Update 5/22/22: BlockFi is now offering BlockFi Rewards on this card with up to 10% back in Bitcoin at select retailers (this is in addition to the 1.5% you normally earn). Hat tip to DDG
Update 5/25/21: Annual fee and sign up bonus has been removed. Some other changes as well:
- No annual fee. No foreign transaction fees.
- 3.5% back in Bitcoin on all purchases in your first 3 months up to $100.
- 2% back in Bitcoin on every dollar over $50,000 annual spend.
Update 2/25/21: BlockFi has added some additional card benefits:
- 3.5% bitcoin rewards on all purchases in months 4-6 of card ownership, up to $100 in bitcoin
- 2% extra APY on your average daily stablecoin balance, paid in bitcoin, up to $200
- 0.25% back in bitcoin for eligible trades on BlockFi, up to a maximum of $500 in bitcoin each month
- $30 in bitcoin for every client referral, on top of the base Refer-a-Friend program
Hat tip to reader Vasily K & @bouje
BlockFi has announced it will be launching a bitcoin (BTC) earning credit card in 2021 (waitlist currently available). Here’s what you need to know about this card:
- $250 in BTC sign up bonus when you spend $3,000 or more within the first three months
- Annual fee of $200 not waived first year
- 1.5% in BTC back on all purchases
Honestly this card is useless, the sign up bonus is basically $50 once you pay the annual fee and there are really no benefits to having the card that justify that annual fee. Might as well get a card with a big sign up bonus or high earning rate and then just convert it into BTC yourself.
View Comments (107)
Might want to just remove the Bitcoin.
What a stupid card.
What are the 10% CB merchants?
From their blog:
'At the time of launch, these new card-linked offerings include: adidas, Shake Shack, H&M, Finish Line, Costco, Meta Quest, and Jared along with hundreds more.'
https://blockfi.com/introducing-blockfi-offers-a-new-rewards-offering-that-gives-blockfi
Walmart
Staples
Bed Bath
CVS
...ok sorry just kidding have no idea
This is like dumbest card ever. Why would anyone get this? Even if people wanted to buy bitcoin, why not get better return in cash back and buy bitcoin? Seriously 2% that exceeds 50k spend?
If you're still hoping to strike it big in crypto, that moment has passed. You should have bought into it 3 years ago.
Time to move on. Have no fear.
There will always be another tulip mania. Always.
yes, and you will miss that one again. u could have 10x ur money over 3mos or less at multiple times even this year in quality NFT projects, not 3yrs ago.
That’s what they said in 2014 and 2018
That's funny because that's what they said 3 years ago too and here we are. It's in a slump but to say it is dead is just wrong.
I agree with his sentiment. The era of hitching a paycheck to a project and selling hyped up vaporware to a bigger fool for generational wealth is gone.
The mechanisms are in place now to funnel huge amounts of the incoming fiat to cartels, VC funds, MM, and flat out thieves. Even the vocabulary has had to change to keep money flowing in - Web3, NFTs, metaverse to name a few.
That being said. I agree with you to - crypto is far from dead. At base level a bull case for anything is analogous to a profession of faith. Humans will wave their hands and spin 'just wait' stories about adoption, going meme, breakthrough technology, spot ETF, ISO20022, etc, and hold onto that in face overwhelming disappointment. Without a way to save face, they'll probably even double down.
It's literally gambling. The so called Terra+Luna clearly showed another example of this. People who manipulate got out big whilst those who fed them lost all their savings. Yeah you can get lucky, but you too can get lucky in playing slots =P
You can say the same thing about stocks. As long as you're not making it your whole portfolio, there's nothing wrong with crypto. That's the point of diversification. The issue is when you go all in ONE asset like some people have in order to get rich fast. Now THAT'S gambling.
Diversification or not, you're gambling either way.
Also, asset classes matter more than individual stocks or currencies.
Well, actually crypto was the highest-earning asset class of all time. I believe it was something like an average return of 200%. Crypto is a speculative asset. The purpose is to add a small amount to a portfolio and help to increase average returns. It was originally thought of as a way to beat inflation, but you can't look at it as a short-term hedge because it has too high of a correlation to risk assets. By small amount I mean .5%-2%, (whereas people are morons and think they should drop 10-100% of their assets into something speculative.) When people don't have enough assets where .5-2% would be substantial enough, that means they should not be invested in cryptos because they can't accept the risk. At this amount, and as long as someone is diversified into a number of asset classes, a situation like LUNA/UST has little impact on one's portfolio.
100% agree
Updates:
You can now select rewards in stablecoin - GUSD, USDC, PAX, DAI, or BUSD. Or other crypto - BTC, ETH, LTC, Link, PAXG.
Also, they are dropping the stablecoin benefit,
https://help.blockfi.com/hc/en-us/articles/4410836079380-Updates-regarding-the-Stablecoin-Boost-benefit-for-BlockFi-Rewards-Cardholders
- If you have the card before Dec 1st 2021 than they will pay an up to $200 bonus on the "first credit card rewards payout date following their one-year card anniversary." and the benefit will not be renewed afterwards.
WIthout the stable coin option to properly reflect % earned and the ability to earn interest on deposited funds the card doesnt make much sense.
"$250 in BTC sign up bonus when you spend $3,000 or more within the first three months"
Is this still available after the removal of the yearly fee?
No
Thought so thanks!
If anyone is interested in this card because of the 2% back on BTC, just so you know, SoFi 2% card is also offering the ability to redeem cashback for crypto.
Lame update - a 1.5% card with a $100 SUB? Just open up a 2% card for everyday spend. Then for SUBs there are plenty of cards offering way more than $100.
Yes and no. Yes they got rid of the $250 SUB but most of the features remained the same. The 2% bonus in stablecoin up to $200 is still good. If you have $10K in stablecoin already earning 8.6% u will max that out easily with no effort needed.
But to me the removal of the $200 AF actually makes this card a keeper instead of churning it next year which I was going to do with the old model. I don think the 2% value for over $50K is way too much. I think they should have made it like $10K - $15K in spending to make it more attractive.
Am I the only one staying the hell away from crypto?
HFSP. I really got into crypto in spring '17 after reading a post from a fellow doc poster saying you have to be obsessed with it to make it. (S/o ninjax I believe). Changed my life, made half a mil as of now not even buying meme coins.
The two loudest people in any room are 1) the one who is SUPER into crypto, and 2) the one who is a heavy doubter.
Yes, but that's true of most topics of discussion. The two extremes of any given topic are often the loudest. Rarely do you have someone shouting this at the top of their lungs:
"I AM VERY INDIFFERENT ABOUT THIS TOPIC!!!!!!! MY INDIFFERENCE MAKES ME APATHETIC!!!!!!"
Most cryptos are at VC stage of development, and the corresponding price volatility speaks to the risks. Certainly not suitable for everyone, but could fit into some portfolios.