Overview of BlockFi Card
The BlockFi Card is a crypto-backed credit card that allows users to spend their cryptocurrencies without having to sell them. The card is issued by Evolve Bank & Trust, a member of the FDIC, and is available to residents of the United States. The BlockFi Card offers a number of benefits and rewards, including:
- Up to 2% cashback in crypto on all purchases
- No annual fee
- No foreign transaction fees
- A generous credit limit
Rewards
The BlockFi Card offers a number of rewards, including:
- Up to 2% cashback in crypto on all purchases
- A $250 bonus in crypto when you spend $3,000 in the first three months
- A chance to earn additional rewards through BlockFi's referral program
Earning Rewards with BlockFi Card
The BlockFi credit card rewards its users with a variety of perks, including cashback and cryptocurrency rewards. These rewards can be redeemed for a variety of options, including statement credits, gift cards, and cryptocurrencies.
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The card offers a tiered rewards system, with different rewards rates for different spending categories. The highest rewards rate is earned on purchases made at select partners, such as Amazon and Uber. The card also offers a competitive rewards rate on all other purchases.
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Redeeming Rewards
Rewards earned with the BlockFi credit card can be redeemed for a variety of options, including:
- Statement credits
- Gift cards
- Cryptocurrencies
To redeem rewards, cardholders can log in to their online account or call customer service.
Using BlockFi Card for Cryptocurrency Purchases
The BlockFi Card can be used to purchase cryptocurrencies directly, providing a convenient way to add to your crypto portfolio. When you make a cryptocurrency purchase using the card, the transaction is processed through the BlockFi Exchange. The exchange rate used for the transaction is determined by the market price of the cryptocurrency at the time of the purchase, plus a small spread.
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Fees and Exchange Rates
When you use the BlockFi Card to purchase cryptocurrencies, there are two main fees to consider:
- Transaction fee: A small fee is charged for each cryptocurrency purchase. The fee varies depending on the cryptocurrency being purchased.
- Spread: The spread is the difference between the market price of the cryptocurrency and the price at which you purchase it using the card. The spread is typically a small percentage of the transaction amount.
It's important to note that the fees and exchange rates for cryptocurrency purchases using the BlockFi Card may change over time. You should always check the latest rates and fees before making a purchase.
Managing BlockFi Card Account
Activating your BlockFi Card is a straightforward process. Simply follow the instructions provided in the welcome email or app notifications. Once activated, you can manage your card account through the BlockFi mobile app or website. The BlockFi Card is equipped with robust security features to protect your funds. These include:- Two-factor authentication (2FA) for added account security.
- Real-time fraud monitoring to detect and prevent unauthorized transactions.
- Chip and PIN technology for enhanced security at physical payment terminals.
Comparison with Other Crypto Cards: Blockfi Card
The BlockFi Card stacks up well against other popular crypto cards in the market. Here's a detailed comparison:
| Feature | BlockFi Card | Crypto.com Card | Binance Card |
|---|---|---|---|
| Rewards | Up to 2% in BTC | Up to 8% in CRO | Up to 8% in BNB |
| Fees | No annual fee, no transaction fees | Annual fee of $50-$5,000, transaction fees of 2.99% | Annual fee of $75, transaction fees of 4.5% |
| Supported Cryptocurrencies | BTC, ETH, LTC, USDC, GUSD | BTC, ETH, LTC, CRO, USDC, USDT | BTC, ETH, BNB, BUSD, USDT |
As you can see, the BlockFi Card offers competitive rewards, low fees, and a wide range of supported cryptocurrencies, making it a top choice for crypto enthusiasts.
Pros and Cons of BlockFi Card
The BlockFi Card offers a unique combination of rewards, flexibility, and security, but it also has some drawbacks to consider. Here's a detailed overview of its advantages and disadvantages:
Advantages:, Blockfi card
- Generous rewards: The BlockFi Card offers up to 2% in Bitcoin rewards on all purchases, with no annual fee or minimum spending requirements.
- Flexibility: Cardholders can choose to redeem their rewards in Bitcoin or use them to offset their monthly card balance.
- Security: The BlockFi Card is issued by Visa and offers the same level of protection as other Visa cards, including fraud protection and zero liability for unauthorized purchases.
- No annual fee: Unlike many other crypto cards, the BlockFi Card has no annual fee, making it a more affordable option for those who want to earn rewards on their cryptocurrency purchases.
- Easy to use: The BlockFi Card can be used anywhere Visa is accepted, making it convenient for everyday purchases.
Disadvantages:
- Limited availability: The BlockFi Card is currently only available to residents of the United States.
- Lower rewards rate: The BlockFi Card's rewards rate of up to 2% is lower than some other crypto cards, such as the Crypto.com Card, which offers up to 8% back in CRO.
- Inactivity fee: The BlockFi Card has an inactivity fee of $5 per month if it is not used for at least one transaction within a 6-month period.
- Potential for volatility: The value of Bitcoin can fluctuate significantly, so the rewards earned with the BlockFi Card may be subject to volatility.
Eligibility and Application Process
To qualify for a BlockFi Card, you must meet the following requirements:
- Be a legal resident of the United States.
- Be at least 18 years of age.
- Have a valid Social Security number.
- Have a good credit score.
Once you meet these requirements, you can apply for a BlockFi Card by following these steps:
Application Process
- Visit the BlockFi website and click on the "Apply" button.
- Complete the online application form.
- Submit your application.
BlockFi will review your application and make a decision within a few days.
Customer Support and Resources
BlockFi Card users have access to various customer support channels for assistance with their accounts and transactions. The BlockFi support team can be contacted through the following channels:- Email: users can send their inquiries to support@blockfi.com.
- Live Chat: a live chat option is available on the BlockFi website, allowing users to connect with a support agent in real-time.
- Phone: BlockFi provides phone support at +1 (855) 433-7344, available Monday through Friday from 9:00 AM to 5:00 PM EST.