BlockFi Rewards Visa Signature Card: Earn Bitcoin and Other Crypto Rewards

 This credit card offers the most versatility for earning and holding bitcoin, ether and other cryptocurrencies.

There are partner offers featured in this article.

A handful of adventurous fintech companies are integrating cryptocurrency with traditional financial products. 

One of the first of these hybrids, the BlockFi Rewards Visa® Signature Card, launched last year with a novel offer: Forget about points, cash back and miles -- earn your credit card rewards in bitcoin. Since then, it's expanded its rewards options to other cryptocurrencies including ether and litecoin.

Though it has the sheen of a crypto-native creature, the BlockFi Rewards credit card actually is a pretty conventional rewards credit card -- which isn't to say that it's not worth a look. 

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.

Rewards and welcome bonus. 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.

 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. 

Choose your own crypto rewards. 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.

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