BlockFi Bitcoin Rewards Credit Card 2021 Review – Forbes Advisor

BlockFi Rewards Visa Signature Credit Card* vs. Gemini Credit Card*

The Gemini Credit Card offers a couple of advantages to the BlockFi Bitcoin Rewards credit card. First, the Gemini Credit Card converts your rewards to cryptocurrency in real time. This means you can time big purchases to coincide with times when Bitcoin’s trading value is favorable to you.

Secondly, you earn rewards in any cryptocurrency on the Gemini platform if you use the Gemini Credit Card. That means you’re not limited to only Bitcoin, you can earn other popular cryptocurrencies, such as Ethereum.

Thirdly, the Gemini Credit Card offers bonus categories. You will receive 3% back on dining, 2% back on groceries and 1% back on all other purchases. Card owners who have large expenses and dining and groceries might be better off with the Gemini Credit Card.

The BlockFi Bitcoin Rewards credit card does offer a better regular earning rate of 1.5%, so you need to weigh the value of the bonus categories and real time rewards against the more favorable earning rate. The Gemini Credit Card also does not currently offer a welcome bonus.

BlockFi Rewards Visa Signature Credit Card* vs. SoFi Credit Card

Another no annual fee credit card to consider is the SoFi Credit Card. Earn 2% unlimited cash back on eligible purchases when redeemed towards investing, saving, or paying down an eligible loan with SoFi. That’s up to 0.5% more than you would with the BlockFi Bitcoin Rewards credit card.

Rewards can be kept as cash back, but you can also convert your SoFi Credit Card rewards into cryptocurrency with a SoFi active invest account. The process is simple and can be done through the SoFi app. The SoFi credit card also comes with other ancillary Mastercard benefits like a complimentary ShopRunner account and a 3 month free trial for DoorDash’s DashPass. In addition, the SoFi Credit Card offers complimentary cell phone coverage up to $1,000.

The rewards flexibility combined with the better earning rate definitely make the SoFi Card worth considering. You could even take your cash back from the SoFi and invest in BlockFi if you wanted.

While the Sofi Credit Card does not currently come with a welcome bonus, you will quickly start coming out ahead with the SoFi card since it earns 2% cash back.

BlockFi Rewards Visa Signature Credit Card* vs. Bank of America® Customized Cash Rewards*

Another card you may want to consider is the Bank of America Customized Cash Rewards credit card. Earn 3% cash back in the category of your choice: gas, online shopping, dining, travel, drug stores, or home improvement/furnishings, 2% cash back at grocery stores and wholesale clubs and unlimited 1% cash back on all other purchases. 3% and 2% cash back is earned on the first $2,500 in combined choice category/grocery store/wholesale club purchases each quarter, then earn 1%. The cash rewards earned from this credit card can be used to invest in cryptocurrency (at BlockFi or any exchange).

If you spend money in the bonus categories, you’re likely to come ahead using the Bank of America Customized Cash Rewards credit card instead of the BlockFi Bitcoin Rewards credit card. The Customized Cash Rewards card also comes with a New cardholders receive 0% introductory APR for 15 billing cycles for purchases, and for any balance transfers made in the first 60 days of account opening. After the intro APR offer ends, the standard APR of 13.99% – 23.99% Variable will apply. A 3% fee (min $10) applies to all balance transfers.

If you are a Bank of America Preferred Rewards customer, you can earn 25% to 75% more rewards using the Bank of America Customized Cash Rewards credit card. If you are a Bank of America Platinum Honors Preferred Rewards customer (over $100,000 in deposits at Bank of America and Merrill Lynch combined), you earn 5.25% cash back in your customized category, 3.5% on groceries/wholesale clubs and 1.75% on all other purchases. If you fall into that category, you should definitely consider the Bank of America Customized Cash Rewards credit card instead of the BlockFi Bitcoin Rewards credit card.

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