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BlockFi Credit Card Review

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Michael Graw
Michael Graw
May. 03, 20214 min read

BlockFi summary

BlockFi is a cryptocurrency exchange and wallet service launched in 2017. The company recently introduced a Bitcoin rewards credit card that offers an unlimited 1.5% back in Bitcoin on every purchase. New users also get a 2% rewards boost for the first 90 days, so you can earn 3.5% back, or up to $100, in Bitcoin. The BlockFi Rewards Credit Card has no annual fee and no foreign transaction fees. Plus, it won’t impact your credit to apply.

Pros

  • Unlimited 1.5% back in Bitcoin
  • 2% rewards boost for first 90 days
  • Extra 2% APY in Bitcoin on your stablecoin holdings

Cons

  • Must have a BlockFi Interest Account to apply
  • Requires excellent (700+) credit score

BlockFi at a Glance

FeesNone
RewardsUnlimited 1.5% back in Bitcoin
Extra 2% APY on stablecoin holdings
0.25% back in Bitcoin on BlockFi trades
Minimum Credit Score700
APR11.74%–21.74%
Welcome Bonus3.5% (up to $100) back in Bitcoin for 90 days
Card TypeVisa
Suitable ForEarning credit card rewards in Bitcoin

BlockFi BlockFi Apply Now

Overview

BlockFi is a cryptocurrency exchange and wallet service that recently partnered with Visa to launch the first Bitcoin rewards credit card. The BlockFi Rewards Credit Card offers an unlimited 1.5% back in Bitcoin on every purchase, plus 0.25% back in Bitcoin on cryptocurrency trades made through BlockFi (up to $500 per month). The card also offers a 2% APY boost on any stablecoins you hold in a BlockFi Interest Account (up to $200 per year).

To apply for the BlockFi credit card, you must already have a BlockFi Interest Account. Bitcoin rewards are deposited into your account and can then earn additional interest. The BlockFi credit card doesn’t have an annual fee, and you can be pre-approved for the card without impacting your credit score.

Suitable For?

The BlockFi Rewards Credit Card is suitable for existing BlockFi customers who want to earn Bitcoin from everyday spending. The card operates much like a traditional rewards card, except that your rewards are in Bitcoin instead of cash or airline miles. Bitcoin rewards are automatically deposited into your BlockFi Interest Account, so you can earn interest on your Bitcoin rewards—something that simply isn’t possible with airline miles.

The BlockFi card also benefits existing BlockFi users because it includes 0.25% back in Bitcoin for cryptocurrency trades made through BlockFi and a 2% APY boost on stablecoin holdings in your BlockFi Interest Account.

Interest Rates & Fees

The BlockFi Rewards Credit Card doesn’t have an annual fee or foreign transaction fees. It has a variable interest rate from 11.74%-21.74% APR.

Annual FeeForeign Transaction FeeAPR
$0$011.74%-21.74%

Rewards & Cashback

The BlockFi credit card offers rewards in Bitcoin instead of cash. You get an unlimited 1.5% back in Bitcoin on all qualifying purchases, plus an additional 2% back for your first 90 days (up to $100 in Bitcoin). You also get 0.25% back in Bitcoin for cryptocurrency trades made through BlockFi (up to $500 per month) and a 2% APY boost on stablecoin holdings in your BlockFi Interest Account (up to $200 per year). Bitcoin rewards are deposited into your BlockFi Interest Account at the end of each month.

The Application Process

BlockFi only recently launched the Rewards Credit Card, so you’ll need to sign up to the waitlist before you can apply. Once you make it to the front of the waitlist, you’ll receive an email inviting you to apply.

You can be pre-approved for the BlockFi Rewards Credit Card with a soft credit check which won’t impact your credit score. You must have good to excellent credit to qualify—BlockFi requires a minimum credit score of 700 or better in most cases. Once you’re pre-approved, you will need to go through a hard credit check to formally apply for the card.

Help & Support

BlockFi offers customer support by phone and email. The company also has an online help center where you can find answers to common questions about the Rewards Credit Card.

Phone call hours: 9:30 AM - 5 PM (ET) Monday - Friday

Security

BlockFi uses SSL (secure socket layer) encryption to protect your application information and online account. Your credit card is secured with an EMV chip and backed by Visa’s Zero Liability Policy, so you’re never responsible for fraudulent transactions made using your credit card.

FAQ

Can I have multiple card users on a single BlockFi account?

At this time, BlockFi only allows one credit card per BlockFi account.

Do I need a BlockFi account to get the credit card?

Yes, you will need to have an active BlockFi account to qualify for the BlockFi Rewards Credit Card. However, you don’t need to have a BlockFi account to join the waitlist.

How do I redeem Bitcoin rewards?

Bitcoin rewards are transferred to your credit card rewards account each month. From there, you can transfer them to your BlockFi Interest Account or an external Bitcoin wallet.

BlockFi BlockFi Apply Now

Conclusion

The BlockFi Rewards Credit Card is the first credit card to offer Bitcoin as a reward for spending on everyday purchases. The card has no annual fee and offers an unlimited 1.5% back in Bitcoin on all qualifying purchases. You must have a BlockFi account and a credit score of 700 or higher in order to qualify for the card.

Methodology

This review was completed using information from the BlockFi website and card documentation.

This review was prepared by BestMoney.com in their personal capacity. The opinions expressed in this product review are the author’s/company’s own and do not reflect the view of BlockFi.

Michael Graw
Written byMichael Graw

Michael Graw is a Bellingham, Washington-based writer focusing on finance, tech, and science. His work has been featured in print magazines and high-impact websites. He writes for BestMoney and enjoys helping readers make sense of the options on the market.‎

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