BlockFi, the crypto-lending platform, has launched a Visa credit card offering 1.5-2% Bitcoin cashback for US customers.
The BlockFi Bitcoin Rewards Credit Card is officially here. https://t.co/van79ljtnM
— BlockFi (@BlockFi) July 6, 2021
The company first announced plans in December 2020. As of now, the waitlist has surpassed 400,000 people. BlockFi CEO Zac Prince expects the firm to meet its obligations to them by the end of July.
Cashback for BlockFi’s Rewards Visa Card holders will be 1.5% on every purchase. Rewards will rise to 2% for purchases over $50,000 per year. New customers can expect 3.5% back during the first 90 days or until the cashback amount reaches the equivalent of $100.
BlockFi has set zero annual fee. Foreign transaction fees are also waived. There is a 0.25% cashback on the merchant fees charged on the firm’s platform.
“Eleven years have passed since the first Bitcoin payment transaction. Our offer will mark a new milestone in the history of the industry. The card will make it easy to earn bitcoins simply by making everyday purchases,”, said Flori Marquez, co-founder and chief operating officer at BlockFi.
The crypto-lending platform has offered the option to obtain bitcoins without the need to register on an exchange or pay fees. It could attract customers and earn from the charges levied on each cardholder purchase, wrote Forbes.
“Cryptocurrency cashback programs are an effective way to engage consumers in the crypto economy,” commented Terry Angelos, vice president and head of Visa’s fintech division.
In the first half of 2021, Visa cryptocurrency cardholders spent more than $1 billion using them.
In April, the cryptocurrency exchange Gemini signed an agreement with Mastercard and WebBank to issue in the summer of 2021 a credit card with the possibility of earning cashback in Bitcoin or one of 30 other cryptocurrencies.
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