Crypto Debet Cards

What is the BlockFi Card?

The card functions similarly to a cash-back card, with the exception that it is used to automatically purchase cryptocurrency every month. It's worth mentioning that you won't receive your crypto rewards in real time, which means you won't be able to timing significant purchases to coincide with when your favorite cryptocurrency is selling at a decent price.

What are the benefits of BlockFi Card?

The BlockFi Rewards Visa Card is worth considering if you're wanting to diversify your crypto portfolio or are interested in investing in crypto. This card works similarly to a cash back credit card in that it allows you to receive rewards on purchases. Your incentives, on the other hand, are offered in cryptocurrency and deposited to your BlockFi Wallet. You can then keep your coins, exchange them for another cryptocurrency, sell them, or move them to a new wallet.

This card differs from other crypto credit cards in that you have complete control over your crypto assets. The Upgrade Bitcoin Rewards Card, for example, gives you 1.5 percent back in Bitcoin, but you can't transfer it to another wallet or crypto exchange.

While there is no standard welcome offer with the BlockFi Rewards Visa Card, earning 3.5 percent back in bitcoin for the first 90 days (limited at $100) is a nice bonus. If you're a big spender, you can get 2% back in bitcoin after spending at least $50,000 on purchases in a cardmember year.

What are the drawbacks of BlockFi Card?

The rewards structure, for example, is one of the card's main drawbacks. Crypto, unlike cash back or even points and miles incentives, can fluctuate in value from day to day. For example, in October 2021, the price of a single Bitcoin soared to over $60,000, only to plummet to less than $37,000 by the end of January 2022. This means that anyone who earned bitcoin using the BlockFi Rewards Visa Card in 2021 saw the value of their rewards plummet by approximately 40% in a short period of time.

Of course, you only lose that money if you sell, and many users are holding on to their Bitcoins while waiting for the price to rise again. In either case, investing in cryptocurrency is risky, and the value of your rewards can fluctuate over time.

Another disadvantage of this card is the 1.5 percent cash back rate, which is lower than what many other cards provide. You can only receive 2% back on the BlockFi Rewards Visa Card if you spend at least $50,000 on it within a year. Each cardmember year, the earning rate "resets," thus you'll have to fulfill this spending threshold every year.

If you chose a 2% cash back card that allows you to redeem points for cash back, you could start earning that rate right now and invest in cryptocurrency on your own terms.

What are the limitations of BlockFi Card?

This card, unlike regular credit cards, has a geographical restriction. While the terms and conditions contain no particular limitations, they do note that bitcoin regulations are fast changing, and that the BlockFi online platform may not be available in your state. At this time, there is no current list of qualified states available. Furthermore, the terms and conditions specify that if you visit the online platform from outside the US, "you do so at your own risk and are responsible for complying with the applicable laws of the nation or territory where you may be located." The card does not allow you to add an authorized user, make balance transfers, or take cash advances.

Website

Visit the official wallet website, which contains detailed valuable information about it. You'll also find here answers to frequently asked questions, various support tools, or interesting news and articles.