Luis Clark
Luis Clark
Luis is a personal finance expert who has been passionate and writing about crypto for more than five years.
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    Blockfi Credit Card Canada Review 2023: Benefits, Pros and Cons

    blockfi card review canada

    Blockfi Credit Card Canada Review: Our Opinion

    The BlockFi Card is one of the first crypto credit cards introduced to crypto enthusiasts.

    The card is issued by Blockfi, a crypto exchange offering services to residents of the United States, Canada, and beyond.

    Among its bonuses are unlimited 1.5% cash back and up to 2% free Bitcoin rewards for spending over $50,000. It also rewards users with Bitcoin, Ethereum, Litecoin, and other 15+ cryptocurrencies.

    However, the Blockfi card’s notable downside is that rewards and cash backs are paid only in crypto, and it isn’t available in Canada at the moment.

    An Overview of BlockFi Credit Card

    what is blockfi card canada

    BlockFi is a crypto trading platform for traders and investors to buy and sell crypto and digital assets in the United States, Canada, etc. Blockfi was founded by Zac Prince and Flori Marquez in 2017 as an alternative financial product for those with limited access to credit.

    Asides crypto trading services, the exchange provides users with a wide range of financial products, such as low-interest crypto-backed loans, a Blockfi interest account, and a crypto rewards card to earn rewards points while using its services.

    The company is also notable for its excellent customer support, instant transactions, and low trading fees. Blockfi offers a holistic crypto platform with various money business services, including crypto trading, staking, lending and borrowing, etc., on the Blockfi interest account.

    Pros

    Cons

    Blockfi Card: What is it?

    BlockFi Card is one of the earliest crypto cards, available only to customers in the United States at this stage. Since Blockfi is a money services business, the American crypto exchange provides the card as an alternative means of payment. It also doubles as a way to earn rewards through cashback.

    The fiat currency support is one of the standout features of the Blockfi Rewards Visa Signature Card. The card supports United States Dollar (USD) payments on Google Pay, Apple, and other online platforms that support contactless payments. There’s also a physical card for in-store or direct deposit into merchant accounts.

    The card is directly linked to a user’s Blockfi account and can be used for various payment purposes. Existing customers can apply for the Blockfi Card and have it connected to their Blockfi wallet within minutes. Users also receive cryptocurrency rewards through cash back when using the card for online payments at millions of supported stores. However, only customers in the United States, excluding New York, are eligible for the Blockfi Rewards Credit Card.

    How Does it Work?

    blockfi review overview canada

    The Blockfi Rewards Visa Signature Credit Card isn’t prepaid. Instead, applicants must have a minimum credit score of 680 to be eligible. According to the website, even a 680 credit score may not be enough to get users approved for the card.

    In other words,  every applicant must go through a preapproval process and have a good to excellent credit score to have the card. Blockfi also requires applicants to provide their social security numbers (SSN) during the application process to verify their identities.

    As stated earlier, the card can be used for contactless payments with Apple Pay and Google Pay. It can also be used in stores that accept credit card payments across the world. Users don’t need to fund the card before use. Instead, they can make payments up to their credit limits and refund when due. With this feature, users can build credit, but late payments when using the Blockfi Rewards Visa Signature Credit Card directly impacts users’ credit scores.

    Benefits and Perks

    Blockfi offers numerous card benefits as users receive a 1.5% cash back in crypto for all crypto purchases. This can also be as high as 2% after an annual spend of $50,000.  Cardholders also get a 0.25% bonus up to $500 in crypto for the total trading volume on all eligible trades.

    Another perk of the Blockfi Rewards Visa Signature card is its no-fee structure. The virtual and physical cards are free of charge, and neither monthly nor annual card fee applies. Unlike prepaid or debit cards, users don’t need to fund the Blockfi Rewards Visa Signature Credit Card when they need assistance booking travel and even restaurant reservations. Instead, payments can be made within their credit limits and repaid monthly instead.

    Finally, the Blockfi Rewards Visa Signature card is a great way to build one’s credit score. The application process is also devoid of hard credit pull or inquiry. As a result, users can improve their credit by making timely payments when they use the card.

    Cryptocurrencies Supported

    The Blockfi exchange supports 15+ crypto assets, including Bitcoin, Ethereum, and stablecoins. Users can only use the Blockfi Rewards Credit Card for fiat payments in USD. However, there are no cash rewards. Cashback and other rewards are in crypto, and these coin rewards are added to users’ crypto holdings on the second Friday of every month.

    The blockfi card also doesn’t support crypto payments, but Blockfi plans to upgrade the card to start settling credit card bill payments with stablecoin.

    Fees Explained

    As stated earlier, the Blockfi Rewards Visa Signature Credit Card has no card issuance or transaction fees. The card also attracts no monthly fee, no annual fee, or foreign transaction fees. Qualified customers who want the card must only request one via the Blockfi app at no cost.

    However, users need to repay payments to the Blockfi account monthly. The Visa Signature Card has a late penalty fee of up to $25 for defaulters. Its return payment can also be up to $37.

    Different Card Holder Tiers

    Though the Blockfi exchange has different tiers, its card has a flat user structure with no VIPs or Regulars. Once a customer, who’s a US resident, meets the 680 credit score requirement, they are eligible for the Blockfi Rewards Visa Signature Credit Card and can apply.

    However, Blockfi requires a social security number or other verification documents like proof of identity and proof of address during the application process.

    Opening an Account

    Setting up Blockfi and requesting a Blockfi Rewards Visa Signature Card is easy, and there are trading cashback rewards for eligible trades. Interested in the card? Follow the step-by-step guide below to get started on Blockfi and request the exchange’s card.

    sign up blockfi

    Visit the website

    Head to the Blockfi website and click on the “Get Started” button at the top-right corner or bottom of the screen to create a Blockfi account.

    Enter personal information

    Fill out the form on the next screen with the required information. These include first and last names, an email address, and a password. Check the age verification and agreement policy buttons at the base of the screen and click “Submit”.

    Verify email

    A verification link will be sent to the email address provided. Tap on the verification link in the email to complete the account opening process.

    Select the account type and verify personal information

    Users are required to choose the type of account they want on the exchange. But it’s important to note that The Blockfi Rewards Visa Signature Credit Card is unavailable for business purposes, so select the “Individual” account option.

    Full identity verification is also required on Blockfi. Verify the account by filling out the form on the next screen. The form contains personal information such as country of residence, home address, mobile number, and date of birth.

    Proceed to the next screen and enter the personal finance and identity verification information, then submit the verification documents. These include:

    • Social security number
    • Valid phone number (for SMS verification)
    • Valid government ID 
    • Real-time selfie photo

    Upon submission, the Blockfi team will review the documents and provide feedback between five to ten business days.

    Request Card

    To request a Blockfi Rewards card, go to the Blockfi mobile app available on Android and iOS devices and use the “Get Card” function. The entire process may take a while because Blocki partners with Deserve for credit checks and card issuance. Deserve is a financial technology company with federal and state regulations. Applicants will be notified via email if Deserve needs additional information or if a decision has been made on the Rewards Credit Card application. 

    Since the BlockFi rewards visa signature credit card is not yet available to Canadian residence, users in Canada are advised to join the waiting list to get their hands on a card as soon as it launches outside of the US.

    Mobile App

    As stated earlier, the Blockfi Card is embedded into the Blockfi mobile app. The app is simple to navigate and users can access the Visa Card without hassles. Blockfi Virtual card is accessible is available on Android and iOS devices.

    However, there are online user complaints about the card not seamlessly integrating with the mobile app. Some users also experience issues connecting the card to the application’s financial management account.

    Customer Satisfaction

    Blockfi has a dedicated customer support team for its card users. Usually, when users have cared-related issues, including stolen or lost cards or delayed application process, they can reach the Blockfi support team via chatbox, email, or by phone.

    Applicants will receive an email within 10 business days from the card application date.  If they do not, they can also call Deserve on the phone during business hours from  Monday to Saturday.

    Is Blockfi Card Right For You?

    The Blockfi Rewards Card is more than an alternative payment solution. The card offers rewards in Bitcoin and other crypto assets to users. So, users bullish on Bitcoin can enjoy the free rewards in crypto and trade them on the Blockfi platform.

    The card also charges no foreign transaction fees and can help improve users’ credit scores. So, people looking to build credit while getting rewards will fancy the Blockfi Card.

    However, the card has some shortfalls that we’ve highlighted in this Blockfi Card Canada review, and the ultimate decision is the user’s to make.

    Final Thoughts

    Paying with Blockfi Rewards Card is simple and convenient. Its virtual and physical cards are available to Blockfi users who fancy simplicity. The exchange also provides quality customer service to help cardholders navigate whatever challenges they may have using the card.

    The card has numerous features and some drawbacks highlighted in this Blockfi Card review. However, the free Bitcoin rewards from trading on the crypto exchange and cashback from card transactions are great selling points. Currently, Blockfi Card is unavailable to Canadian customers.

    FAQ

    Most frequent questions and answers

    Crypto.com Visa Card is available to users in Canada, and it supports payments in Canadian Dollars (CAD).

    The crypto.com Visa Card can only be used for payments on supported platforms. Cardholders cannot fund it with crypto or buy digital currencies with it.

    The Crypto.com Visa Card can be used for payments in millions of online stores worldwide. The Visa Prepaid Debit Card also supports monthly bill payments.

    Crypto credit cards work like regular cards. They can be used for payments and purchases anywhere card payments are supported.

    We always try to provide the most accurate information available, and make sure our team follow through.
    If you want to know more about our Crypto Exchanges Review Methodology follow the link below

    Skrumble.com provides all its content for informational purposes only, and this should not be taken as financial advice to buy, trade or sell cryptocurrency or use any specific exchange. Please do not use this website as investment advice, financial advice or legal advice, and each individual’s needs may vary from that of the author. This post includes affiliate links with our partners who may compensate us. 

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