BlockFi, a New York-based cryptocurrency loans and savings startup, launched today its Bitcoin ( TTC ) rewards credit card. Only approved applicants on the United States waitlist can apply for this card.
The card is officially called BlockFi Rewards Visa Signature credit Card and was announced by Visa and BlockFi at the end last year. The card is available to be used anywhere Visa is accepted. It allows its holders to earn 1.5% in Bitcoin instead airline miles, cashback rewards, or any other currency. Cardholders will receive their Bitcoin rewards in the BlockFi Interest account.
Initial reports stated that the card would charge $200 annually. BlockFi made a 180-degree turn on this decision and launched the card without an annual fee in May. On annual expenditures exceeding $50,000, cardholders can earn 2% Bitcoin. If a customer spends $60,000 in a single year, they will be eligible to receive 2% of that $10,000 in Bitcoin.
The BlockFi credit card offers many familiar benefits for crypto ecosystem members, including trading bonuses and a referral programme. Evolve Bank and Trust issued the card.
Terry Angelos (SVP and global head for fintech at Visa) noted that crypto rewards programs can be a powerful way to welcome users into the crypto economy. Visa is eager to see more of them.
Flori Marquez, BlockFi cofounder, stated that almost everyone is aware of the role of cryptocurrency in reshaping financial markets. She added, “This card will make it simpler than ever for people who want to earn Bitcoin back while making daily purchases.
Visa is well-known for its exploration of cryptocurrency to increase the adoption of digital currencies. Cointelegraph examined in detail . Visa’s affirmation that it supports cryptocurrency payments services is a reflection of its desire to be a major player in the global network of payment networks.