Get 0.25% back in bitcoin on all eligible trades, up to a maximum of $500 in bitcoin each month.
BlockFi was founded in 2017, which may seem young - but remember that Bitcoin was founded in 2009, and only reached a valuation of $1 as recently as 2011.
BlockFi’s self-proclaimed goal is to effectively be the bank of cryptocurrency. So far, it seems to be doing the job, offering loan products with extremely competitive interest rates. BlockFi is backed by big names, including Sofi, however, it has faced some regulatory scrutiny over it's "interest bearing accounts", which are no longer offered in the U.S.
All may not be perfect, though. Regulators are increasingly cracking down on crypto, and have been wary of interest bearing accounts offered by some cryptocurrency wallets.
Good to excellent credit is recommended if you're considering applying for the card. If you're uncertain of whether you might be a good fit, the card does offer a prequalification process for all applicants. This means that when you initially apply, a soft credit inquiry will be conducted by the issuing bank. This doesn't impact your credit score.
If your credit profile looks like a match, you'll receive an offer to apply from the issuer. If you decide to apply, a hard credit inquiry will be conducted. This process helps ensure that your credit score is protected from applying for credit cards that you are likely to be declined for.
Reddit's reviews are positive on the card. Initial complaints were focused around the app interface and no integration with Mint, but those have been resolved since the card's launch.
BlockFi is not accredited by the BBB, but has a B- rating based on a small handful of reviews. Given the small set of user feedback, we do not find the B- review significant.
We've got two general disclosures for you here.
If you have decent credit and are interested in earning crypto as you spend on a credit card, or if you're vested in the BlockFi platform, this card may be a solid bet. The prequalification and integration with other BlockFi services make this card a well-rounded offer.
The BlockFi card is a respectable entry from a company looking to revolutionize how we think about and spend our crypto. Compared to some of the platform's loan offerings, the earning rates on this card are a little soft, but the card itself isn't a total miss.
For those vested in the BlockFi platform, you're likely to be well served by the card. For those that are willing to put in a bit more legwork and have the self-control to redeem their points for crypto each month, a 2% card, like that from Sofi, might yield better results.
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