The Bitcoin Credit Card Is A Disaster...

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Here are my thoughts about the new bitcoin credit card:

1. 1.5% Unlimited Cash Back in Bitcoin.

In order to be eligible to receive that reward, you’ll need to first have a BlockFi account - which is basically just an interest-bearing account where they hold on to your cryptocurrencies, and pay YOU back with up to 9.3% interest, depending on what you keep on their platform. But CashBack is nothing new, and other cards offer you much higher reward.

2. A $250 BItcoin Signup Bonus when you spend $3000 in the first 3 months.

In my opinion, a $250 signup bonus for spending $3000 isn’t all that good on a card that only gives you 1.5% cash back, and other cards offer better signup bonuses without the $3000 spend.

3. They'll give you a 3.5% BONUS for months 4-6 - BUT they cap the reward at $100.

4. They'll give you an extra 2% interest on your daily stable coin balance, up to $200 per year.

For those unaware, a stable coin is just a cryptocurrency that’s “pegged” to the US dollar - so, $1 USD is always going to get you $1 worth of the stable coin, and vice versa. If it were me, personally…I probably wouldn’t want to keep much money in a Stablecoin…I’d rather just keep it in cash or throw it in Bitcoin.

5. They'll give you 0.25% back in Bitcoin on all eligible trades, up to $500 per month.

Unfortunately, trading is disabled for myself, because it’s ONLY ALLOWED in a few select states that - chances are, you don’t live in, so this doesn’t even apply to you.

6. And this is where it gets really good - they’ll give you $30 in bitcoin for every client referral, on TOP of the base Refer-a-Friend program….and that’s A LOT.

The base refer a friend program gives you $10 for every friend you refer who deposits $100 or more to their blockfi interest account. But, when you refer 5 friends…your bonus jumps to $20. That means, you could literally be getting $50 for every person you refer who gets the credit card and deposits $100 in a BlockFi account, which is a TON of money.

7. BUT...all of this comes with a $200 annual fee. That's why this card is a no-go for me based on the rewards this has to offer.

Compare that to other credit cards like the Chase Freedom Flex which gives you a $200 sign up bonus, up to $300 in rewards on select categories, plus unlimited 1-3% on everything else…that EASILY comes out ahead, without an annual fee. The Citi DoubleCash also comes out ahead in the second year, paying you back $480 since it doesn’t have an annual fee.

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