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BlockFi Rewards Visa® Signature Card Review

BlockFi Rewards Visa<sup>®</sup> Signature Card

BlockFi Rewards Visa® Signature Card Review

Rewards Rate
Earn 1.5% back in bitcoin on every single purchase.
Credit Score
Know if you’re approved without affecting your credit score.
Fees
No annual fee, No foreign transaction fees.
Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It may not have been reviewed, approved or otherwise endorsed by the credit card issuer. This site may be compensated through a credit card issuer partnership.

Who is the BlockFi Rewards Visa® Signature Card best for?

The BlockFi Rewards Visa® Signature Card isn’t the only credit card that earns bitcoin rewards, though it was the first to do so. Whether you’re experienced in handling cryptocurrency and are looking for a way to earn bitcoin on every purchase, or you’re new to crypto and want a way to test the waters, the BlockFi Rewards Visa® Signature Card offers you that opportunity. It charges a $0 annual fee and a $0 foreign transaction fee, offering flexibility in using your rewards. Plus, it comes with useful Visa Signature benefits.

BlockFi Rewards Visa® Signature Card overview

    • The World’s First Bitcoin Rewards Credit Card.
    • Comes with Visa Signature benefits including travel and lifestyle and protection benefits.
    • No annual fee, No foreign transaction fees 
    • Know if you’re approved without affecting your credit score. A soft credit pull happens before you’ve accepted the credit card offer. A hard credit pull occurs when you’ve accepted your credit card offer, which can have an impact on your credit score. 
    • Earn 2% back in bitcoin 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.
  • Credit needed:
    660 850
    Excellent/Good
  • 24/7 access to Visa Signature Concierge
  • Special events to dining experiences, sporting events and more
  • Benefits when staying at a property in the Visa Signature Luxury Hotel Collection
  • Travel and emergency assistance services
  • $30 in bitcoin per friend referred (on top of BlockFi’s base Refer-a-Friend program)

Intro Purchase APR

N/A

Regular Purchase APR

14.99% - 24.99%

Intro BT APR

N/A

Regular BT APR

N/A

Annual Fee

$0

Cash Advance Fee

N/A

Foreign Transaction Fee

$0

Balance Transfer Fee

N/A

Pros and cons

Pros

  • Flexible way to get into Bitcoin
  • Initial boosted earning rate
  • $0 annual fee
  • Check if you’re preapproved

Cons

  • Bitcoin value is volatile
  • Requires excellent/good credit

What we like about the BlockFi Rewards Visa® Signature Card

  • Test the waters with Bitcoin

    If you’re new to the world of Bitcoin and would like an easy way to earn it, the BlockFi Rewards Visa® Signature Card offers a low-pressure way to do so. The card lets you earn 1.5% back in bitcoin on every single purchase.

    Plus, once you pass $30,000 in annual spending, every $1 spent will earn 2% back in bitcoin. Note, this amount resets on your card anniversary date each year.

    Take note that you don’t earn bitcoin immediately when using BlockFi Rewards Visa® Signature Card. Rather, you earn BlockFi CryptoCurrency Rewards Points, which are redeemed for bitcoin on a monthly basis.

    You’ll need a BlockFi account to apply for this card, and your rewards will live in your BlockFi Wallet. The good thing is you can leave your crypto in your digital wallet, withdraw it or trade it. This means once your points are converted to bitcoin, you have flexibility in what to do with that bitcoin.

    BlockFi also offers cardholders opportunities to earn a little extra bitcoin — a bonus of 0.25% back on eligible trades (up to a maximum of $500 in bitcoin each month). Plus, if you have eligible stablecoin assets in a BlockFi Interest Account, an extra APY of up to 2% on top of the prevailing stablecoin APY.

  • No annual fee and no foreign transaction fee

    With a $0 annual fee, all the bitcoin you earn with the BlockFi Rewards Visa® Signature Card is a net gain for your digital wallet — assuming you don’t incur other fees or interest charges.

    Plus, thanks to a $0 foreign transaction fee, you can take this credit card when traveling outside the United States without worrying about an additional fee being tacked on every time you use it.

  • Check online if you're preapproved

    BlockFi makes it easy to check online to see if you’re preapproved for the BlockFi Rewards Visa® Signature Card with no impact to your credit score. However, note that preapproval doesn’t guarantee approval until you actually apply. You should be aware that there will be a hard inquiry generated on your credit reports when you apply for the card, which can be expected to knock your credit score down a few points for a year.

What to watch out for with the BlockFi Rewards Visa® Signature Card

  • Bitcoin value fluctuates

    It’s no secret that the value of bitcoin fluctuates. For example, it traded as high as $66,974.77 on Oct. 20, 2021, according to The Wall Street Journal.

    That means having bitcoin could be a good investment. On the other hand, it also means you have to understand the value can fall rapidly. The Wall Street Journal also reported that in mid-May 2021, bitcoin’s value dropped to $30,202.

    The good thing about using the BlockFi Rewards Visa® Signature Card is that you’re earning bitcoin as credit card rewards rather than purchasing it with hard-earned cash, so you might consider this a low-risk way to break into the crypto scene.

    However, if you don’t want to deal with your rewards fluctuating based on market forces, you might prefer a card that earns straightforward cash back.

  • Requires excellent/good credit

    The BlockFi Rewards Visa® Signature Card is aimed at consumers with excellent/good credit. This isn’t unusual for rewards credit cards — many of the best cards on the market require excellent/good credit. However, be aware that with a poor or fair credit score, you’ll likely be denied for this card.

Alternate bitcoin card

Compare it to the Upgrade Bitcoin Rewards Visa®

| Disclosures
Upgrade Bitcoin Rewards Visa®
Upgrade Bitcoin Rewards Visa®
on Upgrade's secure site
N/A
14.99% - 29.99% APR
$0
Earn 1.5% rewards in bitcoin when you make payments
  • Earn 1.5% rewards in bitcoin when you make payments
  • Earn a $200 bonus on your Upgrade Card after opening a Rewards Checking account and making 3 debit card transactions*
  • The simple way to earn bitcoin: make purchases on your card, make payments, earn bitcoin 
  • No annual fees, no foreign transactions fees
  • Get pre-approved in seconds with no impact to your credit score
  • Pay with your phone or device by using Apple Pay™ or Google Pay™
  • Mobile app to access your account anytime, anywhere
  • Enjoy peace of mind with $0 Fraud liability
  • Not available in DC, Hawaii, Iowa, Nevada, New Hampshire, North Carolina, West Virginia and Wisconsin
  • * 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.

660 850

How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appears on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

 

Another credit card that earns flat-rate bitcoin rewards is the Upgrade Bitcoin Rewards Visa®. You’ll earn 1.5% rewards in bitcoin when you make payments and pay a $0 annual fee to carry the card.

The foreign transaction fee is $0 too, so you can take this card when traveling abroad with peace of mind.

While the cards sound similar so far, a unique feature of the Upgrade Bitcoin Rewards Visa® is that charges you put on the card are essentially converted to a loan — you’ll pay them off over a fixed period of time at a fixed APR. If you’ve struggled in the past with paying off credit card debt and are concerned you might be tempted to just make the minimum payment (which typically goes mostly toward interest charges), the Upgrade Bitcoin Rewards Visa® could be a better choice for you than a traditional credit card. The APR range is 14.99% - 29.99% APR.

Unfortunately, though, the Upgrade Bitcoin Rewards Visa® is more restrictive than the BlockFi Rewards Visa® Signature Card in how you can use bitcoin you’ve earned. You can sell your bitcoin, but the only way to redeem the proceeds is as a statement credit to your card account.

Note, however, that you can’t get the Upgrade Bitcoin Rewards Visa® if you live in Hawaii, Iowa, Idaho, Indiana, Louisiana, Nevada, New Hampshire, North Carolina, West Virginia, Wisconsin or Washington, D.C.

The Upgrade Bitcoin Rewards Visa® offers the opportunity to earn a sign-up bonus: Earn a $200 bonus on your Upgrade Card after opening a Rewards Checking account and making 3 debit card transactions. See details*.

*To qualify for the $200 bitcoin welcome bonus, you must open and fund a new Upgrade Rewards Checking Account and make 3 debit card transactions within 60 days of your Upgrade Card account opening. The value of the $200 worth of bitcoin provided will be based on the reference rate at the time it is purchased (within 1-2 statement periods from the date the bonus is earned) and such bitcoin may change in value by the time you are able to redeem it. See additional information applicable to bitcoin accounts and services. Your Upgrade Card must be in good standing to receive the bonus.

Compare the BlockFi Rewards Visa® Signature Card to similar cards

Comparison of four different credit cards
BlockFi Rewards Visa<sup>®</sup> Signature Card Upgrade Bitcoin Rewards Visa® Wells Fargo Active Cash<sup>®</sup> Card
BlockFi Rewards Visa® Signature Card Upgrade Bitcoin Rewards Visa® Wells Fargo Active Cash® Card
Apply Now
on BlockFi's secure site
Apply Now
on Upgrade's secure site
Apply Now
on Wells Fargo's secure site
Apply Now
Rewards Rate
Earn 1.5% back in bitcoin on every single purchase Earn 1.5% rewards in bitcoin when you make payments Earn unlimited 2% cash rewards on purchases N/A
Welcome Offer
None Earn a $200 bonus on your Upgrade Card after opening a Rewards Checking account and making 3 debit card transactions. See details* Earn a $200 cash rewards bonus after spending $1,000 in purchases in the first 3 months N/A
Annual Fee
$0 $0 $0 N/A
Regular APR
14.99% - 24.99% 14.99% - 29.99% APR 18.74%, 23.74%, or 28.74% variable APR N/A
Card Details
BlockFi Rewards Visa® Signature Card Upgrade Bitcoin Rewards Visa® Wells Fargo Active Cash® Card

Is the BlockFi Rewards Visa® Signature Card right for you?

The BlockFi Rewards Visa® Signature Card earns bitcoin on every purchase at a solid flat rate, and offers flexibility in what you can do with the bitcoin you earn. And with the card’s $0 annual fee and $0 foreign transaction fee, you won’t have to pay for carrying the card or traveling with it.

Whether you’re experienced in handling cryptocurrency or you want to test the waters, this card is a good choice. But do take into account that the value of bitcoin is volatile — so if that makes you uncomfortable, a card that earns cash back might be a better fit.