Blockfi has unveiled a credit card with bitcoin rewards in collaboration with Visa. This is “the first credit card that lets you earn bitcoin back with every purchase,” Blockfi detailed.
Visa Credit Card Offering Cash Back in Bitcoin
Crypto financial services provider Blockfi announced on Tuesday that its customers can start signing up for “The world’s first bitcoin rewards credit card” that will launch early next year in collaboration with Visa. “We’re excited to announce an innovative new product we’ve been working on for a long time: the first credit card that lets you earn bitcoin back with every purchase,” Blockfi wrote, elaborating:
For every transaction that you make on the card, 1.5% cash back will accrue and then automatically be converted to bitcoin and placed into your Blockfi account on a regular monthly cycle.
“It’s the first credit card in the crypto ecosystem,” Blockfi emphasized, adding that its partners for the project are Visa, Evolve Bank, and Deserve.
Blockfi is also offering a “signup bonus of $250 in bitcoin after spending $3,000 or more on the card within the first three months,” the announcement adds, noting that there is an annual fee of $200 for the Visa credit card.
Visa’s Head of Crypto, Cuy Sheffield, tweeted on Tuesday:
Incredibly excited to work with Blockfi to bring to market the first Visa credit card with bitcoin rewards.
Another company that is working with Visa to launch a bitcoin rewards card is Fold, which advertises its Fold Card as “the first bitcoin rewards card.” The card is currently in beta and interested users can join its waitlist. However, the Fold Card is a Visa prepaid debit card, not a credit card.
According to Blockfi, “Consumers prefer credit cards over debit cards for the numerous benefits that they offer, including better purchase protections, greater reward rates, and opportunities for building credit.”
Blockfi will start shipping its bitcoin rewards Visa credit cards in the spring of next year. The card will launch in the U.S. but the company plans to expand the offering to more countries.
Author: Kevin Helms