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BlockFi Rewards Visa Signature Card Review

Barret WilliamsFebruary 7, 2022

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Block Fi Rewards Visa Signature Credit Card
BlockFi Rewards Visa® Signature Credit Card

4.8 / 5 Stars

Best for Platform Loyalty - Earn a Trading Bonus
- 4.8 / 5 Stars - Best for Platform Loyalty - Earn a Trading Bonus

Get 0.25% back in bitcoin on all eligible trades, up to a maximum of $500 in bitcoin each month.

Apply Now
At BlockFi's Website

  • APR:  14.99% - 24.99% (Variable)
  • Annual Fee: $0
  • Welcome Bonus: Earn 3.5% back in crypto during your first 3 months, up to $100 in crypto total during the promotion period.
  • Recommended Credit: Good - Excellent
  • Earn 1.5% back in crypto on every single purchase.
  • No annual fee. No foreign transaction fees
  • Introductory offer: Earn 3.5% crypto rewards on all purchases in the first 90 days of card ownership, up to $100 in crypto.
  • 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 crypto on every purchase over $50,000 of annual spend. Rewards rate increases from 1.5% to 2% after $50,000 of spend has been achieved and resets on the card anniversary date every year.
  • On top of the rewards you get from BlockFi, your BlockFi Rewards Visa Signature card gives you instant access to once-in-a-lifetime travel, fine wine and food, sporting events, shopping and more.
  • Your BlockFi Rewards Visa Signature card comes with 24/7 access to your Visa Signature® Concierge* for assistance booking travel, transportation, accommodations, event tickets – even restaurant reservations and golf tee times.

BlockFi's rewards can be intriguing for the Bitcoin lover. You'll earn 1.5% back in bitcoin on all purchases, or 2% back after you spend $50,000 in a calendar year. These rewards earning rates are comparable with their USD cash back counterparts, but there's an unknown with earning crypto. A year from now, your rewards may have appreciated with the market, or they could be worth nothing. It's impossible to know. 

Crypto earning aside, the card has decent features for BlockFi loyalists, like a 0.25% trading discount on up to $500 in eligible trades each month. This is a nice perk for those entrenched in the BlockFi ecosystem. 




BlockFi Company Overview

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.

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BlockFi Rewards Visa Signature Card Information

Eligibility

Let's start with eligibility. The BlockFi Rewards Credit Card is only available to US residents. Additionally, you must live in an eligible state. New York is excluded at the time of writing. Applicants must also have an existing BlockFi account in order to apply.
 
If you're looking for a BlockFi card for your business, that will have to wait. Applications are currently only open to normal every-day consumers.
 
Benefits and Rewards
 
The key feature of the cars is earning 1.5% back in crypto on every purchase. If you're a high roller and spend more than 50k a year on your card, you'll start earning 2% back after you hit your spending threshold. These rewards rates aren't particularly groundbreaking, and are roughly in-line with competing cash back cards. 2% is the gold standard is cash back credit cards.
 
The real intrigue with these rewards is the prospect of appreciation. With a standard cash back card, 1.5% is 1.5% cash back. It's going to be worth roughly the same in a year. Crypto on the other hand, is subject to wild fluctuations. Your rewards could be worth an effective 10% cash back, or not worth anything later. It's more or less a form of gambling your earnings.  Could you just take your cash back from another card and buy Bitcoin? Sure, but that takes planning many would prefer not to deal with.
 
Rewards are earned as points, and converted to Bitcoin at the end of your billing cycle, as long as your account is in good standing. If you've earned 1,000 points during a billing cycle, you'll have $10 in BTC.
 
An additional bonus is the 0.25% discount you get when trading Bitcoin on BlockFi, on up to $500 a month. This is a nice perk for a no annual fee card, particularly for those that are already actively trading on the BlockFi platform.
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What Credit Score is Needed to Get the BlockFi Rewards Visa Signature Card?

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.

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BlockFi Rewards Visa Signature Card Reviews

BlockFi Rewards Visa Signature Card Reddit Reviews

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 BBB Reviews

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. 

BlockFi Reviews - Other Considerations 

We've got two general disclosures for you here.

  1. The future of crypto platforms are uncertain. The U.S. government is still trying to figure out how to handle this new technology, and the "bank like" products that are tied to them.
  2. Investing in Bitcoin continues to be a risky maneuver, despite the splashy headlines. We'd say proceed with caution, but losing credit card rewards to a down market isn't the most risky thing you can do.
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Should You Apply for the BlockFi Rewards Visa Signature Card?

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.

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Final Thoughts on the BlockFi Rewards Visa Signature Card

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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Compare the BlockFi Rewards Visa Signature Card



Block Fi Rewards Visa Signature Credit Card

BlockFi Rewards Visa® Signature Credit Card

- 4.8 / 5 Stars

Best for Platform Loyalty - Earn a Trading Bonus
  • APR:  14.99% - 24.99% (Variable)
  • Annual Fee: $0
  • Welcome Bonus: Earn 3.5% back in crypto during your first 3 months, up to $100 in crypto total during the promotion period.
  • Recommended Credit: Good - Excellent



Petal 1 Credit Card Image

Petal 1 Visa Card

- 5 / 5 Stars

Best Unsecured Card for Building Credit
  • APR:  19.99% - 29.49% Variable APR
  • Annual Fee: $0
  • Welcome Bonus: None
  • Recommended Credit: Poor - Fair



Sofi Credit Card Image

SoFi Credit Card

- 5 / 5 Stars

Best for Saving and Investing Rewards
  • APR:  12.99%-24.99% Variable
  • Annual Fee: $0
  • Welcome Bonus: Earn up to $100 when you open and fund a SoFi Money and a SoFi Invest account after getting approved for the SoFi Credit Card
  • Recommended Credit: Good to Excellent






FAQs

Is the BlockFi card a credit card?

Yes. BlockFi offers a credit card that earns 1.5% back in cryptocurrency. The card has no annual fee, and you may check for preapproval without a hard credit inquiry. 

Does the BlockFi credit card affect your credit score?
Yes, the card will affect your credit score. When you apply, a soft credit pull happens which will not impact your score. If you receive an offer to apply after the soft credit pull, a hard credit pull will occur, which can have an impact on your credit score.
What bank issues the BlockFi credit card?

BlockFi has two partners for its credit card offering, Deserve, Inc. and Evolve Bank & Trust. These partners handle the behind the scenes portion of issuing your credit card, like approving your applicaiton and extending a line of credit. BlockFi handles all of your rewards.


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