Cryptoasset-to-USD lender BlockFi announced on Wednesday it has updated benefits and changes to the BlockFi Rewards Visa® Signature Credit Card, which pays cardholders 1.5% back in Bitcoin on every purchase they make anywhere Visa is accepted.
BlockFi revealed it decided to eliminate the annual fee for the BlockFi Rewards Visa Signature Credit Card. In addition, there are no foreign transaction fees, so travelers can feel free to use their cards abroad. The company is also increasing the introductory earnings rate for cardholders.
“Clients who are approved for the card will now receive a 3.5% Bitcoin rewards rate for the first 90 days(1). In addition, there will be a new rewards tier: cardholders will earn 2% back in Bitcoin on every dollar spent over $50,000 annually. Applicants can see if they’re pre-approved without impacting their credit score before they apply.”
Speaking about the card’s benefits and changes, Zac Prince, founder and CEO of BlockFi, stated:
“Our new credit card is going to be a major disruptor in the crypto industry, making it easier and more convenient than ever before for anyone to earn Bitcoin while engaging in day-to-day transactions. And thanks to our partnership with Visa, clients will enjoy the advantages of a product that can be used around the globe.”
Cardholders will also receive a wide range of Visa Signature Benefits:
- Auto Rental Collision Damage Waiver: Cardholders will receive auto rental coverage for physical damage, vandalism, theft, reasonable towing, and more.
- Travel and Emergency Assistance Services: Cardholders will be connected to the right resources to help resolve a wide variety of travel emergencies.
- Concierge: Cardholders will receive help to research and book travel, make dining reservations, find event tickets, and even help with shopping.
- Luxury Hotel Collection: Cardholders get “best” available rate guarantee, automatic room upgrade upon arrival (when available), VIP guest status, and more.
Founded in 2017 by Zac Prince and Flori Marquez, BlockFi stated it is building a bridge between cryptocurrencies and traditional financial and wealth management products to advance the overall digital asset ecosystem for individual and institutional investors. BlockFi’s also revealed its platform manages more than $8 billion in assets and has generated tens of millions in crypto interest for clients.