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BlockFi Credit Card Review (2022)

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The BlockFi Credit Card is one of the world’s first crypto rewards credit cards. It offers 1.5% cashback in Bitcoin (BTC) rewards for every dollar you spend on your card plus no annual or foreign transaction fees.

But is the BlockFi Credit Card as good as it sounds? Is it worth getting?

In this BlockFi Credit Card review, I’m going to take a closer look at what you actually get when you sign up for the card. I’ll discuss how BlockFi’s Bitcoin (BTC) rewards work, what fees are involved, and the pros and cons of becoming a cardholder.

Advantages & Disadvantages


  • 1.5% cashback in Bitcoin (BTC) on every purchase.
  • No annual or foreign transaction fee.
  • Offers a trading bonus of 0.25% with your BlockFi account.
  • Additional Bitcoin (BTC) bonus of 2% back on annual spending over $50,000.
  • Can see if you’re pre-approved without impacting your credit score.


  • Not currently available in the UK.
  • Higher crypto rewards are available with other cards.

What is the BlockFi Credit Card?

The BlockFi Credit Card is a Visa credit card that provides you with cashback rewards in the form of Bitcoin (BTC). It’s issued by BlockFi, a US-based crypto services platform, in conjunction with Evolve Bank & Trust and Deserve, Inc.

With the BlockFi Credit Card, you can pay for daily purchases at any of the more than 70 million merchants around the world where Visa is accepted. Plus, you can earn 1.5% cashback in Bitcoin (BTC) on every purchase you make.

Do note that the BlockFi Credit Card functions just like any other US-based credit card and your statement payments are processed in US dollars—not crypto. This makes it different from crypto debit cards, which let you buy goods and services using your cryptoassets.

What are the benefits of the BlockFi Credit Card?

The primary benefit of the BlockFi Credit Card is that it offers 1.5% cashback in Bitcoin (BTC) for every dollar you spend using the card. Your rewards are paid out on a monthly basis, and they are deposited directly into your BlockFi account. You can then keep them in your account or transfer them to an external software or hardware wallet.

There are a number of other benefits and features of the BlockFi Credit Card. These include:

  • Introductory Bonus: New cardholders can get 3.5% in Bitcoin (BTC) rewards for the first 90 days of their card ownership. The introductory bonus is capped at US$100 in BTC, which is equivalent to US$5,000 in spending.
  • Trading Bonus: When you have an active BlockFi Credit Card, you get an additional 0.25% cashback bonus on all trades you make in your BlockFi account. This bonus is capped at a maximum of US$500 in BTC each month.
  • Spending Bonus: You can earn an increased rewards rate of 2% with your BlockFi Credit Card when you spend more than US$50,000 in a single year. There is no limit on the bonus rewards you can receive, but your rewards rate will reset each year on your cardholder anniversary.
  • Referral Bonus: BlockFi Credit Card holders get US$30 in Bitcoin (BTC) for each new trader that they invite to BlockFi. This is in addition to the bonuses you get through BlockFi’s standard Refer-A-Friend Program. So, you could earn up to US$50 in BTC for each new person you refer to BlockFi when you have the card.
  • Visa Signature Rewards: Since the BlockFi Credit Card is a Visa Signature card, cardholders get access to special rewards and discounts, including shopping bonuses and limited travel accident insurance.
  • Visa Signature Concierge: All BlockFi Credit Card holders get access to the Visa Signature Concierge Service, which provides free travel booking and shopping support to cardmembers.

Additionally, the BlockFi Credit Card is compatible with both Apple Pay and Google Pay so you can make contactless payments on-the-go.

How Do You Get the BlockFi Credit Card

Even though the BlockFi credit card is technically managed by Evolve Bank & Trust and Deserve, Inc., you can’t apply for it unless you have an active BlockFi trading account. Your rewards will get paid out directly to your account, anyway, so signing up for the platform is a great first step.

You can learn more about how to create an account in my BlockFi review.

Once your account is active, you can click the button to apply for the BlockFi Credit Card in your dashboard.

You’ll then be taken to the application portal for the BlockFi Credit Card.

Here, you’ll be asked to enter your personal information and your Social Security Number. The BlockFi Credit Card is only available to US residents with a valid Social Security Number as this is what’s used to check your credit score.

The final steps of the application involve entering your current income information. After that’s complete, you’ll have an opportunity to review your application before submitting it.

Once you submit your application, you’ll either be approved or rejected for the BlockFi Credit Card. If approved, you’ll get a chance to view your initial APR and decide if you want to accept the card offer. If your application was declined, you can reapply at any time.

Does applying for the BlockFi Credit Card affect my credit score?

BlockFi states on their website that simply submitting an application doesn’t affect your credit score. That’s because the application is actually a pre-approval process. Once you fill out the application, you’ll either be rejected or approved and shown an initial interest rate offer.

If you accept your credit card offer, your credit score may be impacted. Generally, this sort of credit inquiry results in a temporary drop of anywhere from 5 to 25 points. But this usually goes away after 12 to 24 months.

What is the minimum credit score required to get a BlockFi Credit Card?

The BlockFi Credit Card is designed for people with a credit score rating of ‘Good’ or ‘Excellent.’ This generally means that you need a score of at least 680 to qualify for the card.

However, you can still be denied the credit card if your credit score is above 680. This is because your credit application is assessed based on a number of factors – so there’s no guarantee of approval.

Supported Countries

As of the time of writing, the BlockFi Credit Card is only available to US residents with a Social Security Number and an active BlockFi account.

Will the BlockFi Credit Card be available in other countries?

BlockFi hasn’t yet announced any plans to offer their Bitcoin rewards credit card in other countries.

BlockFi Credit Card Fees

There are no annual or foreign transaction fees with the BlockFi Credit Card.

The only fees associated with the card are interest fees on unpaid balances. However, you can avoid these fees by paying off your balance in full every month.

Note that there will be trading fees if you choose to cash out your Bitcoin (BTC) rewards into fiat currencies using BlockFi. This is a spread fee, rather than a commission fee, but it can be as high as 1%.

BlockFi Credit Card Limits

The only limit on your BlockFi Credit Card is the credit limit that you’re issued when you sign up for an account.

Your credit limit is determined by the BlockFi card’s issuers, Evolve Bank & Trust and Deserve, Inc., based on your creditworthiness.


There are relatively few crypto rewards credit cards like the BlockFi Credit Card on the market today.

If you’re specifically looking for a crypto rewards credit card, check out the Gemini Crypto Credit Card. This is arguably the closest alternative to what BlockFi offers.

It’s not publicly available yet, but it will offer up to 3% back in rewards on all your purchases. There are no annual fees with the card and you can get your rewards paid out in Bitcoin (BTC) or 40+ other coins.

But, like the BlockFi Credit Card, the Gemini Credit Card will initially only be available in the US.

So, what other options do we have in the UK?

The Visa Card is one of the best crypto rewards debit cards available in the UK. It offers the most bang for your buck with up to 8% cashback in Coin (CRO) on all your purchases.

However, unlocking this high rewards rate requires staking a lot of CRO.

Find out everything you need to know in my review.

The Bottom Line

The BlockFi Credit Card is an exciting addition to the cryptosphere. It’s one of the first credit cards to offer cashback rewards in Bitcoin (BTC), so it’s gotten a lot of buzz from investors that want to passively grow their portfolios.

In addition to its 1.5% cashback in Bitcoin (BTC) rewards, there are quite a few things that I like about the BlockFi Credit Card, including:

  • No Extra Fees: There are no annual or foreign transaction fees associated with the card. You’ll have to pay interest on any balances you carry, but if you pay your card in full every month, there are no additional fees.
  • Bonus Rewards Opportunities: BlockFi offers multiple options for boosting your BTC rewards payouts. They give you a 3.5% rewards rate for the first 90 days of your account and you can earn a 2% rewards rate when you spend more than $50,000 in a year.
  • Simple Application Process: You can apply for the BlockFi Credit Card directly from your BlockFi dashboard. Plus, if you’re denied, the application doesn’t impact your credit score.

However, there are a few things about the card that I wasn’t impressed with.

First, the BlockFi Credit Card isn’t available outside the US, which is disappointing for non-US residents that want to earn Bitcoin (BTC) rewards.

On top of this, it’s possible to get a higher cashback rewards rate and with other crypto debit cards that are currently available.

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BlockFi Credit Card Review: FAQ

Where is the BlockFi Credit Card accepted?

The BlockFi Credit Card is accepted anywhere that Visa card is accepted. Visa is currently accepted by over 70 million merchants in more than 200 countries around the world.

How are refunds treated on the BlockFi Credit Card?

Refunds with the BlockFi Credit Card are treated the same way as most other credit cards. Any refunds you receive will be processed as a credit to your account statement. You won’t receive crypto rewards on any refunds. If you receive a refund after your rewards payout is processed for the month, the next month’s rewards payout will be adjusted accordingly.

How do chargebacks work with the BlockFi Credit Card?

If there are unauthorised transactions on your BlockFi Credit Card, you can dispute the charge by calling BlockFi and asking for a chargeback. There is $0 Fraud Liability on all Visa credit cards, including the BlockFi Credit Card. This means that you won’t be liable for the charge so long as you dispute the transaction within a reasonable timeframe.

Does the BlockFi credit card impact your credit score?

Like all credit cards, the BlockFi credit card does have an impact on your credit score. Regularly paying your BlockFi credit card bill on time can increase your credit score. Meanwhile, carrying a balance on your card or missing payments will likely cause your score to decrease.

What bank does BlockFi’s credit card use?

The BlockFi Credit Card is backed by Evolve Bank & Trust. It is also underwritten and issued by Deserve, Inc., which is a US-based fintech company that specialises in consumer credit products.

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