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Here are my honest thoughts on the new BlockFi Bitcoin Credit Card:
1. 1.5% Unlimited Cash Back in Bitcoin.
In order to be eligible to receive that reward, you’ll need to first have a BlockFi account – which is basically just an interest-bearing account where they hold on to your cryptocurrencies, and pay YOU back with up to 9.3% interest, depending on what you keep on their platform. But CashBack is nothing new, and other cards offer you much higher reward.
2. A $250 BItcoin Signup Bonus when you spend $3000 in the first 3 months.
In my opinion, a $250 signup bonus for spending $3000 isn’t all that good on a card that only gives you 1.5% cash back, and other cards offer better signup bonuses without the $3000 spend.
3. They’ll give you a 3.5% BONUS for months 4-6 – BUT they cap the reward at $100.
4. They’ll give you an extra 2% interest on your daily stable coin balance, up to $200 per year.
For those unaware, a stable coin is just a cryptocurrency that’s “pegged” to the US dollar – so, $1 USD is always going to get you $1 worth of the stable coin, and vice versa. If it were me, personally…I probably wouldn’t want to keep much money in a Stablecoin…I’d rather just keep it in cash or throw it in Bitcoin.
5. They’ll give you 0.25% back in Bitcoin on all eligible trades, up to $500 per month.
Unfortunately, trading is disabled for myself, because it’s ONLY ALLOWED in a few select states that – chances are, you don’t live in, so this doesn’t even apply to you.
6. And this is where it gets really good – they’ll give you $30 in bitcoin for every client referral, on TOP of the base Refer-a-Friend program….and that’s A LOT.
The base refer a friend program gives you $10 for every friend you refer who deposits $100 or more to their blockfi interest account. But, when you refer 5 friends…your bonus jumps to $20. That means, you could literally be getting $50 for every person you refer who gets the credit card and deposits $100 in a BlockFi account, which is a TON of money.
7. BUT…all of this comes with a $200 annual fee. That’s why this card is a no-go for me based on the rewards this has to offer.
Compare that to other credit cards like the Chase Freedom Flex which gives you a $200 sign up bonus, up to $300 in rewards on select categories, plus unlimited 1-3% on everything else…that EASILY comes out ahead, without an annual fee. The Citi DoubleCash also comes out ahead in the second year, paying you back $480 since it doesn’t have an annual fee.
If they removed the annual fee – SIGN ME UP! But as is – I’ll pass.
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*Some of the links and other products that appear on this video are from companies which Graham Stephan will earn an affiliate commission or referral bonus. Graham Stephan is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available.