BlockFi Rewards Visa Signature Card: Earn Even More Crypto Rewards From Popular Brands

Earn up to an extra 10% in bitcoin, ether or other cryptocurrencies on brands like H&M, Meta Quest and Finish Line.

The BlockFi Rewards Visa® Signature Card, one of the original crypto credit cards, offers rewards in your choice of over 10 cryptocurrencies -- like bitcoin and ether -- instead of the classic cash back, points and miles. 

If you're unphased by the crypto market's sudden downturn and the uncertainty brought on by the collapse of the luna cryptocurrency, the BlockFi Rewards card can earn you top crypto rewards rates.

Though it has the sheen of a crypto-native creature, the BlockFi Rewards credit card actually is a pretty conventional rewards credit card. It has no annual fees or foreign transaction fees, and can be used anywhere that accepts Visa. 

There's a decent welcome bonus and a referral bonus when you get friends and family to sign up. In short, if you are eligible -- you'll probably need good to excellent credit -- and like the sound of earning cryptocurrency back on purchases, this could be the card for you. 

One caveat: Cryptocurrency tax legislation remains a murky and evolving area, putting the BlockFi Rewards card into a slightly higher risk category than a run-of-the-mill rewards credit card. 

Credit card rewards are typically not subject to income tax -- but you should know that the government could eventually exact capital gains taxes on crypto rewards. 

As an example of the volatility in this industry, BlockFi is no longer offering BlockFi Interest Accounts after a ruling by the SEC in February, though they may be back on the table once BlockFi becomes compliant. 

Previously, you were able to hold your credit card rewards in this interest account to earn even more crypto.

You'll earn an unlimited 1.5% in the crypto of your choice on every purchase you make with the BlockFi Rewards credit card, and there are ways to get even more. 

BlockFi Offers, a program that recently launched in conjunction with the BlockFi credit card, offers up to 10% on popular brands -- like Adidas, Shake Shack, H&M, Finish Line and Jared -- automatically. This is on top of the base 1.5% rewards rate, so you can earn up to 11.5% total on eligible purchases.

The welcome bonus offers a total of 3.5% back in crypto for purchases made within your first 90 days of account opening, for up to $100 worth of crypto, which is quite unique. 

Most credit card welcome bonuses offer a set amount of points, cash back or miles in exchange for meeting a minimum spending threshold within a similar timeframe.

If you're a big spender, you'll earn even more rewards. If you hit $50,000 in expenditure within the year, your earnings get boosted to 2% back in crypto for every dollar spent beyond that. But this resets to 1.5% on your card anniversary every year. 

BlockFi started out as a cryptocurrency exchange, way back in 2017. As such, a BlockFi account gives you access to a variety of activities including support for buying, selling and trading and even taking out a loan in US dollars against your crypto assets

The company's Rewards Flex program allows cardholders to choose to earn rewards in bitcoin, as well as ether, litecoin, chainlink, pax gold, basic attention token or uniswap. 

Stablecoins are also in the mix, including gemini dollar, USD coin, paxos standard, multi-collateral dai or binance USD.

Rewards are paid out on the second Friday of every month, and you can change your crypto selection through your BlockFi account as many times as you want. 

Crypto rewards are distributed based on the price at the time of payout, not at the time purchases are made with the credit card.

You need to have a BlockFi account to get this credit card, which is where you'll store, buy, sell and trade the cryptocurrencies hosted by BlockFi. 

Among the few crypto-rewards credit cards, only BlockFi gives you the option to move your crypto rewards into your own crypto wallet, a maneuver that requires some technical know-how but offers potential security benefits. 

If you have enough crypto in your account, whether through accumulating credit card rewards or buying crypto directly, you may even be able to qualify for a USD loan against your crypto holdings, with rates as low as 4.5% APR

Though credit card referral bonuses are relatively rare, they're more common among crypto exchanges, which are aggressively recruiting new users. 

As a new product, the BlockFi Rewards Credit Card offers two tiers of referral bonuses. Keep in mind, you'll be required to report any referral bonuses on your income taxes. 

The Refer-a-Friend program is available for all BlockFi account holders, even if they don't have a credit card associated with the account. 

When a friend signs up using your referral code and funds $100 or more into their BlockFi Account, you'll both receive $10 in bitcoin, regardless of your BlockFi crypto preferences.

If you're a BlockFi Rewards cardholder and you successfully refer a friend to the credit card, they will receive $30 in bitcoin and you'll receive $30 in your Rewards Flex crypto.

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