BlockFi Launches a Visa Bitcoin Rewards Credit Card Program

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Cryptocurrencies are making headlines all over the world, and recently things have been on the positive side. El Salvador became that first country in the world to fully switch to Bitcoin, and other Latin American countries are contemplating following its example. Just a few days ago, crypto services company BlockFi launched its first Bitcoin Rewards Credit Card program in collaboration with Visa.

The service will initially be available to customers from the USA. BlockFi, a crypto exchange, announced its plans for a credit card at the end of 2020. While many doubted those plans will come to fruition, it struck a deal with Visa and now has 400,000 subscribers.

All BlockFi customers can now buy Bitcoin without any fees and in an easy way. Holders of the BlockFi Rewards Visa Card will also earn a 1.5% cash back on every Bitcoin purchase, which will be bumped up to 2% for every $50,000 spent annually.

A Bold Move

BlockFi has become one of the first companies to use Visa for such a rewards program. In order to lure new players in, it offers a 3.5% Bitcoin rewards rate for the first 90 days. The card also offers other commodities such as low fees, rebates, and no annual or foreign transaction fees.

Compared to other traditional cards, this rewards program is quite enticing. The only competitor with similar or better terms is Gemini. The Winklewoss-twins exchange offers 3% back on any dinners in any cryptocurrency and purchases with no annual or exchange fees. Gemini has struck a deal with Mastercard on this one, but that’s not to say that BlockFi’s rewards program is not competitive.

Let’s keep in mind that BlockFi is a much smaller exchange than Gemini, and it still offers rebates and cashback. It shows that cryptocurrencies play a large role in the financial sector and makes the BlockFi card a game-changer. With it, buying Bitcoin and making daily purchases will become much easier.

Visa Expanding Its Crypto Business

So far, the electronic payments company has partnered with several big crypto companies. Crypto-linked cards are a growing business for Visa, with a reported trading volume of $1 billion for the first half of 2020. However, the latest partnership with BlockFi is the first to introduce a crypto rewards program.

In 2021, Visa was listed on Forbes’ blockchain 50 list. The company has applied for around 150 blockchain-related patents in the past year, while announcing integration with USDT.

According to Visa representatives, they see crypto reward programs as a great way to get consumers started in the crypto space. They also stated that they’re excited about the BlockFi crypto rewards program which will offer prizes to customers engaged in digital currencies.

At the moment, it’s probably the best way to get started. You’ll be able to buy Bitcoin with almost no fees at all, and get nice percentages back on a variety of purchases. It’s a great way to enter the crypto space and learn why everyone is so impressed.