Edited by: Keri Stooksbury
& Kellie Jez
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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.
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.
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:
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.
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.
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.
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!
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.
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.
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.
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.
Great card for the average spender with no specific focus category; worry-free cash-back earning on everything!
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.
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.
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.
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.
No, the BlockFi Rewards card does not charge an annual fee. Similarly, it does not charge any foreign transaction fees.
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.
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.