Cryptocurrency

How To Close Blockfi Account

By David Krug David Krug is the CEO & President of Bankovia. He's a lifelong expat who has lived in the Philippines, Mexico, Thailand, and Colombia. When he's not reading about cryptocurrencies, he's researching the latest personal finance software. 4 minute read

Looking for a better method to get free stuff whenever you use your credit card? Have you had enough credit cards that provide the same old cash rewards? If you are interested in bitcoin, you may want to consider the BlockFi Bitcoin Rewards Visa Credit Card. Every day, this revolutionary crypto credit card rewards you with bitcoin rather than cash back or miles for spending dollars.

There are no limits on the amount of bitcoin (BTC) you may earn on qualifying purchases, and you’ll get 1.5% back on all of them up to a yearly spend threshold of $30,000. After that, you’ll get 2% back on all of them.

Because of Visa’s Fintech Fast Track initiative and its highly secure infrastructure, the Bitcoin Rewards Visa Credit Card is able to provide its novel Bitcoin rewards plan. Deserve, the innovative fintech behind the Deserve EDU student credit card, is behind this product, which is issued by Evolve Bank & Trust and powered by BlockFi, a major provider of bitcoin wallets.

No annual charge, no fees for overseas transactions, and a generous sign-up bonus are just a few of the benefits of this card. One major negative is that it subjects cardholders to the wildly fluctuating bitcoin market.

Important Characteristics

In July of 2021, Bitcoin Rewards Visa cards were made available to the public. First, you’ll need to open a funded BlockFi account before you can apply for this card. When you do, you’ll be eligible for a special initial account incentive of up to 250 satoshi (BTC) if you put in a total of $20,000 or more.

Once inside, it’s time to investigate the Bitcoin Rewards Credit Card in detail. It’s notable for a few reasons, such its substantial first deposit bonus and respectable rate of return on fiat currency investments.

Pre-Approval Procedure

There is no need to worry about a hard credit draw while applying for or receiving your initial credit card offer with the BlockFi Bitcoin Rewards Credit Card. However, a hard credit draw will be performed on all applicants who meet the eligibility requirements.

Rewards Rate

To the end of the year, get 1.5% back in BTC on all qualified fiat purchases and 2% back in BTC on all eligible purchases exceeding $30,000. At year’s end, you’ll start receiving 1.5% back in BTC once the spend dial is reset.

Redeeming Prizes

As long as your BlockFi account is active and in good standing, you will continue to earn rewards automatically.

BlockFi Offers

The BlockFi Offers rewards program makes it simple to earn up to 10% with participating stores, including a wide variety of well-known and independent names. Hundreds of stores are taking part, but some of the most well-known are Adidas, Shake Shack, H&M, Finish Line, Costco, Meta Quest, and Jared.

Significant Fees

Foreign transactions and yearly fees are both free. Fees associated with cash advances, balance transfers, and other activities are detailed in the terms and conditions.

Credit Required

You need a BlockFi account in good standing and a credit score of exceptional to be approved for this card.

Pros

There are several advantages to using the Bitcoin Rewards Visa Credit Card, such as the substantial bonus for new cards and the high rate of return on all purchases.

  1. There is no yearly charge. There is no yearly charge associated with the Bitcoin Rewards Visa Credit Card. That’s a significant perk compared to certain other premium rewards credit cards, some of which levy steep annual fees no matter how much money you put on the card.
  2. Investments in Fiat Currency Yield a Stable Return. If this card were denominated in real money, its flat, infinite return on spending would suffice. To the contrary, those who believe the price of the most popular cryptocurrency in the world will continue to climb would benefit greatly from the limitless 1.5% cash back in BTC below the $30,000 annual spend level.
  3. Spending more will yield greater rewards. If you use your Bitcoin Rewards card for annual purchases totaling $30,000, you’ll receive 2% cash back in BTC, an extra 0.5% on transactions made below the $50,000 annual spend level. Members who regularly put that much on their credit cards would appreciate this perk.
  4. Advantages of a BlockFi Savings Account. In order to save and accrue bitcoin rewards, each BlockFi Rewards Credit Card user must have a functional BlockFi Interest Account (BIA). In addition to the standard variable interest rate, BIA members receive an additional 2% APY on USD-backed stablecoin assets like as Ethereum and Bitcoin. Additionally, members receive a trading bonus of 0.25% on all qualified bitcoin trades, up to $500 in bitcoin, each month.

Cons

This card doesn’t have many drawbacks. The main risk is that it is dependent on the highly volatile cryptocurrency Bitcoin.

  1. Risky Exposure to a Digital Asset with Volatility Potential Everything that rises must eventually fall. Bitcoin has done well in recent years, but that’s no guarantee of future success.
  2. In light of the recent price fluctuations of Bitcoin, cardholders who are wary of investing in the cryptocurrency may prefer traditional rewards cards.

Bottom Line

Bitcoin lovers who want to spend more of their hard-earned money on Bitcoin may do so with the BlockFi Bitcoin Rewards Visa Credit Card. New cards can also benefit from a generous introductory incentive.

Let’s not kid ourselves into thinking that everyone is a good candidate for the BlockFi Bitcoin Rewards Visa Credit Card. This or any bitcoin rewards credit card is probably not for you if you are the sort that prefers to deal in fiat cash and conventional credit card rewards.

Those with excellent credit have access to a plethora of low- or no-annual-fee cash-back and travel-rewards credit cards, many of which have proven track records.

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