Bitcoin Rewards Credit Card Dethrones Cashback Spending
New BlockFi survey finds 66 percent of crypto cardholders use cashback cards less
JERSEY CITY, N.J., Dec. 14, 2021 (GLOBE NEWSWIRE) — Cashback credit cards have had a long reign in the hallowed halls of personal finance, but a change of throne is on the horizon. In a recent survey of BlockFi Rewards cardholders, the company found clients want more crypto when they spend and earn.
Here are the top discoveries:
- Bitcoin rewards > cashback rewards: 66% of BlockFi Rewards cardholders spend less with cashback cards because they have a crypto alternative.
- Crypto is becoming the default card: Nearly 50% of respondents use the BlockFi Rewards Credit Card for at least 75 percent of their total card purchases
- Brine, baste, and Bitcoin for the HODLdays: Grocery spend the week of Thanksgiving increased by 12% vs. the typical week, while dining spend categories were down.
- Shop until you drop for the HODLdays: Category spending in shopping jumped to nearly 50% of all purchases the week of Thanksgiving, up from 40% of all-time spend. Unsurprisingly, grocery spend nearly doubled from the 8% of normal cardholder weekly spend.
- Crypto rewards are king in California: Eureka! The Golden State accounts for over 20% of all crypto rewards earned by BlockFi Rewards cardholders. More than double the share of all spending of the next two highest earning states, Texas and Florida.*
- Bullish on Bitcoin: BlockFi recently launched Rewards Flex, which gives cardholders the option to earn their credit card rewards in any cryptocurrency available to them on the BlockFi platform. After the release, only ~5% of cardholders opted to receive their rewards in a cryptoasset other than Bitcoin.
- CardHODLers: Cardholders are overwhelmingly HODLers, especially when it comes to Bitcoin. 89% of cardholders retained their Bitcoin and haven’t traded out of it for another cryptoasset since starting their accounts, which is 5% higher than the rest of the BlockFi clientbase.*
“We are proud of how successful the introduction of the BlockFi Rewards Visa Signature® Credit Card has been, especially in such a short time. Our users see the way the financial world is moving and are overwhelmingly switching their spending to crypto rewards cards and opting to save their crypto rewards for long-term gains as they grow their wealth,” said Zac Prince, co-founder & CEO of BlockFi.
Since launching the card in July 2021, the BlockFi Rewards Credit Card community has since grown to over 70,000 cardholders who have amassed over 235 Bitcoin (equivalent to over $11 million as of price on Dec. 10, 2021).
Learn more about the BlockFi Rewards Credit Card here or create a BlockFi account and apply here.
*This insight was pulled from BlockFi’s internal databases on cardholder spending and usage trends and was not covered in the external survey.
Survey Methodology
The survey evaluated BlockFi Rewards cardholders’ experiences using the BlockFi Rewards Credit Card, and explored what they’re looking for from crypto credit cards. 989 male and female U.S.-based respondents were surveyed between Nov. 18, 2021 to Nov. 22, 2021. 839 respondents have a BlockFi Interest Account (BIA), 150 respondents have the BlockFi credit card only.
Disclaimer
BlockFi is a new breed of financial services company. Founded in 2017 by Zac Prince and Flori Marquez, BlockFi is building a bridge between cryptocurrencies and traditional financial and wealth management products to advance the overall digital asset ecosystem for individual and institutional investors.
Disclaimer: Applying for the BlockFi Bitcoin Rewards Credit Card (“Card”) does not guarantee that you will be eligible to receive the Card. Geographic, regulatory, and underwriting restrictions will apply. Fees and terms are subject to change, and additional terms of service will apply to the Card. By applying for the Card, you agree to receive marketing communications pursuant to BlockFi’s Privacy Policy.
For more information, please see BlockFi’s Terms of Service. BlockFi is not a Bank. Cards are issued by Evolve Bank & Trust, Member FDIC, pursuant to a license from Visa® USA Inc. Rewards are not offered by Evolve Bank & Trust and are instead offered and managed by BlockFi.
Neither BlockFi nor any of its affiliates or representatives provide legal, tax or accounting advice. You should consult your legal and/or tax advisors before making any financial decisions.
Rates for BlockFi products are subject to change. Digital currency is not legal tender, is not backed by the government, and crypto interest accounts are not subject to FDIC or SIPC protections. Geographic restrictions and other terms and conditions apply.
Nothing contained in this announcement should be construed as a solicitation of an offer to buy or offer, or recommendation, to acquire or dispose of any security, commodity, investment or to engage in any other transaction. The information provided in this announcement is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to law or regulation. This announcement is not directed to any person in any jurisdiction where the publication or availability of the announcement is prohibited, by reason of that person’s nationality, residence or otherwise.
Learn more at BlockFi.com.
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Madelyn McHugh
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