The BlockFi Bitcoin credit card no longer charges an annual fee – here’s what to consider if you’re thinking of applying

Crypto-curious investors can earn 1.5% back in bitcoin with the BlockFi Bitcoin credit card.

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The BlockFi Bitcoin Rewards Credit Card initially launched with an annual fee, but it’s been removed.
If you invest in and trade cryptocurrency, it may make sense to sign up for the waitlist.
Deciding whether to open a Bitcoin credit card relies on understanding the volatility of the market.

Read Insider’s guide to the best rewards credit cards.

Pay with your credit card, and pay yourself back in bitcoin – that’s the value proposition of the new BlockFi Bitcoin Rewards Credit Card, which has opened its waitlist to everyone. It’s the first-ever credit card that replaces the traditional cash-back or miles-and-points rewards structure with the ability to rack up the cryptocurrency that appears on Elon Musk’s Twitter bio.

All purchases earn 1.5% back in bitcoin. So, spend $100, and you’ll get $1.50 worth of bitcoin. If you spend upwards of $50,000 on the card, your earnings power jumps to 2% back in bitcoin. It’s a notable difference, but $50,000 is also a massive chunk of spending.

As you continue to see Bitcoin in headlines everywhere you turn, should you apply to have one of these cards land in your mailbox? Weigh these key considerations before adding your name to the waitlist.

We’re focused here on the rewards and perks that come with each card. These cards won’t be worth it if you’re paying interest or late fees. When using a credit card, it’s important to pay your balance in full each month, make payments on time, and only spend what you can afford to pay.

Does the BlockFi Bitcoin credit card have an annual fee?

No. When BlockFi first launched the card, it came with a $200 annual price tag. However, the company made a major change in late May by eliminating that fee. The move keeps BlockFi’s offering in line with other early entrants to the bitcoin credit card rewards race: Gemini’s card will not charge an annual fee when the waitlist period is over, and Upgrade’s recently announced card does not charge one, either.

Read more: The best cash-back credit cards in 2021

If you’re just considering the BlockFi Bitcoin credit card for the ease of earning bitcoin for your regular purchases, this sign-up bonus isn’t worth it. Instead, you’re better off looking for a cash-back credit card that charges no annual fee and using your cash to make your own purchase of bitcoin.

For example, the Chase Freedom Unlimited® currently offers a very attainable sign-up bonus of Chase Freedom Unlimited®. In addition, …read more

Source:: Business Insider


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