The BlockFi Rewards Visa® Signature Credit Card presents a unique opportunity for consumers interested in cryptocurrency but hesitant to invest their own capital. By offering crypto-based cash back rewards on everyday purchases, this card allows users to accumulate digital assets passively. With no annual fee, no foreign transaction fees, and a metal card design, it appeals to both crypto enthusiasts and those testing the waters of digital currency. But is it truly a smart financial move? Let’s explore its features, benefits, and potential drawbacks in depth.
Key Features at a Glance
- Rewards Rate: 1.5% back in cryptocurrency on all purchases; increases to 2% after $30,000 in annual spending
- Annual Fee: $0
- Foreign Transaction Fee: $0
- Regular APR: 16.49% – 26.49% (Variable)
- Intro Offers: None
- Sign-Up Bonus: Not currently available
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How the BlockFi Rewards Card Works
The BlockFi Rewards Visa® Signature Credit Card operates like a standard credit card but with one key difference: instead of earning points or cash back, you earn cryptocurrency. To use the card, you must first create an account with BlockFi, the cryptocurrency platform behind the card. Once approved, every purchase earns rewards in the form of digital assets.
Cardholders select one cryptocurrency to receive rewards in each month. At the end of the billing cycle, rewards are deposited into the user’s BlockFi Wallet on the second Friday of the following month. From there, users can transfer their crypto to external wallets or hold it within the BlockFi ecosystem.
Reward Categories and Spending Thresholds
The base rewards rate is 1.5% back in crypto on all purchases. However, users who spend $30,000 or more within a cardmember year unlock a boosted rate of 2%. This high threshold may be difficult for average spenders to reach, making the higher reward tier less accessible.
Unlike many top-tier cash back cards that offer elevated rates from day one—such as 2% flat cash back—the BlockFi card requires significant spending to match those returns. Additionally, the $30,000 threshold resets annually, meaning consistent high spending is necessary to maintain the 2% rate.
Available Cryptocurrencies and Stablecoin Options
One of the card’s standout features is the ability to choose from multiple cryptocurrencies for rewards. While early versions of the card only supported Bitcoin (BTC), users now have access to 15 different digital assets, including:
- Ethereum (ETH)
- Litecoin (LTC)
- Chainlink (LINK)
- Dogecoin (DOGE)
- Uniswap (UNI)
- Bitcoin Cash (BCH)
For risk-averse users, BlockFi also offers stablecoins—cryptocurrencies pegged to stable assets like the U.S. dollar. These include:
- USD Coin (USDC)
- Gemini Dollar (GUSD)
- Paxos Standard (PAX)
- Binance USD (BUSD)
- Multi-Collateral Dai (DAI)
Stablecoins help mitigate volatility, making them ideal for users who want exposure to crypto without extreme price swings.
Redemption and Flexibility
Rewards are automatically credited monthly and cannot be redeemed for statement credits, gift cards, or balance reductions. This lack of flexibility may deter some users who prefer more traditional redemption options.
However, BlockFi does offer additional utility through its trading platform. Cardholders can earn 0.25% back in crypto on eligible trades made via BlockFi, up to $500 per month. To maximize this benefit, users must trade $20,000 worth of crypto monthly.
Fees and Interest Rates
The BlockFi card charges no annual or foreign transaction fees—making it cost-effective for international travelers and frequent spenders. However, its variable APR ranges from 16.49% to 26.49%, which is relatively high.
Carrying a balance can quickly erase any rewards earned due to interest charges. For example, if you earn $200 in crypto rewards over a year but pay $300 in interest, you end up with a net loss. Therefore, this card is best suited for those who pay their balance in full each month.
Other fees include:
- Late payment fee: Up to $25
- Returned payment fee: Up to $37
Pros and Cons Summary
✅ Advantages
- Earn cryptocurrency without direct investment
- No annual or foreign transaction fees
- Choose from multiple cryptos and stablecoins
- Metal card with modern design
- Use anywhere Visa is accepted
❌ Drawbacks
- $30,000 annual spending required for 2% rewards
- No sign-up bonus or introductory APR
- Rewards subject to crypto market volatility
- Cannot redeem rewards for statement credits or cash
- Not available to residents of New York
How It Compares to Other Cards
vs. Gemini Credit Card
The Gemini card offers higher rewards in bonus categories—3% on dining and 2% on groceries—and supports over 50 cryptocurrencies. It also provides real-time crypto payouts, whereas BlockFi deposits rewards monthly.
vs. Wells Fargo Active Cash® Card
The Wells Fargo card offers a flat 2% cash back on all purchases from day one—no spending threshold required. Rewards can be redeemed flexibly, including as direct bank transfers or statement credits.
Is This Card Worth It?
For crypto-curious consumers who pay off their balance monthly, the BlockFi Rewards Visa® Signature Credit Card can be a low-risk way to accumulate digital assets. It turns everyday spending into long-term crypto holdings without requiring upfront investment.
However, its limitations—such as the high spending threshold for maximum rewards and lack of sign-up incentives—make it less competitive than other cash back or crypto-focused cards.
To maximize value, consider pairing it with a high-rewards traditional card. For instance:
- Use a Blue Cash Preferred® Card from American Express for groceries and streaming (6% back)
- Use the BlockFi card for all other purchases
This hybrid strategy ensures you earn optimal rewards across spending categories while gradually building a crypto portfolio.
Frequently Asked Questions (FAQ)
Q: Can I change my reward cryptocurrency each month?
A: Yes. You can switch your chosen crypto at any time during the month, but your rewards will reflect only the selection active at month-end.
Q: Are there any restrictions on where I can use the card?
A: No. As a Visa card, it’s accepted globally wherever Visa is supported.
Q: What happens if the value of my crypto rewards drops?
A: Since rewards are paid in crypto, their value fluctuates with market conditions. A $100 reward today could be worth less tomorrow if prices fall.
Q: Do I need good credit to qualify?
A: Yes. The card typically requires a credit score of 670 or higher—considered fair to excellent credit.
Q: Can I transfer my rewards to another wallet?
A: Yes. Crypto rewards are deposited into your BlockFi Wallet and can be transferred to external wallets at any time.
Q: Why isn’t the card available in New York?
A: Due to regulatory restrictions on certain financial products in New York State, BlockFi does not offer this card to residents.
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