move your holding off the platform or into your personal wallet. With the BlockFi Rewards card, you can sell or trade on BlockFi, or move your holdings to a personal wallet or other exchange account.

Still, you should use caution before you decide to open any credit card with cryptocurrency rewards. Unlike cash back or points rewards, crypto is highly volatile. When you redeem 1.5% cash back or 1.5x points, you can count on getting a standard value for your earnings. But 1.5% back in crypto can fluctuate a lot, and you may give up some of the value you could have earned with another card.

For example, the Wells Fargo Active Cash Card earns a flat 2% cash rewards on purchases, with no annual fee. If you really want to get involved in crypto, you could use that card for the higher rewards rate, then take all your cash earnings and invest in Bitcoin or another cryptocurrency.

And if you want a crypto rewards card because you’re uncertain about putting any of your money into crypto directly, consider whether this highly speculative asset is the right choice for you. Bitcoin and other cryptocurrencies fluctuate in value, and while your holdings may increase over time, there’s no guarantee.

Frequently Asked Questions (FAQ)

Who issues the BlockFi Rewards Visa Card?

The BlockFi Rewards Visa Card is issued by Evolve Bank & Trust.

Does the BlockFi Rewards Visa Card charge foreign transaction fees?

The BlockFi Rewards Visa Card does not charge an annual fee or foreign transaction fees.

How do you redeem rewards with the BlockFi Rewards Visa Card?

The BlockFi Rewards Visa Card rewards are transferred to your BlockFi account at the end of each month, in the crypto you choose at the current market price. From there, you can hold, sell or trade your crypto. You can also move your holdings to another crypto wallet or platform of your choosing.

What credit score do you need for the BlockFi Rewards Visa Card?

BlockFi says that applicants need “good to excellent” credit to be considered. This typically means having a FICO credit score of 670 or higher.

*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.