BlockFi and Visa launch first credit card with bitcoin rewards

On Tuesday, BlockFi announced a partnership with Visa to release the Bitcoin Rewards Visa Credit Card, which is the first credit card (not debit card) to offer Bitcoin rewards.

BlockFi and Visa launch first credit card with bitcoin rewards

BlockFi CEO Zac Prince announced in a blog post on Tuesday a partnership with Visa to release the Bitcoin Rewards Visa Credit Card, which is the first credit card (not debit card) to offer Bitcoin rewards. While there are debit cards by Coinbase, Fold, and Pei that offer bitcoin rewards, this is the first credit card that rewards customers in crypto instead of reward points or airline miles. Cardholders will earn 1.5% cash back on all purchases that will automatically be converted to bitcoin and placed into a BlockFi account every month. The Bitcoin Rewards Credit Card will have a $200 annual fee, but it can be offset in the first year thanks to the card’s welcome bonus: earn $250 in bitcoin after spending $3,000 or more on the card within the first three months from account opening. Neither BlockFi nor Visa have announced details on annual percentage rate (APR), but they will be using Evolve Bank & Trust for custody. “A lot of the debit cards that exist in the crypto ecosystem are the kind that are oriented around this idea of spending your crypto, which at least clients at BlockFi are not interested in doing,” said Prince in a CoinDesk interview, “They want to hold their bitcoin and earn a yield on it.” You can join the BlockFi waitlist here.