BlockFi unveils the ‘first’ Bitcoin-rewards credit card

BlockFi, an exchange and savings company, has announced plans to offer a crypto credit card that will earn rewards in Bitcoin for its users. The card will come with 1.5% cashback in Bitcoin. Although other cards on the crypto market have similar offerings, most of them require staking and are not entirely credit cards.

Anyone who has a BlockFi account or the BlockFi app can apply to the waiting list to get the new credit card. The company has also released photos of the credit card. So, for users that fancy something hefty and valuable, the credit card will be metal, something similar to Crypto.com’s card.

Is BlockFi truly the first?

BlockFi claims that this development is the first of its kind in the crypto space, as the card comes with the Bitcoin logo printed on it. However, it is not surprising that BlockFi has chosen to provide its credit card, considering its previous partnerships with several establishments such as Fidelity Investing. It has also been generally friendly with users, partners, and regulators.

Meanwhile, there are other key players in the U.S offering bank cards. Coinbase has its card available in 30 countries and is accepting applications from the United States. Coinbase’s wait-list for crypto cards is already available for U.S users and offers 4% cashback in Stellar Lumens (XLM) or 1% in return as Bitcoin. But the card is not acceptable in all jurisdictions.

Crypto.com also released its card with mouthwatering rewards such as Netflix and Spotify subscriptions. But it recently had to block withdrawals due to shady dealings on the platform. This card also requires staking tokens to receive full benefits.

Therefore, BlockFi’s claim is not valid, though the 1.5% BTC cashback is higher than Coinbase’s offering. Another interesting thing with BlockFi is that new users who spend $3,000 within the first three months of owning their card will get a $250 bonus. The downside, however, is that the card comes with a $200 annual fee.

The card will work with the help of Evolve and Deserve banks, while mailing will begin in 2021.