The BlockFi Rewards Visa® Signature Card, one of the original , 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 and the uncertainty brought on by the collapse of the , 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  or , 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  -- and like the sound of earning cryptocurrency back on purchases, this could be the card for you. 

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One caveat:  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  -- 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  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.

Rewards

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 , as well as ether, litecoin, chainlink, pax gold, basic attention token or uniswap. 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 , 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. 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 CreditCard® 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® 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 , a "smart" rewards card that boosts your points earned on purchases from 2x to 3x after spending $15,000 in a year. Both the X1 and BlockFi offer referral bonuses to earn the cardholder additional rewards.

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