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.
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.
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.