BlockFi Partners with Visa to Launch Bitcoin Rewards Credit Card in 2021

Cryptocurrency startup BlockFi has partnered with payment processor giant Visa to launch a credit card that rewards purchases with BTC rather than cash or airline miles.

The card is expected to be made available in early 2021, and initially, the service will be offered only in the US.

The company has already launched the waitlist for the “world's first” Bitcoin Rewards Credit Card.

To be issued by Evolve Bank & Trust, the users of the Bitcoin Rewards Credit Card will receive 1.5% on an accrual basis on every transaction made through the card. This will then be converted to Bitcoin and placed into the account of the BlockFi every month.

If a user spent more than $3,000 the first time, a lump sum of $250 in the digital asset would be credited. The card also comes with a $200 annual fee.

“We’re excited to add credit cards to our suite of products and expand Bitcoin’s accessibility to a broader set of consumers,” said Zac Prince, chief executive officer and founder at BlockFi.

Bitcoin has rallied more than 160% in 2020, having surged to a new all-time high.

Earlier this year, Visa also joined startup Fold to offer a debit card that earns rewards in cryptocurrency. In February, Visa and Coinbase announced a debit card that allows users to spend BTC.

Besides announcing a Bitcoin reward credit card, BlockFi also reported another “record-breaking month of interest payouts.”

BlockFi’s clients earned more than 10 million in interest in November, including over 300 in BTC, 3500 in ETH, and 2 million in stablecoins.

BEG and BlockFi have teamed up to offer new users a bonus signing up and start earning by putting your crypto to work.

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