Press Release (ePRNews.com) - JERSEY CITY, N.J. - May 25, 2021 - BlockFi, a financial services company dedicated to building a bridge between cryptocurrencies and traditional financial and wealth management products, today announced 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. The latest updates are designed to make the cardholder experience even better.
First and foremost, BlockFi has 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 card abroad.
BlockFi 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.
Cardholders can also receive a wide range of other bonuses and opportunities to earn, including:
Stablecoin Bonus — Cardholders with stablecoin assets such as GUSD, PAX or USDC in a BlockFi Interest Account (BIA) can earn up to an extra 2% APY on top of the prevailing stablecoin APY. Over the first year of card membership, the stablecoin bonus will accrue based on cardholders’ average daily stablecoin balance.*
Trading Bonus — The BlockFi credit card makes trading on BlockFi even more rewarding. Cardholders who trade cryptocurrencies on the platform will earn 0.25% of their trading volume back in Bitcoin, up to a maximum of $500 in BTC every single month. Trade more, earn more bonus bitcoin — it’s that simple. Note: stablecoin-to-stablecoin trading is excluded from this bonus.
Refer-a-Friend Bonus — Cardholders who make successful referrals to BlockFi earn an extra $30 in Bitcoin for each friend they refer, on top of the base Refer-a-Friend program. With this bonus, clients can earn $40 in Bitcoin for each of their first four referrals and up to $50 in Bitcoin for each referral thereafter. Best of all, there’s no limit to how many referrals clients can make and how much in bitcoin referral bonuses they can earn.
“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,” said Zac Prince, founder and CEO of BlockFi. “And thanks to our partnership with Visa®, clients will enjoy the advantages of a product that can be used around the globe.”
On top of the rewards offered from BlockFi, cardholders will also receive a wide range of Visa® Signature Benefits, such as:
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 a best available rate guarantee, automatic room upgrade upon arrival (when available), VIP guest status, and more.
And that’s just the tip of the iceberg. Cardholders will also be able to take advantage of auto rental discounts, golf benefits, food and wine programs, and much more.
Note: Points will be redeemed monthly for cryptocurrency at the then-current market price(s), subject to applicable fees. Terms apply.
(1) 3.5% is an introductory offer that spans the first 90 days of card ownership, beginning on the date of card activation. The introductory offer is capped at $100 in bitcoin, which equates to approximately $2,857.15 of spend to earn an extra $100 in bitcoin. The boosted rate will pay out on the fourth month of card ownership.
*Calculated as the arithmetic average value of balances for USDC, GUSD and PAX at 23:59:59 Coordinated Universal Time (UTC) each day.
Disclaimer: Joining the waitlist to apply for the BlockFi Bitcoin Rewards Credit Card (“Card”) does not guarantee that you will be eligible to receive the card. Geographic, regulatory, and underwriting restrictions will apply. Fees and terms are subject to change, and additional terms of service will apply to the Card. Trading qualifications are dependent upon regulatory and geographical restrictions. Rates for BlockFi products are subject to change. Digital currency is not legal tender, is not backed by the government, and crypto interest accounts are not subject to FDIC or SIPC protections. Cryptocurrencies may lose value.
Media Contact for BlockFi:
Ryan Dicovitsky/Ellie Johnson Dukas Linden Public Relations BlockFi@DLPR.com
BlockFi is a new breed of financial services company. Founded in 2017 by Zac Prince and Flori Marquez, BlockFi 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 platform manages more than $15 billion in assets and has generated over $200 million in interest for clients. The company, headquartered in New Jersey with offices around the globe, continues to expand its presence in the United States and internationally.
Nothing contained in this announcement should be construed as a solicitation of an offer to buy or offer, or recommendation, to acquire or dispose of any security, commodity, investment or to engage in any other transaction. The information provided in this announcement is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to law or regulation. This announcement is not directed to any person in any jurisdiction where the publication or availability of the announcement is prohibited, by reason of that person’s nationality, residence or otherwise.
Neither BlockFi nor any of its affiliates or representatives provide legal, tax or accounting advice. You should consult your legal and/or tax advisors before making any financial decisions.
Digital currency is not legal tender, is not backed by the government, and crypto interest accounts are not subject to FDIC or SIPC protections. Learn more at BlockFi.com.
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