Blockrize: Credit Card With Cryptocurrency Rewards
A new credit card will soon be available promising rewards in cryptocurrency. A company called Blockrize will offer 1% back on all purchases, offered in the form of either Bitcoin or Ethereum. Blockrize claims that the advantage here is that you'll be able to acquire cryptocurrency without being charged exchange fees (typical when purchasing cryptocurrency from an exchange). The other noted advantage is that the values of both Bitcoin and Ethereum have increased greatly since their inception, therefore potentially offering much greater than just a %1 reward, given the value of Bitcoin or Ether continue to climb. Blockrize's example is such:
Expounding on this example, Blockrize explains that in 2017, the Blockrize card offered the equivalent of 6.9% cash back for Bitcoin rewards, and 16.3% cash back for Ethereum rewards; which could be significantly higher than the average rewards credit card (credit cards commonly give rewards in the 1-5% range.) Other caveats, often associated with credit cards, are annual fees, and of course, interest rates. There is no report on whether Blockrize will intend to enact an annual fee, or what their potential interest rates may be as they are still in pre-sign up stage.
Blockrize is also emphasizing that security on your crypto holdings will be "top priority":
Once your cryptocurrencies are hedl in your Blockrize account wallet, you may send to other Blockrize accounts for free, or there will be a network fee imposed if sending to an outside wallet. The company intends for the card to be available as soon as possible this year, and invites prospective customers to join the waitlist for updates and early access. We are excited to see further integration of crypotcurrencies in more standard forms of institutional payment methods. Please comment on any thoughts you have about this first-of-its-kind credit card.