BlockFi is one of the crypto CeFi platform and currently has the only crypto credit card in existence. If you don’t know about BlockFi then you may want to read a quick synopsis on this blogpost regarding CeFi platform that provide free withdrawal.
Anyway, when BlockFi credit card was launched it initially offered a $250 signup bonus but also had a ridiculous $200 annual fee which wasn’t waived in first year either. Afterward, they removed the annual fee but with it went away the signup bonus as well. Now, they are offering a $75 signup bonus so let’s briefly talk about the card features:
Card features:
- 3.5% back in crypto during first 3 months
- 2% back in crypto on every purchase over $50,000 of annual spend
- 1.5% back on everything else
- as of November 17, 2021, you can now choose to earn cashback in BTC, ETH, LTC, or other 10+ crypto assets on BlockFi’s platform (previously all crypto cashback was paid in BTC).
- no annual fee
- no foreign transaction fees
- $40 referral link for cardholder [see refer a friend page on BlockFi]
Is $75 signup bonus a joke? Yes. Can you get better base earning than 1.5%? Yes (see “best credit card for everyday spend” on DoctorofCredit). is Evolve Bank and Trust (the issuer of the card) going to give you a better customer service than Discover or Amex? Unlikely. Does math support spending $50k on this card only to get 2% that you could get elsewhere? Nope (see “best card for …” on DoctorofCredit). Does this card even earn 1.5%? No, based on these two posts [1] [2] the actual crypto back, after 1% spread, turns out to be 1.485%. But will you be able to talk crypto bros out of applying for this card? Not even going to try.
If you’re super bullish on whatever crypto you will choose to earn as cashback, then use my link to signup for BlockFi. Who knows maybe your 1.5% cashback in BTC will turn into 10% cashback and maybe you will laugh at us all the way to the bank.
get $10 in BTC when you signup to BlockFi, fund your account, and maintain $100 of balance for 30 days.
https://blockfi.com/?ref=8f100f7c
Closing Thoughts
If you’re okay with having a crypto debit card then there are plenty of excellent alternatives for beginners like the “must have” 4% card from Coinbase or maybe even the BTC earning debit card from Fold.
Obviously, if you’re into buying expensive things at Walmart then 3.5% for 3 months might make this card worthwhile for you.
