The NewYork based crypto lender blockfi just yesterday announced they will be offering a Bitcoin rewards credit card in their platform. If u don't have a blockfi account I recommend to sign up on it as they offer $10 bitcoin bonus when u sign up using my link and deposit $100 worth of crypto.

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What is blockfi?

For those of u who are new and doesn't know what blockfi is it is a crypto lending platform started in 2017 by Zar prince and Flori Marquez. With blockfi u can lend your digital assets to the company in return they will give u interest on your digital assets. the company was created with the goal of providing credit services to markets with limited access to simple products like a savings account. BlockFi sets itself apart from other cryptoasset service providers by pairing market-leading rates with institutional-quality benefits

. The company is the only independent lender with institutional backing from investors that include Valar Ventures, Galaxy Digital, Fidelity, Akuna Capital, SoFi and Coinbase Ventures. The BlockFi team consists of professionals with a deep bench of expertise across financial services and technology with offices in New York, New Jersey, Poland, and Argentina. Additionally, Gemini Trust Company, LLC, a New York trust company regulated by the New York State Department of Financial Services, is BlockFi’s primary custodian.

Lets take a look at their credit card

Dec 1 they announced that they will be providing blockfi credit cards to all US based customers at first later to the rest of the world. U can join the waiting list for the blockfi bitcoin rewards credit card if u are using blockfi and your account is funded if not u can start a new blockfi account.

yesterday they just shared the key metrics of the card such as the card design, key economic terms and roadmap for the BlockFi Bitcoin Rewards Credit Card.

How the card works?

The way the card works is very similar to the traditional credit card with one small difference all your cashback u earn in USD will be converted into Bitcoin on regular monthly cycle. Currently it offers the highest ever bitcoin cashback credit card with upto 1.5% cashback on every purchases.

All major retailers accept the card as they have partnered with VISA for this. You can spend your provided credit limit with the card and if u pay your statement balance on time you won’t be charged any interest on the balance. The credit limit varies depends on the person at the time of announcement they didn't mentioned the minimum and maximum credit limit but speculations suggest that it will be between $5,000 to $25,000.

They are also Offering a $250 sign up bonus in bitcoin after spending $3000 or more on the card within the first 3 months. The card will have an annual fee of $200. After launching the product, we plan to add more features and offers over time, including new benefits both on and off BlockFi’s platform.

Advantage of using blockfi credit card

• Its the first and only credit card to feature bitcoin logo prominently on a physical card.

• The 1.5% cashback on bitcoin is the highest ever bitcoin cashback awarded by a credit card

• The $250 bonus in bitcoin returns $50 in bitcoin above the $200 annual fee after spending $3,000 on the card in your first three months. 

Disadvantages of using blockfi credit card

• This is more like to the traditional credit card system with what bank offers nothing new nothing different they just provide cashback on btc.

• The cashback on btc will not also converted immediately it will be converted on the month end cycle is such a case if btc price rises 10 fold your cashback will not get as much btc as u would hope to.

• Very very high fee of $200 per yr many competitors like crypto.com(u also get $25 USD when u sign up)which also offers credit card for free just free.

• They didn't announced the interest rate for your credit card loan which I think may be high as most people tend to pay lately.

• The offer of $250 in btc after spending $3000 is a very high target in three months most people cant spend that much money and if u dont u will paying the $200 fee full.

• After the first yr they didnt mentioned of any promo like this $250 so starting next annual cycle u will need to pay $200 fee which once again its very high.

Don't get me wrong here I do love lending to blockfi as the app has more features also backed by many institutional Investors and also offer a competitive lending rate.

But when it comes to this credit card I don't like what they are doing. Just look at what crypto.com is doing they are offering insane cashback and other bucket load of features for free and also more when u stake CRO tokens.

I hope this article is helpful to u, I would like to hear your thoughts on this. If u have any doubt about investing or if u want my thoughts about a particular project pls comment down below.

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