BlockFi eliminates annual fee and adds new benefits to its new credit card

By Pavithra R

BlockFi, building a bridge between traditional finance and blockchain technology to bring financial empowerment to clients globally, has announced updated benefits and changes to the BlockFi Rewards Visa Signature Credit Card, which pays cardholders 1.5% back in Bitcoin on every purchase they make anywhere Visa is accepted.

BlockFi has completely eliminated the annual fee for the BlockFi Rewards Visa Signature Credit Card. Additionally, the firm announced no foreign transaction fees, so travelers can use their card abroad. BlockFi has also increased the introductory earnings rate for cardholders. Clients who are approved for the card will now receive a 3.5% Bitcoin rewards rate for the first 90 days. In addition, there will be a new rewards tier: cardholders will earn 2% back in Bitcoin on every dollar spent over $50,000 annually. Applicants can see if they’re pre-approved without impacting their credit score before they apply.

“Our new credit card is going to be a major disruptor in the crypto industry, making it easier and more convenient than ever before for anyone to earn Bitcoin while engaging in day-to-day transactions. And thanks to our partnership with Visa, clients will enjoy the advantages of a product that can be used around the globe,” said Zac Prince, founder and CEO of BlockFi.

Cardholders can also receive a wide range of other bonuses and opportunities to earn, including:

• Stablecoin Bonus — Cardholders with stablecoin assets such as GUSD, PAX or USDC in a BlockFi Interest Account (BIA) can earn up to an extra 2% APY on top of the prevailing stablecoin APY.
• Trading Bonus — The BlockFi credit card makes trading more rewarding. Cardholders who trade cryptocurrencies on the platform will earn 0.25% of their trading volume back in Bitcoin, up to a maximum of $500 in BTC every single month.
• Refer-a-Friend Bonus — Cardholders who make successful referrals to BlockFi earn an extra $30 in Bitcoin for each friend they refer, on top of the base Refer-a-Friend program. With this bonus, clients can earn $40 in Bitcoin for each of their first four referrals and up to $50 in Bitcoin for each referral thereafter.

Besides e rewards offered from BlockFi, cardholders will also receive a wide range of Visa Signature Benefits, such as auto rental collision damage waiver, travel and emergency assistance services, concierge, and luxury hotel collection.

Founded in 2017, BlockFi provides wealth management products that crypto investors need, all powered by blockchain technology. Additionally, BlockFi is a leading lender and provider of trade execution services to institutions participating in digital asset markets. The company boasts more than $15bn in assets on its platform, with a 0% loss rate across its lending portfolio since inception.