Earn Bitcoin with every purchase? A project by BlockFi and Visa is now making that a reality.
BlockFi is a crypto lending platform. For customers in the United States, the company has now partnered with Visa to launch a credit card that lets you earn cashback in the form of cryptocurrencies.
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400,000 people are waiting for their Bitcoin Visa Card
Back in December, the plans for the Visa Card had been communicated to customers. Since then, 400,000 people from the United States had joined the waiting list. BlockFi CEO Zac Prince stated that everyone would receive their credit card by the end of July.
While BlockFi hopes to acquire more customers with this method, it also allows people without a crypto connection to build their first crypto holdings without fees. Transaction fees are usually paid by the merchant who accepts the credit card purchase.
In this regard, many credit companies advertise cashback promotions if customers settle the credit card bill within a certain time. BlockiFi co-founder Flori Marquez assessed the situation as follows:
“The crypto industry has come a long way since the first Bitcoin payment 11 years ago. Today, almost everyone knows about the important role crypto is playing in reshaping the financial space, and our new credit card will be another game-changer. This card will make it easier than ever for people to earn bitcoin back while making everyday purchases.”
Up to 3.5 percent cashback is in at the start
Going forward, BlockFi Credit Card users are expected to earn back earnings equal to 1.5 percent of the purchase volume. For every U.S. dollar over the $50,000 limit, there will be as much as 2 percent in cashback. To establish the use of the card, the company is even advertising a 3.5 percent cashback for the first 90 days.
There is no annual fee, and foreign transactions are also at no extra charge. Cashback models for credit cards have been very popular for years. Therefore, this also represents an integration of bitcoin into everyday life.
Visa particularly crypto-friendly
Visa has recently shown itself to be particularly crypto-friendly. For example, Visa has a total of 150 blockchain-related projects so far and also plans to cooperate with USDC (USD Coin). Terry Angelos, Global Head of Fintech at Visa also spoke very positively about the crypto market regarding the project:
“Crypto rewards programs are a compelling way to engage consumers in the crypto economy. We’re excited about programs like the BlockFi Rewards Visa Card that offer rewards relevant to the growing digital currency adopter community.”
Bitcoin credit card also planned by Gemini
Incidentally, BlockFi will face competition in this segment from the Winklevoss twins. Their company Gemini is also looking to launch a credit card with a crypto cashback system this summer.
While BlockFi only offers cashback in the form of BTC, Gemini, in cooperation with Mastercard, on the other hand, wants to offer all cryptocurrencies that are tradable on the exchange. Initially, Gemini wants to offer a 3 percent cashback before this drops to 2 percent and then to 1 percent.
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