- Consumers will get 1.5% cashback on every transaction which will turn into Bitcoin
- The credit card will be available in early next year
Visa in partnership with BlockFi, a Crypto Financial services company will soon launch a credit card offering bitcoin rewards to its costumers. Visa along with Circle Internet Financial will offer this one of a kind credit card in USDC, which means that BlockFi in partnership with Visa will please their customers to earn bitcoin back with every purchase.
This credit card will be launch early next year in the U.S. according to a press note, BlockFi is very excited to announce such a partnership to offer this unique service to the customers. The company has been working on this new product for a long time. Not only this, but the customers will get 1.5% cashback on each transaction made on the card. Further, the cashback that is collected will be turned into bitcoin and will be directly transferred to the BlockFi account every month.
Visa, Evolve Bank and Deserve along with BlockFi are the partners of the project. The announcement of the partnership and the product was made on December 1, 2020. It is to be noted that one will receive $250 in bitcoin as a signup bonus with BlockFi and Visa. This bonus will be accrued at the expense of $3000 or more on the card within the three months of the launch. The card will have an annual fee of $200 and will be issued by Evolve Bank & Trust.
Visa has been actively looking for more business coming next year and had also partnered with another company Circle International Financial to a role in USDC. USDC stands for US Dollar Coin, which should not be mistaken with the country’s fiat currency. USDC is a cryptocurrency and is based on Ethereum Blockchain. The current price of Ethereum is $2.9 Billion U.S. Dollar.
Both the companies are working to help select Visa Credit Card issuers to start rolling in USDC software into their platforms. Visa had also joined hands with Coinbase in October 2020 to offer Coinbase Visa Card to the customers. The users can spend their digital money anywhere in the world where Visa is accepted.
Visa has also joined hands with Fold to offer bitcoin rewards card to the users. Fold card is being one of the cards on offer by the Fold founders. The card is in beta at present and users can join them but they need to wait for it to start. This card will not be a credit card. However, it will be a debit card with bitcoin rewards offering.