A New Visa Credit Card Offers Bitcoin Rewards Instead of Miles or Cash

[bitmover]

From Bloomberg:

Visa Inc. is partnering with cryptocurrency startup BlockFi to offer a credit card that rewards purchases with Bitcoin rather than airline miles or cash.

Users of the Bitcoin Rewards Credit Card will receive 1.5% of their purchases back in the world’s most-valuable digital asset, and a lump sum $250 in the crypto-asset if they spend more than $3,000 in the first three months, BlockFi said in a statement. The card, which comes with a $200 annual fee, will be issued by Evolve Bank & Trust.

Mainstream adoption of Bitcoin received a boost from Visa earlier this year, when the credit card giant joined startup Fold to offer a debit card that earns rewards denominated in the cryptocurrency. Visa’s approach to crypto has been evolving. Just two years ago it was in a public fight with the Coinbase Inc. exchange over issues related to purchases made using its cards. Then, in February, Coinbase and Visa announced the Coinbase Card, which allows users to spend Bitcoin using the Visa debit card.

“We’re excited to add credit cards to our suite of products and expand Bitcoin’s accessibility to a broader set of consumers,” Zac Prince, chief executive officer and founder at BlockFi, said in the statement. The company hopes to make the card available in early 2021.

https://www.bloomberg.com/news/articles/2020-12-01/visa-joins-with-startup-blockfi-for-bitcoin-rewards-credit-card


Well, this is a huge step towards mass adoption.

I certainly would prefer to receive Bitcoin than miles. Who wouldn't?

Miles are 100% centralized, there is high inflation, expiration date (?? how the fuk money expires) and so on. Bitcoin is  a huge advantage and it certainly can be disruptive to miles system (which is terrible, and there is a LOT of money involved).

Personally I tend to favor credit card payment method to receive free miles. If I could receive bitcoin instead of miles that would be a huge improvement.

What do you think?

[1714703943]

1714703943

[1714703943]

1714703943

[1714703943]

1714703943

[1714703943]

1714703943

[1714703943]

1714703943

[1714703943]

1714703943

[Upgrade00]

What do you think?

Looks like a win win situation.
VISA is a very large platform, with a broad userbase, being linked with Bitcoin would surely increase exposure for BTC, especially as the users get to earn them as bonus rewards. (Holding bitcoins and watching them fluctuate in value, could get them interested, and they dig deeper into the fundamentals).

This would also be a win for VISA. Bitcoin is a fast growing network and integrating it into their platform early on would put them ahead of the other payment platforms.

[LoyceV]

Is that an American thing to pay $200 per year for a credit card? A quick local search shows €18.60 per year for a €5k limit, and €52.20 per year for a €20k limit. This seems like a card to get for the $250 lump sum, then cancel it after the first year.

Bitrefill gives "sats" as a reward. They can be used to make a purchase (and the fiat value fluctuates with Bitcoin's value). It doesn't say in the article, but I assume BlockFi will do the same. So if Bitcoin goes up 67 fold in value, this 1.5% is enough to get your entire fiat purchase amount back!

[odolvlobo]

Let's be clear here. You must spend over $13k on your credit card each year just to break even.

Users of the Bitcoin Rewards Credit Card will receive 1.5% of their purchases back in [bitcoin], ..., BlockFi said in a statement. The card, which comes with a $200 annual fee, will be issued by Evolve Bank & Trust.

[hatshepsut93]

This doesn't fit the narrative that payment companies and banks view Bitcoin as a threat and want to bury it - if so, they wouldn't be adopting it and expose their users to it. This means that they view it more as an asset and investment, and think that they can money off it by encouraging their users to use their product more because of Bitcoin options.

[bitmover]

Is that an American thing to pay $200 per year for a credit card? A quick local search shows €18.60 per year for a €5k limit, and €52.20 per year for a €20k limit. This seems like a card to get for the $250 lump sum, then cancel it after the first year.

Bitrefill gives "sats" as a reward. They can be used to make a purchase (and the fiat value fluctuates with Bitcoin's value). It doesn't say in the article, but I assume BlockFi will do the same. So if Bitcoin goes up 67 fold in value, this 1.5% is enough to get your entire fiat purchase amount back!

Personally, i don't even pay to have a credit card.

This card is certainly very expensive. But it opened opportunities for bitcoin in this market. Now bitcoin may compete with the miles system. Maybe in the future we will see better offers.

[Oshosondy]

It is not only about if this card is expensive or not, I can not use crypto credit or debit card for privacy reasons. I prefer to just have privacy while dealing with bitcoin rather than all these custodial services. And that aside, the card at annual expense of $200 is too much but if truly 1.5% of the card owner purchase will be returned in bitcoin, it is still good. But I can not lose my privacy because of any credit or debit card.

[milani]

From one side it is rrally a good step towards crypto and Bitcoin ftom such services and different institutions and gives a slight hope for us that one day we would got such an opportunity and easily use our assets in crypto via cards and so on. But from another side such setvices and cards aretoo few and too expensive. And sometimes it is a bit complicated to use assets in crypto via cards. But there's such a tendency that lots of projects try to implement some opportunities to their users. And it is not bad.

[shield132]

This is the official kickstart of massive bitcoin adoption. Paypal + Visa + Mastercard (I heard that lately too but amn't sure whether it was true or not) <-- these are the major payment service providers, their audience includes hundred millions of people all over the world. Adoption from them means the majority of people who uses cards will know or have to hear things about cryptocurrencies.
Finally, the time comes when cryptos become massively adopted and acknowledged. That's great, it's amazing when so great things happen so quickly, competition will also make services 100x better but the problem that I see is that bitcoin becomes a victim of businessmen 

[DooMAD]

This is the official kickstart of massive bitcoin adoption. Paypal + Visa + Mastercard (I heard that lately too but amn't sure whether it was true or not) <-- these are the major payment service providers, their audience includes hundred millions of people all over the world. Adoption from them means the majority of people who uses cards will know or have to hear things about cryptocurrencies.
Finally, the time comes when cryptos become massively adopted and acknowledged. That's great, it's amazing when so great things happen so quickly, competition will also make services 100x better but the problem that I see is that bitcoin becomes a victim of businessmen 

It's not quite how any of us envisioned adoption would look, but hey, baby steps.  At the very least this legitimises crypto to the point where no one can call it a ponzi anymore without looking like a complete fool.  That's something, I guess.

[Twinkledoe]

Is that an American thing to pay $200 per year for a credit card? A quick local search shows €18.60 per year for a €5k limit, and €52.20 per year for a €20k limit. This seems like a card to get for the $250 lump sum, then cancel it after the first year.

Bitrefill gives "sats" as a reward. They can be used to make a purchase (and the fiat value fluctuates with Bitcoin's value). It doesn't say in the article, but I assume BlockFi will do the same. So if Bitcoin goes up 67 fold in value, this 1.5% is enough to get your entire fiat purchase amount back!

Personally, i don't even pay to have a credit card.

This card is certainly very expensive. But it opened opportunities for bitcoin in this market. Now bitcoin may compete with the miles system. Maybe in the future we will see better offers.

Yes, if nothing else, this will lead to crypto adoption for those high spenders. I know, not many people can spend that much in their credit card. But bitcoin rewards is a good alternative if you are not a frequent flyer but with high spending value in credit cards. The more people see about bitcoin rewards or options, they will feel more safe and comfortable in dealing with it. A lot of people are still afraid of touching crypto.

[crwth]

I love to have that option for sure. The points that credit cards have are not that amusing to use, and their catalog sucks. Not to expect too much from it, but I'm guessing you're going to get Satoshis for sure and not mBTC, depending on your purchase as well, but as a user of crypto, who doesn't want more, right?

Imagine being all-expense-paid all the time, and you get crypto for it. That's the life. Lol.

[hd49728]

Personally, i don't even pay to have a credit card.

This card is certainly very expensive. But it opened opportunities for bitcoin in this market. Now bitcoin may compete with the miles system. Maybe in the future we will see better offers.

Some people opened a credit card and let it untouched after registration and activation date. They don't know about the risk of stolen credit cards.

For the offer you brought here, I think it is a win-win situation. If people don't open more new Visa credit card because of this announcement, it will still be good for bitcoin and its future adoption. It is a kind of noise (free advertisement) and can help to raise better awareness on bitcoin in the society. It is good, even not big.

[ranochigo]

It's nice to have a credit card offer cashbacks in Bitcoin. But isn't there credit cards offering cashbacks in cash with much better rates? I've got cards with cashbacks of up to 4% here.

If someone is searching for an alternative to their cards, I doubt they would choose to get this card over the others. Afterall, they have got to be rational. You can probably use the rewards earned from the higher cashback cards to buy more Bitcoins.

[btc_angela]

Good options for Visa credit card holders, might as better if they will allow to convert the current rewards to bitcoin that will be great. Of course as bitcoiners, we would love to hear such alternative now so yes this will be 'financially rewarding" for both card holders and Visa.

Wonder though what will be the caveat, perhaps we need to check every line of sentence as there could be some catch though, just saying.

[Yogee]

It's nice to have a credit card offer cashbacks in Bitcoin. But isn't there credit cards offering cashbacks in cash with much better rates? I've got cards with cashbacks of up to 4% here.

If someone is searching for an alternative to their cards, I doubt they would choose to get this card over the others. Afterall, they have got to be rational. You can probably use the rewards earned from the higher cashback cards to buy more Bitcoins.

Yes, there are still more attractive offers.

Visa and Blockfi's is probably hopeful that people will use their card thinking the sats they will be receiving as cashbacks will appreciate in value over time. The talks about btc is increasing and google search for bitcoin price hits an 18th month high according to a report I read from Coindesk. We're currently in a bull run afterall that may extend to next year.

This doesn't fit the narrative that payment companies and banks view Bitcoin as a threat and want to bury it - if so, they wouldn't be adopting it and expose their users to it. This means that they view it more as an asset and investment, and think that they can money off it by encouraging their users to use their product more because of Bitcoin options.

What was that saying again?
First they will.....
Then they .....
Then they .....

[Innerpumper]

From Bloomberg:

What do you think?

bitcoin has decentralized properties if the miles have a central might be more stable than bitcoin, but I think it would be better if the prize was partly in the form of bitcoin that there is even an additional value when bitcoin skyrocketed again. and if the visa cooperates with bitcoin in financial terms of course bitcoin will make the price of bitcoin rise.