Visa Inc. (NYSE:V) has partnered with crypto-financial tech company BlockFi to introduce a Bitcoin Reward Credit Card in Spring 2021 for US residents except for those in New York. Evolve Bank & Trust will issue the card, and Deserve will be the card’s technology and program management partner.
Customers to earn rewards in BTC
The Bitcoin Rewards Credit card will make it possible to earn bitcoins. Currently, debit cards by Fold and Coinbase offer BTC rewards, but now it will be possible for credit card holders to earn crypto instead of miles or points. BlockFi indicated in a statement that they are delighted to announce the innovative product that has been under development for some time. The statement added that this would be the first credit card allowing users to earn BTRC back with each purchase.
For every transaction a cardholder will make, they will be eligible for a 1.5% cashback, automatically converting into BTC and placed into the user’s BlockFi account per month. Most importantly, since earned BTC from the transaction is deposited into the user’s BlockFi account, it is taken as a standard cryptocurrency funding, which can earn interest, withdrawn traded, and even used as collateral towards a cryptocurrency-backed loan.
BlockFi offering $250 signing bonus for BTC credit card
BlockFi is currently offering a $250 signup bonus in BTC after spending more than $3,000 on the card in the first free months. Interestingly the BTC rewards credit card carries an annual fee of $200. Unfortunately, the company has for now not provided other details such as fees, card rates like its foreign transaction fee, and APR. Current BlockFi customers having funded BlockFi Interest Accounts can sign up on the waiting list that will be open until January 2021.
Besides BlockFi, Fold is also partnering with Visa to launch a BTC reward card. They have touted the Fold Card as the first BTC rewards card, and it is in beta currently, and interested customers can join its waiting list. It is important to note that the Fold Card is a debit card.