Block Fi has joined hands with Visa to launch its new bitcoin rewards credit card. The product has been available to most residents of the United States since last Tuesday. The company had been working to unveil a BTC-based credit card since December of last year and was met with much enthusiasm from traders, who joined a waiting list to be among the first to garner the product.
Block Fi and Visa Work to Bring BTC Rewards to Customers
Overall, as many as 400,000 names were added to that list. Customers can expect to have their cards mailed out to them throughout the month of July. The card is special in that it allows users to garner bitcoin and other cryptocurrencies without having to pay expensive fees like those associated with digital exchanges. In addition, Block Fi insists that there is no complicated onboarding process, and that the information customers will need to get started is minimal.
Flori Marquez – the co-founder and SVP of operations at Block Fi – stated in a recent interview:
The crypto industry has come a long way since the first bitcoin payment transaction 11 years ago. Today, nearly everyone knows about the important role crypto plays in reshaping the financial space, and our new credit card is set to be another game-changer. This card will make it easier than ever for people to earn bitcoin back while making day-to-day purchases.
Individuals who own the card can get as much as 1.5 percent back in bitcoin on every purchase they make. Once a customer hits $50,000, their rewards automatically jump to two percent. The card also has a special deal going in the beginning in which customers can garner as much as 3.5 percent in BTC throughout the first 90 days or until they earn $100 in BTC. From there, the rate falls to the previously mentioned numbers.
In addition, the card boasts no annual fees or foreign transaction fees. Customers can also earn money back on transaction fees given they meet certain criteria.
Terry Angelos – SVP and global head of fintech at Visa – expressed excitement over bringing such a new product to the market, explaining:
Crypto rewards programs are a compelling way to engage consumers in the crypto economy. We are excited to see programs like the Block Fi rewards Visa card, which offer rewards that are relevant to the growing community of digital currency adopters.
Gemini Has Its Own Product
The card is set to experience heavy competition from the likes of Gemini, which is also releasing a new crypto rewards credit card this summer. Partnering with MasterCard, Gemini has said it will give customers three percent back in any cryptocurrency of their choosing on dining purchases.
Customers can also garner two percent on groceries and one percent on all other purchases. Lastly, they will not be privy to annual fees.