Cryptocurrency services company BlockFi has launched its first-ever crypto rewards credit card, in conjunction with Visa, to approved clients in the United States, Report informs referring to Forbes.
BlockFi’s plans for a credit card were initially disclosed in December 2020 when the exchange released a waiting list for US-based clients, which is now over 400,000 people. BlockFi CEO Zac Prince expects everyone on the waitlist to receive their card around the end of July.
The new offering provides clients with a simple way to acquire bitcoin without paying fees or navigating the sometimes complicated onboarding processes at exchanges. BlockFi stands to benefit from utilizing the card as a customer acquisition tool as well as from the fees it will receive from money spent on the card.
Holders of BlockFi’s Rewards Visa Card will be able to earn 1.5 percent back in bitcoin on every purchase, with the payout increasing to 2 percent on every dollar spent over $50,000 annually. As an incentive to new users, they will receive a 3.5 percent bitcoin rewards rate for the first 90 days or until they receive $100 worth of bitcoin. The card also offers other benefits such as rebates on trading fees and comes with no annual fee or foreign transaction fees.