Crypto lending platform BlockFi has partnered with Visa Inc (NYSE:V) to launch a cryptocurrency rewards credit card to U.S. clients that have been on the waitlist.
What Happened: In an announcement yesterday, the lending platform said that the BlockFi Rewards Visa® Signature Credit Card would be available to the 400,000 customers that signed up for it in December 2020.
The cardholders will be able to earn 1.5% back in Bitcoin (CRYPTO: BTC) on every purchase they make, and a further 2% back in Bitcoin on every dollar spent over $50,000 annually.
Once these rewards are redeemed, they are transferred to the user’s BlockFi Interest Account, where it will earn more interest in crypto.
“Crypto rewards programs are a compelling way to engage consumers in the crypto economy,” said SVP and Global Head of Fintech at Visa Terry Angelos.
“We’re excited to see programs like the BlockFi Rewards Visa® Card, which offer rewards that are relevant to the growing community of digital currency adopters.”
The crypto rewards cards will also be accepted anywhere that Visa cards are accepted, entitling the holders to special upgrades and travel opportunities.
Read also: Major US Crypto Exchange Gemini Launches MasterCard Credit Card With Rewards
“The crypto industry has come a long way since the first Bitcoin payment transaction 11 years ago,” said Flori Marquez, co-founder and SVP of operations at BlockFi.
“Today, nearly everyone knows about the important role crypto plays in reshaping the financial space, and our new credit card is set to be another game-changer. This card will make it easier than ever for people to earn Bitcoin back while making day-to-day purchases.”
Earlier this year, another payment giant Mastercard Inc (NYSE:MA), partnered with crypto exchange Gemini to launch a crypto rewards credit card enabling holders to earn up to 3% back on purchases.
Both BlockFi and Gemini’s crypto rewards cards have no annual fees charged to holders.
Price Action: Bitcoin was trading at $34,596 at the time of writing, up 1.56% over the past 24-hours.
Visa shares were trading $239, down 0.13% at press time.
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