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BlockFi Rewards Visa Signature Card: Earn Even More Crypto Rewards From Popular Brands

Earn up to an extra 10% in bitcoin, ether or other cryptocurrencies on brands like H&M, Meta Quest and Finish Line.

The BlockFi Rewards Visa® Signature Card, one of the original crypto credit cards, offers rewards in your choice of over 10 cryptocurrencies -- like bitcoin and ether -- instead of the classic cash back, points and miles. If you’re unphased by the crypto market’s sudden downturn and the uncertainty brought on by the collapse of the luna cryptocurrency, the BlockFi Rewards card can earn you top crypto rewards rates.

Though it has the sheen of a crypto-native creature, the BlockFi Rewards credit card actually is a pretty conventional rewards credit card. It has no annual fees or foreign transaction fees, and can be used anywhere that accepts Visa. There’s also a referral bonus when you get friends and family to sign up. In short, if you are eligible -- you’ll probably need good to excellent credit -- and like the sound of earning cryptocurrency back on purchases, this could be the card for you.

One caveat: Cryptocurrency tax legislation remains a murky and evolving area, putting the BlockFi Rewards card into a slightly higher risk category than a run-of-the-mill rewards credit card. Credit card rewards are typically not subject to income tax -- but you should know that the government could eventually exact capital gains taxes on crypto rewards. As an example of the volatility in this industry, BlockFi is no longer offering BlockFi Interest Accounts after a ruling by the SEC in February, though they may be back on the table once BlockFi becomes compliant. Previously, you were able to hold your credit card rewards in this interest account to earn even more crypto.


You’ll earn an unlimited 1.5% in the crypto of your choice on every purchase you make with the BlockFi Rewards credit card, and there are ways to get even more. BlockFi Offers, a program that recently launched in conjunction with the BlockFi credit card, offers up to 10% on popular brands -- like Adidas, Shake Shack, H&M, Finish Line and Jared -- automatically. This is on top of the base 1.5% rewards rate, so you can earn up to 11.5% total on eligible purchases.

If you’re a big spender, you’ll earn even more rewards. If you hit $30,000 in expenditure within the year, your earnings get boosted to 2% back in crypto for every dollar spent beyond that. But this resets to 1.5% on your card anniversary every year. 

Choose your own crypto rewards

BlockFi started out as a cryptocurrency exchange in 2017. As such, a BlockFi account gives you access to a variety of activities including support for buying, selling and trading and even taking out a loan in US dollars against your crypto assets.

The company’s Rewards Flex program allows cardholders to choose to earn rewards in bitcoin, as well as ether, litecoin, chainlink, pax gold, basic attention token or uniswap. Stablecoins are also in the mix, including gemini dollar, USD coin, paxos standard, multi-collateral dai or binance USD.

Rewards are paid out on the second Friday of every month, and you can change your crypto selection through your BlockFi account as many times as you want. Crypto rewards are distributed based on the price at the time of payout, not at the time purchases are made with the credit card.

BlockFi crypto capabilities

You need to have a BlockFi account to get this credit card, which is where you’ll store, buy, sell and trade the cryptocurrencies hosted by BlockFi. Among the few crypto-rewards credit cards, only BlockFi gives you the option to move your crypto rewards into your own crypto wallet, a maneuver that requires some technical know-how but offers potential security benefits. If you have enough crypto in your account, whether through accumulating credit card rewards or buying crypto directly, you may even be able to qualify for a USD loan against your crypto holdings, with rates as low as 4.5% APR.

Referral bonuses

Though credit card referral bonuses are relatively rare, they’re more common among crypto exchanges, which are aggressively recruiting new users. As a new product, the BlockFi Rewards Credit Card offers two tiers of referral bonuses. Keep in mind, you’ll be required to report any referral bonuses on your income taxes. 

The Refer-a-Friend program is available for all BlockFi account holders, even if they don’t have a credit card associated with the account. When a friend signs up using your referral code and funds $100 or more into their BlockFi Account, you’ll both receive $10 in bitcoin, regardless of your BlockFi crypto preferences.

If you’re a BlockFi Rewards cardholder and you successfully refer a friend to the credit card, they will receive $30 in bitcoin and you’ll receive $30 in your Rewards Flex crypto.

Tax and regulatory complications

Whenever you earn money through a credit card referral bonus, that money is considered taxable income. BlockFi will issue you a 1099 after the end of the year detailing any earned cryptocurrencies through referral programs. Referral earnings from credit cards are typically taxable, unlike rewards on purchases made with the card. This is because rewards are earned by spending, while referral bonuses do not have a spending requirement. We recommend talking to a tax professional if you have any questions.

Capital gains taxes for cryptocurrencies are currently a gray area, with new legislation still being discussed. While we don’t know where the dust will settle, it’s important to keep up on the news throughout this transitional period. 

Comparable credit cards

The Upgrade Bitcoin Rewards Visa® is more conservative than the BlockFi Rewards card. While you receive the same rate of 1.5% bitcoin with this no-annual-fee card, you won’t earn them until you pay off your balance. We always recommend paying your balance in full, and in this case, if you miss a month or pay the minimum, you’ll be missing out on rewards. All rewards are received in bitcoin, with no option for other cryptocurrency. Additionally, there is no referral program or way to move your crypto to a wallet like with the BlockFi Card.

Meanwhile, The Gemini Credit Card® is more competitive with BlockFi’s offering. Gemini advertises that you can earn 3% back in crypto rewards on dining (on up to $6,000 in annual spend, then 1%), 2% on groceries and 1% on all other purchases, in the form of bitcoin or any of the 60-plus cryptocurrencies that are offered. A unique feature of this credit card is that you collect rewards when making a purchase and don’t have to wait until the end of your statement period for a payout.

If you’re thinking about noncrypto relatives, the Chase Freedom Unlimited® is a cash-back card that offers a 1.5% cash back flat rate, the same flat-rate for rewards as the BlockFi Rewards Credit Card. Both credit cards aim to maximize rewards, each with a handful of extra perks. However, the BlockFi’s boost to 2% rewards from 1.5% after you spend $30,000 in a year is a rare feature akin to that of the new X1 Card, a “smart” rewards card that boosts your points earned on purchases from 2x to 3x after spending $1,000 in a month. Both the X1 and BlockFi offer referral bonuses to earn the cardholder additional rewards.

Gemini Credit Card®

Gemini Credit Card®

Intro Offer
No current offer
Annual fee
13.24% – 24.24% Variable
Intro Purchase APR
Rewards rate
1% – 3% 3% back on dining (up to $6,000 in annual spend, then 1%); 2% back on groceries.; 1% back on all other purchases.


A crypto-rewards credit card is like a cash-back credit card -- except instead of redeeming cash or a statement credit, you redeem a predetermined amount of crypto. Crypto rewards cards are relatively new, but we expect this product type to expand in 2022 and beyond. Right now only referral bonuses received through crypto credit cards are taxable, though crypto rewards cards may have different tax implications in the future. Keep current on legislative news to follow developments.

Yes, the BlockFi Rewards Credit Card is one of the few crypto financial products currently available that allows you to move your crypto off of its platform.

Many financial institutions only offer custodial accounts for crypto purchases and rewards earned. Some have advanced features, such as the ability to move your crypto off of a company’s platform, either to someone else or to your own crypto wallet for safekeeping. There is risk to holding your crypto in a custodial account, as there is no FDIC insurance to cover any losses incurred if a custodial account is hacked.

While bitcoin and ether are the most mainstream, the cryptocurrency you wish to receive in rewards is ultimately your preference. You might consider factors such as potential appreciation or depreciation, applicable uses and your own personal risk tolerance.

The editorial content on this page is based solely on objective, independent assessments by our writers and is not influenced by advertising or partnerships. It has not been provided or commissioned by any third party. However, we may receive compensation when you click on links to products or services offered by our partners.

Jaclyn is a CNET Money editor who relishes the sweet spot between numbers and words. With responsibility for overseeing CNET's credit card coverage, she writes and edits news, reviews and advice. She has experience covering business, personal finance and economics, and previously managed contracts and investments as a real estate agent. Her tech interests include Tesla, SpaceX, The Boring Company and Neuralink.