Connect with us


BlockFi Credit Card Review: Is $1,250+ worth it?

If the BlockFi credit card is the first bitcoin credit card you’re thinking of applying for, you’re not alone; the cryptocurrency credit card category is very new and few people are using crypto cards over legacy credit cards.

BlockFi’s gist is simple: upon approval, you get a credit limit in USD and get 3.5% cashback in bitcoin on every purchase in the first 3 months, and then 1.5% on all purchases after.

It’s a credit card, not a debit card with perks like some of its competitors.

The card no longer has a $200 annual fee. The variable interest rate is between 14. 99% and 22. 99% on outstanding balances.

The bitcoin rewards are transferred to your BlockFi Interest Account (BIA) every month and immediately start accruing interest. So, let’s say you spend $3,333 in August and earn $50 in bitcoin- your BTC would immediately start earning 6% APY in the interest account, earning you an extra $3 if held for the full year.

Three dollars doesn’t sound like much to do a backflip, but the possibility to earn interest in cryptocurrency is an exciting development of the cryptocurrency market. You also get a 2% APY boost on stablecoins in BIA.

The BlockFi Credit Card is currently on waitlist but started shipping orders in July 2021.

The card comes with solid perks that can be used for cryptocurrency or not.

Note: Check out our BlockFi review for a detailed analysis of its cryptocurrency interest account.

Quick Facts:

  1. Sign-up Bonus: There are no sign-up bonuses at the time of writing.
  2. Annual Fee: None
  3. Other Perks: Increased stablecoin APY on interest accounts and trading bonuses.

BlockFi Company Bio: A Quick Look

BlockFi is a New Jersey-based company that focuses on cryptocurrency lending and borrowing founded in August 2018. It has over 265,000 retail and 200,000 institutional clients, with reported monthly revenue of $50 million, as of March 2021.

Led by Zac Prince and Flori Marquez, the company saw a rapid acceleration in both user growth and funding in Q4 2020 and Q1 2021. It raised the bulk of its $508.7 million total funding in a $350 million Series D in March 2021; reputable firms like Valar Ventures, Winklevoss Capital, Kinetic Capital, Galaxy Digital, Pomp Investments, and ConsenSys Ventures have invested in BlockFi.

BlockFi Credit Card Perks:

The BlockFi card

The BlockFi card (source: BlockFi)

BlockFi’s credit card is straightforward: you get 1.5% back in bitcoin, deposited in your BlockFi Interest Account, on every purchase. It doesn’t have any categories, it’s a general 1.5% back.

The credit card is currently on waitlist but has started shipping. Register soon to reserve your place. You can always sign up for the interest account.

The BlockFi credit card offers the same benefits as Visa Signature cards: no international transaction fees and roadside dispatch. It also provides travel emergency services.

1.5% offers the highest base bitcoin reward rate. However, some cards offer higher percentages (we’ve seen up to 20%) if shopping with specific merchants, such as earning 9% back when buying from Dominos.

There are some notable bonuses for the first year that come with the card. We’ll discuss them below.

BlockFi Credit Card Bonuses: Earn up to $1,000 in Crypto Bonuses

The BlockFi credit card offers several sign-up bonuses as well as ways to make money.

Sign Up Bonus: There isn’t currently a sign-up bonus; the beta version of the card hinted at a $250 bonus, but the company has since decided to remove it (and the $200 annual fee. )

BlockFi offers an additional spending incentive called the Bitcoin Rewards Rate Bonus: Cardholders using the card for three months will see a 2% increase in their bitcoin rewards (from 1.5% to 3.5%) for the following three months. This bonus caps out at $100 in bitcoin by the end of the 6th month.

The other credit card bonuses are incentives for users to immerse themselves with the BlockFi ecosystem, such as depositing stablecoins into the BlockFi Interest Account, trading crypto on the platform, and referring friends.

Stablecoin Bonus: Cardholders that also have stablecoins like USDC and GUSD in their BlockFi Interest Account (see our BlockFi review here) can earn an additional 2% APY on top of the current stablecoin APY after the annual card renewal, up to a $200 total.

If BlockFi’s stablecoin rates remain at the current 8.6%, BlockFi credit cardholders will be able to earn up to 10.6% APY on their stablecoin deposits.

According to BlockFi, the stablecoin bonus percentage will accrue based on the cardholders’ average daily stablecoin balance. This bonus is capped at $200, and cardholders must renew to earn this payout.

Trading Bonus: BlockFi credit cardholders will earn 0. 25% of their trading volume back in bitcoin, up to a $500 maximum per month. This bonus does not apply to stablecoins.

Bonuses from BlockFi's credit card landing page

Bonuses from BlockFi’s credit card landing page

BlockFi Credit Card Fees:

The BlockFi credit card initially launched with a $200 annual fee, but it has since removed the fee.

Outstanding balances are liable to be charged a variable interest rate between 14. 99% and 22. 99%, which is pretty standard for most credit cards.

How to Max Out Your BlockFi Credit Card Bonuses

The BlockFi credit card offers some unique bonuses and some require using the BlockFi Interest Account.

We took the time to save you from having to solve Sudoku to figure out how to maximize your BlockFi bonuses.

Start Month 1: BlockFi credit card. You don’t need to hurry to reach your spending limit, as there’s no signup bonus. You will receive 3.5% in bitcoin for every dollar you spend within the first three months. Then, 1.5% after that.

End Month 3: Every dollar you spend will earn you 1.5% in bitcoin

The real meat of this card is how it works with the BlockFI Incentives Account.

– Log in to the BlockFi Interest account:

By including stablecoin deposits in the BlockFi Interest Account (BIA), which earns a 2% lift over the 8.6% APY with the card, we can earn up to $1,060 in stablecoin interest over the one-year period.

The BlockFi Interest Account

The BlockFi Interest Account (source: BlockFi)

  1. $5,000 in stablecoin deposits in the BIA will get you $100. The standard 8.6% rate will get you $430 for the annual period, at a stablecoin interest total of $530.
  2. $10,000 in stablecoin deposits in the BIA will get you $200. The standard 8.6% rate will get you $860 for the annual period, at a stablecoin interest total of $1,060.

With all the steps followed above, you’ll get around $1,000 to $1,530 in your first year of using the BlockFi credit card in bitcoin and stablecoin interest.

This is enough for us as customers. Trading on BlockFi (0.) can help more motivated customers make more money. 25%) and referring friends ($30 per referral.) These options were not included in our calculations, for simplicity and ease. The chart below shows two possible scenarios from BlockFi.

BlockFi Credit card bonuses maxed out (source: BlockFi)

BlockFi Credit card bonuses maxed out (source: BlockFi) – note the $250 sign-up bonus is no longer active.

If you decide to go all out in the BlockFi ecosystem by spending an average of $3,500 per month, holding $10,000 in stablecoins, trading $13,333+ per month, and referring 10 people, you can earn a maximum of $1,000 in bitcoin and stablecoins bonuses in your first year, as well as an additional $860 in stablecoin interest generated by the BIA, and $630 in bitcoin rewards from the flat 1.5% rate.

  1. Bonus Total: $1,000
  2. 1.5% bitcoin rewards rate ($3,500 per month): $630
  3. Stablecoin interest ($10,000 at 8.6% APY): $860

Total Amount Earned with the BlockFi Credit Card and Interest Account in One Year: $2,490

How to Sign Up for the BlockFi Credit Card

The card hasn’t launched yet and potential applicants can sign up for the waitlist. Seeing as the card’s perks require an Interest Account as well, it’s worth opening one now to familiarize yourself with the ecosystem and cryptocurrency interest accounts in general.

Here’s how to open a BlockFi Interest Account:

  1. Go to the BlockFi website. CoinCentral readers can get up to $500 as a sign-up bonus for this account alone, as well as the credit card bonuses listed above once available and if approved.
    1. Earn $15 with a $200 deposit
    2. Earn $20 with a $500 deposit
    3. Earn $40 with a $1,000 deposit
    4. Earn $75 with a $5,000 deposit
    5. Earn $150 with a $10,000 deposit
    6. Earn $250 with a $20,000+ deposit
  2. Hit the “Sign Up” option in the homepage slider, or “Get Started” in the menu.
  3. Enter your email and make a password to create your account.
  4. Enter the verification code sent to that email.
  5. Once logged in, select “Deposit” to verify your identity and make your first deposit.
  6. Enter your personal information for verification (part 1)
  7. Upload a form of ID such as a passport, driver’s license, or ID card and wait to be approved.

BlockFI's BIA incentives

BlockFI’s BIA signup incentives (source: BlockFi)

Is the BlockFi Credit Card Worth It?

With a 1.5% flat rewards rate paid back in BTC, the BlockFi credit card makes for a great addition to your credit card arsenal. This is a great way to increase your bitcoin exposure. The BlockFi team removed the $200 annual fee, which really caps the bulk of the initial downside of the product.

Pros: What’s Great About the BlockFi Credit Card?

  1. Increased exposure to bitcoin without having to buy bitcoin. 1.5% on everything adds up.
  2. It’s an excellent introduction to cryptocurrency interest accounts. The BlockFi Interest Account is much more valuable than the card, so if this is your first exposure to it, it’s worth diving in and doing a bit more research on how it works- check out our BlockFi review.
  3. First-year perks are solid: The BlockFi team engineered the first-year perks to get users involved and engaged with the ecosystem, and the dollar amount earned is very competitive; it beats most legacy credit cards.
  4. Supporting the cryptocurrency ecosystem: This final point shines a bit more optimistic, but by using something like a cryptocurrency credit card, you’re encouraging more innovation in the cryptocurrency space.

BlockFi’s rates as of 6/14/2021

Cons: What We Think BlockFi Could Do Better.

  1. Drop off in value after year 1: The first year with the card comes with an array of bonuses and ways to earn cryptocurrency. We expect new perks and features to be revealed as this is a brand new product.

BlockFi credit card

BlockFi’s newest product, the BlockFi Credit Card (source: BlockFi)

Final Thoughts: Is the BlockFi Credit Card Legit?

We are bullish on cryptocurrency credit cards and believe that BlockFi will be a strong example for cryptocurrency companies entering personal finance.

The first year is loaded with enough bonuses for you to sign up. This card can also be used with the cryptocurrency interest account.

To sign up for the BlockFi Credit Card waitlist you can do so here.

Credit card waitlist

Our spot in the credit card waitlist!

Whatever you decide to do, we hope that this BlockFi credit card review has helped outline the landscape and your options. Our opinions and content are written independently. We are proud of that fact. This is not financial advice or an endorsement.

CoinCentral’s Score

Read More

Continue Reading
Advertisement I show You how To Make Huge Profits In A Short Time With Cryptos!
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *


Mint-free OKX Football Cup NFTs for group stage games enter the second round

The second round of group-stage games at the FIFA World Cup 2022 began today. Users can still mint free OKX Football Cup NFTs until the FIFA 2022 Group stage ends Get a chance to redeem stakes and collect rewards by December 20. FIFA World Cup group stage games enter the second round The second round…

  • The second round of group-stage games at the FIFA World Cup 2022 began today.
  • Users can still mint free OKX Football Cup NFTs until the FIFA 2022 Group stage ends

  • Get a chance to redeem stakes and collect rewards by December 20.

FIFA World Cup group stage games enter the second round

The second round of the group stage games for the FIFA World Cup in Qatar is underway. There were some big upsets in the first round, with Saudi Arabia winning against Argentina and Germany losing against Japan.

The second round of games started today and the chances for the host nation to qualify for the knockout round are virtually nonexistent.

You have the chance to get OKX Football NFTs for free as the world cup continues. A week ago, crypto exchange OKX announced the launch of its NFT Football Cup.

The OKX Football Cup is part of the crypto exchange’s ‘The OKX Football Festival,’ and it is giving millions of fans around the world the opportunity to earn from a great prize pool.

With this competition, users can mint free NFTs of their preferred teams and use the NFTs to predict matches and stand a chance to win huge prizes.

NFT minting will end after the group stages

The free minting of the NFTs began on November 21st and will end on December 3rd. All users can participate in minting as long as there are group stages. Users must stake 0.01 for each mint. 01 ETH. You can create up to three teams prior to the group stage. With the first round of games producing some shocking results, you can look at the tables so far and partake in the OKX Football Cup.

Each match offers a fixed prize pool of 20,000 USDT. OKX revealed that it adds 10 USDT for every NFT minted, thus, growing the prize pool.

As an NFT owner, you will earn a share of the $20k in USDT if your team wins a match. However, when the teams draw, each side will share $10,000 in USDT

Participants will also have the option of redeeming their full stakes at the completion of the OKX Football Cup.

Share this article


Read More

Continue Reading


BNB recovers above a critical level. Do we need to wait for another bullish push?

Binance token rose by 17% on Wednesday. The crypto exchange has announced the sale of HOOK tokens on Binance Launchpad. BNB eyes $330 next and is a buy on a retracement As Binance coin (BNB/USD) slipped below $266, it signalled the start of a bearish market. Since July, BNB has maintained the level and any…

  • Binance token rose by 17% on Wednesday.

  • The crypto exchange has announced the sale of HOOK tokens on Binance Launchpad.

  • BNB eyes $330 next and is a buy on a retracement

As Binance coin (BNB/USD) slipped below $266, it signalled the start of a bearish market. Since July, BNB has maintained the level and any decline below could have given bears complete control. However, it is now not the case as BNB trades at $295, well above the crucial level. It is possible that cryptocurrency may be heading for the next level. What happened then?

The gains in BNB happened after November 23 cryptocurrency news. BNB’s price rose by 17% on the day after the exchange announced the Hooked Protocol (HOOK) token sale on Binance Launchpad. This is the 29th project launching on Binance Launchpad.

According to the announcement, the token sale will occur through a lottery and conclude on December 1. 25 million HOOK coins have been allocated to the launchpad, equivalent to 5% of the total supply.

This latest development comes as Binance continues to reassure users following the collapse of FTX. Binance announced Thursday that it would contribute $1 billion to help protect crypto-related firms. Binance has committed to increasing this amount if necessary and will look to include traditional financial institutions. This fund is the result of a series of measures that are designed to ensure users have sufficient reserves in case of a crypto confidence crisis.

BNB price action as token hits a 2-week high

BNB/USD Chart by TradingView

BNB rose from a low of around $250 to a 2-week high of $303. The $266 has been re-established as the immediate support for the cryptocurrency.

A bullish MACD crossover was initiated after the bullish push. The RSI also moved above its midpoint, which suggests that BNB has attracted a lot more buyers since the breakout. The cryptocurrency is consolidating ahead the next move.

Should you buy BNB now?

Buyers may not be done with BNB, with the area around $330 and $360 as the next target. However, if intending to buy BNB, wait for some correction to snap it lower. This consolidation could lead to a correction before the next bullish leg.

Where to buy BNB


eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users have the ability to connect with, learn, copy, or get copied from other users.

Buy BNB with eToro today


Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600.

Binance is known for its low trading fees and multiple trading options. These include margin trading, peer-to-peer, spot trading, and margin trading.

Buy BNB with Binance today

Share this article



Read More

Continue Reading


Bitcoin Mining Pool Suffers $3 Million Cyberattack

Bitcoin Mining Pool Suffers $3 Million Cyberattack

A major cryptocurrency mining pool was attacked by hackers in early March, according to the pool’s owner. The hackers stole digital assets worth $3 million from the pool and its clients.

Chinese Authorities Open Investigation into Crypto Mining Pool Hack

A subsidiary of Bit Mining, a coin minting company, was the victim in a hacking attack. The company released a press release. The affected entity is a leading bitcoin mining pool,, which in the past week accounted for over 2.5% of the pool distribution and has a share exceeding 4% on annual basis.

According to the announcement published Monday, Dec. 26, the platform was hit on Dec. 3, 2022. As a result, $2.3 million worth of digital assets owned by the company and another $700,000 in asset value belonging to its clients were stolen.

The cyberattack has been reported to law enforcement in Shenzhen, China on Dec. 23. With the support of other agencies Bit Mining highlighted that the Chinese authorities are investigating the incident and collecting evidence.

The company will devote considerable efforts to recover the stolen digital assets.

The mining company stated that certain crypto assets of were already secured. It pointed out that it had implemented technology to better intercept and block hackers after discovering the breach. is currently operating its business as usual, and apart from its digital asset services, its client fund services are unaffected.

Besides the top-10 mining pool, which provides mining services for bitcoin (BTC), ether (ETH), and litecoin (LTC), Bit Mining Limited also owns the mining device manufacturer Bee Computing and operates coin minting facilities.

Since the Chinese government cracked down on the industry in the spring of 2021, Bit Mining has sought to expand its activities in Kazakhstan, which has become a major crypto mining hotspot. In August of this year, the company announced it had secured a $9.3 million registered direct offering from institutional investors.

What are your thoughts on the hacking attack against the bitcoin mining pool Please leave your thoughts in the comments below.

Lubomir Tassev

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. This article is not intended to be a solicitation or offer to buy or sell any products or services. does not provide investment, tax, legal, or accounting advice. The author and the company are not responsible for any loss or damage resulting from or related to the use or reliance of any content, goods, or services in this article.

Read More

Continue Reading