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BlockFi Rewards Visa® Signature Credit Card – Full Review

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Jarrod West
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Jarrod West

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Boasting a portfolio of over 20 cards, Jarrod has been an expert in the points and miles space for over 6 years. He earns and redeems over 1 million points per year and his work has been featured in o...
Edited by: Keri Stooksbury
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Keri Stooksbury

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With years of experience in corporate marketing and as the Executive Director of the American Chamber of Commerce in Qatar, Keri is now Editor-in-Chief at UP, overseeing daily content operations and r...
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Kellie’s professional experience has led her to a deep passion for compliance, data reporting, and process improvement. Kellie’s learned the ins and outs of the points and miles world and leads UP’s c...

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BlockFi Rewards Visa® Signature Credit Card

BlockFi Rewards Visa® Signature Credit Card

U.P. Rating
The rating for this card has been determined by our own industry experts who know the in's and out's of credit card products. Bonuses, rewards as well as rates and fees are all taken into account. Compensation from the issuer does not affect our rating. We only recommend products we either use ourselves or endorse.
4.25
  • $0

  • 15.74% - 25.74% Variable

BlockFi Rewards Visa® Signature Credit Card

The BlockFi Rewards card allows you to earn bitcoin back on every purchase with no limit on the rewards you can earn and no annual fee.

U.P. Rating
The rating for this card has been determined by our own industry experts who know the in's and out's of credit card products. Bonuses, rewards as well as rates and fees are all taken into account. Compensation from the issuer does not affect our rating. We only recommend products we either use ourselves or endorse.
4.25

Update: On November 28, 2022, BlockFi filed voluntary cases under Chapter 11 of the U.S. Bankruptcy Code. Given this the BlockFi Rewards Visa® Signature Credit Card is no longer available.

The BlockFi Rewards Visa® Signature Credit Card is one of the first of its kind that allows you to earn bitcoin as a form of credit card rewards. While many people are familiar with earning airline miles or cash-back from their credit card, the ability to earn bitcoin back on every purchase is a new and exciting prospect.

If you’re already investing in bitcoin, and are interested in earning more passively, adding the BlockFi Rewards card might be the perfect card option for you.

Card Snapshot

Welcome Bonus & Info

  • Earn 1.5% back in crypto on every single purchase.
  • 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 crypto 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. (effective 7/1)
  • Earn up to 10% back in crypto rewards at thousands of brands with BlockFi Offers
  • 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.

Pros

  • 1.5% back in bitcoin on all purchases
  • 2% back in bitcoin on every purchase over $30,000 of annual spend effecting July 1, 2022
  • 0.25% back in bitcoin on all eligible trades
  • No annual fee
  • No foreign transaction fees
  • 2% APY boost on stablecoin holdings (up to $200 extra per year)

Cons

  • No bonus categories
  • No option for crypto rewards other than bitcoin

Great Card If

  • You invest in Bitcoin or are wanting to invest in Bitcoin
  • You’re already a user of the BlockFi Interest Account

Don’t Get If

  • You have no interest in investing in Bitcoin or other crypto assets

The Ideal Cardholder

The ideal cardholder for the BlockFi Rewards card is someone who is interested in investing in cryptocurrencies like Bitcoin, and may already be using BlockFi’s Interest Account to earn a yield on their crypto deposits.

By using these 2 in tandem, you can earn bitcoin back on every purchase you make with the card, then deposit those rewards in your BlockFi Interest Account to receive bitcoin interest payments each month. Plus the BlockFi Rewards card comes with some great benefits, including:

Bitcoin Back on Trades

For holding the BlockFi Rewards card, you’ll earn 0.25% back in bitcoin on all eligible trades you make on the platform, up to a maximum of $500 in bitcoin back each month. For most of us, you won’t need to worry about hitting that maximum, as it would require you to trade $200,000 worth of crypto each month. But if you’re planning to trade on the platform anyway, it is certainly nice to receive this extra bonus each time you place a trade.

Stablecoin APY Bonus

BlockFi Rewards cardholders who hold stablecoins in their BlockFi Interest Account can receive a 2% APY bonus to their balance until they’ve received up to a $200 bonus in interest paid. Keep in mind that BlockFi APY rates on deposits can vary from month to month. You can check the current rates here.

How To Use Your Bitcoin for Max Value

When using your BlockFi Rewards card, your rewards are accumulated over the month, and then are deposited into your account at the start of a new month. From there you have a few options when it comes to what to do with your rewards.

BlockFi Interest Account

Hot Tip: The BlockFi Interest Account is not available to new U.S.-based customers at this time. 

If you’re not already aware, BlockFi’s primary product is its Crypto Interest Account that allows you to earn up to 8% APY on crypto assets like Bitcoin, Ethereum, stablecoins, and more. Interest is paid out monthly and is paid in-kind to the asset you’ve deposited.

Why does this matter to you? Because not only can you earn bitcoin back on all of your purchases with your BlockFi Rewards card, but you can then have those rewards deposited into your Interest Account to earn even more bitcoin!

Trade for Another Cryptocurrency

BlockFi also offers its own in-house trading platform, allowing you to trade your bitcoin rewards for one of the platform’s 12 other supported assets like Ethereum, Litcoin, and Chain Link.

This could be a decent option for you if you’re looking to diversify your holdings across multiple assets, or if there’s another asset you prefer to hold long term.

Sell for Cash

Of course, you aren’t tied to keep your rewards as bitcoin if you don’t want to. If you need some extra cash in a given month, you can easily sell the rewards payment you received for its current USD value and withdraw those funds to your bank account.

How To Earn More Bitcoin

All Your Purchases

Since the BlockFi Rewards card earns an uncapped 1.5% bitcoin back on all of your purchases, you’ll obviously want to make sure you’re taking full advantage of this by using the card as your method of payment everywhere it’s accepted.

Another reason you put all of your purchases on the card? Starting July 1, 2022, once you’ve spent $30,000 on it in a year, your rewards rate increases to 2% bitcoin back on all purchases.

Refer-a-Friend

BlockFi Rewards cardholders earn $30 in bitcoin as a bonus each time they refer a friend to join the BlockFi platform, which is higher than the standard $10 in bitcoin offered to other members.

Alternative Cards to the BlockFi Rewards Card

Gemini Credit Card

If you’re looking for a no-annual-fee card that earns crypto rewards, offers bonus categories, and allows you to earn your rewards in one of 40+ supported assets, the Gemini card might be the one for you.

With it, you’ll earn 3% back on dining (on up to $6,000 in spend), 2% back on groceries, and 1% back on all other purchases. Plus you’ll receive your rewards right when the transaction occurs, as opposed to needing to wait until the end of the month as with the BlockFi Rewards card.

Citi Double Cash® Card

Citi Double Cash® Card

Citi Double Cash® Card

U.P. Rating
The rating for this card has been determined by our own industry experts who know the in's and out's of credit card products. Bonuses, rewards as well as rates and fees are all taken into account. Compensation from the issuer does not affect our rating. We only recommend products we either use ourselves or endorse.

Great card for the average spender with no specific focus category; worry-free cash-back earning on everything!

Learn More(at our partner's secure site)

Citi Double Cash® Card

Great card for the average spender with no specific focus category; worry-free cash-back earning on everything!
Earn $200 cash back after spending $1,500 on purchases in the first 6 months of account opening.
$200 cash back
$0
19.24% - 29.24% Variable
Upgraded Points credit ranges are a variation of FICO®Score 8, one of many types of credit scores lenders may use when considering your credit cardapplication.
Fair to Excellent (580-850)

The Citi Double Cash® Card has long been one of the top cash-back credit cards on the market, and the card now has the ability to earn Citi ThankYou Points!

This means that cardholders of the Double Cash card will now earn 2% on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases. Cash back is earned in the form of ThankYou Points. This means each billing cycle, you will earn 1 ThankYou point per $1 spent on purchases and an additional ThankYou point for every $1 paid on your purchase balance as long as there is a corresponding balance in your Purchase Tracker.

Citi has turned the Double Cash card into a top choice for those who are looking for an everyday, no-fuss credit card.

Pros

  • Uncapped 2% for every $1 spent (1% when you buy and another 1% when you pay)
  • Flexible redemption options
  • No annual fee

Cons

  • No bonus categories
  • 3% foreign transaction fees
  • Lack of premium travel benefits
  • Earn 2% on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases.
  • To earn cash back, pay at least the minimum due on time.
  • Balance Transfer Only Offer: 0% intro APR on Balance Transfers for 18 months. After that, the variable APR will be 19.24% – 29.24%, based on your creditworthiness.
  • Balance Transfers do not earn cash back. Intro APR does not apply to purchases.
  • If you transfer a balance, interest will be charged on your purchases unless you pay your entire balance (including balance transfers) by the due date each month.
  • There is an intro balance transfer fee of 3% of each transfer (minimum $5) completed within the first 4 months of account opening. After that, your fee will be 5% of each transfer (minimum $5).

Financial Snapshot

  • APR: 19.24% - 29.24% Variable
  • Foreign Transaction Fees: 3% of the U.S. dollar amount of each purchase

Card Categories

Rewards Center

Citi ThankYou Rewards

If crypto rewards aren’t really your thing, and you prefer cash-back rewards on a card with no annual fee instead, you should consider the Double Cash card. The Double Cash card offers an uncapped 2% cash-back on all purchases you make with the card, which is about as good as it gets when it comes to cash-back cards without annual fees.

The information regarding the BlockFi Rewards Visa® Signature Credit Card was independently collected by Upgraded Points and not provided nor reviewed by the issuer.
The information regarding the Gemini Credit Card was independently collected by Upgraded Points and not provided nor reviewed by the issuer.

Frequently Asked Questions

What credit score do I need for the BlockFi Rewards card?

To be approved for the BlockFi Rewards card you need to have a good to excellent credit score. However, BlockFi allows you to see if you’re preapproved for the card without having any impact on your credit. So if you’re uncertain your score is high enough you can always check to see if you’re eligible for the card before you even apply.

Do you have to have a BlockFi account to get the BlockFi Rewards card?

Yes, you must have an active BlockFi Interest Account in order to be eligible for the BlockFi Rewards card, as that is where your rewards will be deposited at the end of each month.

Does the BlockFi Rewards card charge an annual fee?

No, the BlockFi Rewards card does not charge an annual fee. Similarly, it does not charge any foreign transaction fees.

Are crypto rewards taxable?

Generally speaking, crypto rewards earned from a credit card, like other types of credit card rewards, should be considered a rebate as opposed to income and therefore not be taxable.

However, if the crypto rewards you received were to increase in price, and then you sold that crypto, you would owe taxes on that investment income.

Can you earn any crypto with the BlockFi Rewards card?

With the BlockFi Rewards card, you can only earn your rewards in bitcoin. However, once those rewards are paid out to you, you can easily trade that bitcoin for another asset of your choosing.

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About Jarrod West

Boasting a portfolio of over 20 cards, Jarrod has been an expert in the points and miles space for over 6 years. He earns and redeems over 1 million points per year and his work has been featured in outlets like The New York Times.

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