New York-based crypto lending and savings startup BlockFi has launched its Bitcoin (BTC) rewards the credit card today. The card is available to certain approved customers on the United States waiting list.
Officially named the BlockFi Rewards Visa Signature Credit Card, the card was first announced late last year by Visa and BlockFi. Available for use wherever Visa is accepted, the card allows its recipients to earn 1.5% in Bitcoin instead of airline miles or other cash rewards. Bitcoin rewards earned will be transferred to cardholders’ BlockFi interest account.
Initial reports said the card would have an annual fee of $ 200. But BlockFi flip-flopped on that decision in May, and the card launched with no annual fee. Cardholders are eligible to earn 2% in Bitcoin on annual spending over $ 50,000. For example, if a customer spends $ 60,000 in a year, they will receive 2% of the $ 10,000 spent in BTC.
BlockFi’s credit card also offers benefits familiar to the crypto ecosystem, such as trading bonuses and a referral program. The card is issued by Evolve Bank & Trust.
Terry Angelos, SVP and Global Head of FinTech at Visa, noted that crypto rewards programs are a compelling way to welcome users into the crypto economy, and Visa is excited to see more. examples.
Almost everyone is familiar with the role of cryptocurrencies in reshaping the financial space, added Flori Marquez, co-founder of BlockFi: “This card will make it easier for people to collect Bitcoin while making daily purchases.
Visa is a known explorer of cryptocurrencies to broaden the adoption of digital currencies in general. As Cointelegraph analyzed in detail, Visa’s public assertion of its positive stance towards cryptocurrency payment services reflects its desire to remain a leading player in the global payments network.