Cryptocurrency startup BlockFi, in collaboration with Visa, has launched its bitcoin reward credit card, dubbed BlockFi Rewards Visa Signature Credit Card, in the US.

The latest offering enables cardholders to earn 1.5% back in bitcoin for every purchase they make, with the reward increasing to 2% on every dollar spent over $50,000 annually.

In an introductory offer, cardholders will also be eligible to receive a 3.5% bitcoin rewards rate for the first 90 days. This offer is capped at $100 in bitcoin.

When redeemed, rewards are added to a customer’s BlockFi Interest Account and earn crypto interest, implying more bitcoin.

BlockFi noted that its bitcoin reward credit card has no annual fee and can be used anywhere Visa is accepted.

Visa SVP and global head of fintech Terry Angelos said: “Crypto rewards programs are a compelling way to engage consumers in the crypto economy.

“We’re excited to see programs like the BlockFi Rewards Visa Card, which offer rewards that are relevant to the growing community of digital currency adopters.”

Approximately 400,000 people joined the BlockFi Rewards Visa Signature Card waitlist, which was launched in December 2020.

Initially, the card will be available only to select approved US waitlist clients.

This product was developed in collaboration with Visa, Evolve Bank & Trust, and Deserve.

BlockFi co-founder and SVP of operations Flori Marquez said: “Today, nearly everyone knows about the important role crypto plays in reshaping the financial space, and our new credit card is set to be another game-changer.

“This card will make it easier than ever for people to earn Bitcoin back while making day-to-day purchases.”