Crypto Lending Firm BlockFi has partnered global payments technology company Visa, Evolve Bank, and financial service firm Deserve to launch what is claimed to be the world’s first Bitcoin Rewards Credit Card. The card will earn the user 1.5 percent back in Bitcoin on every purchase made using the card.
The sleek design metal card is available to any client with a funded BlockFi Interest Account in the BlockFi app. They can now join the waitlist for the card. The waitlist will be available publicly in January and the cards will start shipping in spring of next year.
The Bitcoin Rewards Credit Card will initially be available to US residents in qualified states in early 2021.
On acquiring the credit card, the user will receive a credit limit in U.S. dollars, which is the limit for spending each month. If the user pays the statement balance on time, the user will not be charged any interest on the balance.
For every transaction made by the card user, there will be a 1.5 percent cash back accrued and then it will automatically be converted to bitcoin and placed into their BlockFi account on a regular monthly cycle.
The card will have an annual fee of $200. BlockFi is offering a signup bonus of $250 in bitcoin after spending $3,000 or more on the card within the first three months. This will give everyone the chance to earn extra bitcoin in a familiar way. This is expected to expose more people to bitcoin and ultimately create more bitcoin owners.
The partnership with Visa is seen as part of Visa’s Fintech Fast Track Program, which provides a new commercial framework to support fintech and startup companies that includes access to Visa’s payment capabilities, reduced fees and streamlined processes.
The program provides turnkey access to Visa’s ecosystem partners, online licensing, APIs, as well as extensive go-to-market toolkits, online education and expert advice to help Fintechs scale their business.
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