You can now receive 1.5% cashback in bitcoin for purchases through a new credit card by BlockFi in partnership with Visa, Evolve Bank and credit card company Deserve.
“We’re excited to add credit cards to our suite of products and expand Bitcoin’s accessibility to a broader set of consumers,” Zac Prince, chief executive officer and founder at BlockFi, said in a statement.
The little known bitcoin borrowing and lending company, BlockFi, which offers up to 6% for your bitcoin deposits, said you’re offered a USD limit which you can spend every month.
Then, “for every transaction that you make on the card, 1.5% cash back will accrue and then automatically be converted to bitcoin and placed into your BlockFi account on a regular monthly cycle.”
They don’t explain who this conversion is made through, with it probable BlockFi does it themselves within their own system.
Nor do they explain what the interest is on the borrowed amount if not paid at the end of the month, but the card itself has an annual cost of $200.
However they’ll give a one off reward of $250 in bitcoin if $3,000 is spent through the card in the first three months.
In addition, this 1.5% cashback receives up to 6% in interest if it is left on BlockFi to facilitate their borrowing and lending.
Making it interesting because the spending amount is in devaluing dollar, while the reward or the savings are in new digital gold.
In addition this also indicates a u-turn of sorts for Visa which two years ago wanted to prohibit fully bitcoin purchases through their cards.
Now they’ve put their logo on a Coinbase crypto card and even on a bitcoin rewards card in a further indication of bitcoin’s integration with the traditional financial system.