By Shelly Melancon (Switzerland)
BlockFi’s bitcoin credit card reward is now available. BlockFi is a crypto loans and savings outfit based out of New York. While BlockFi’s new service is currently available to a waitlist of customers, it is only a matter of time before it becomes available to all BlockFi customers.
Visa and BlockFi made a disclosure about the card late last year and named it “BlockFi rewards visa signature credit card.”
BlockFi Scraps Yearly Fee
Instead of receiving cashback rewards such as airline miles, the signature card offers eligible cardholders 1.5% bitcoin rewards, and the card can be used at any approved visa location. Users can transfer their bitcoin rewards to their BlockFi account.
Initially, BlockFi planned to charge a $200 yearly fee for the card’s use. But the company decided against that two months ago and revealed that cardholders wouldn’t pay any fee, whether annually or monthly. Any cardholder that spends more than $55,000 annually will become eligible for a 2% bitcoin reward.
Suppose a cardholder’s total expenses for the year is $70,000. They will receive the 2% of $70,000 ($1,400) in bitcoin. While BlockFi’s card is issued by evolve bank & trust, it also offers other crypto-related card benefits such as referral and trading bonuses.
Visa Wants to Remain The Leader In Global Payments
Visa’s senior vice president, who doubles as the global head of FinTech, Terry Angelos, remarked that “crypto reward initiatives are attractive ways of welcoming members into the crypto space. Hence, Visa is thrilled to see more companies use them.”
Also read:Flori Marquez, BlockFi’s co-founder, further said, “the evolution of the financial market by virtual assets is obvious. Our card allows users to make their purchases easily and even earn bitcoin rewards for doing so.”
Visa’s positive stance with the cryptocurrency space is well known as the payment services behemoth seeks to expand its payment service offerings to include digital currencies. This expansion into cryptocurrency services will help the company achieve its objective of remaining a leader in the global payment space.
Other Bitcoin Cashback Rewards
There have been other bitcoin cashback rewards recently. Last month, mode global holdings partnered with the Hut Group (THG) to offer a bitcoin-incorporated payment option for online shoppers on the hut’s eCommerce website.
Mode’s mobile app will be deployed on more than thirty-five THG brands within the next year, beginning from September this year with two THG products – LookFantastic and Myprotein. Users can enable mode payments by scanning a QR code or choosing the “pay with mode” option on checkout. The payment processing is instant once there are sufficient funds in their account.
Users with eligible purchases will receive their bitcoin rewards as all payments are authorized in real-time via biometric security and user authentication.
Mode’s chief executive, Ryan Moore, remarked, “our partnership with THG is a huge milestone for us. THG is well known for bringing brands directly to end-users regardless of their location. We are convinced that this partnership is for good and will help us hasten our market growth and penetration to serve more clients in the UK and other regions of the world.”
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