Blockrize is a yet to launch credit card that plans to offer users cryptocurrency as rewards (Bitcoin and Ethereum) that has been getting a little bit of hype recently. Let’s take a look as part of our Weird Card Wednesday series.
Card Basics
- Earn 1% back in cryptocurrency on every purchase
- No mention of fees, issuing bank or payment network
Our Verdict
This card is pointless. On their homepage they state that in 2017 the card offering the equivalent of:
- 6.7% cash back rate for Bitcoin rewards
- 16.6% cash back rate for Ethereum rewards
The problem is that the card didn’t exist in 2017 and still doesn’t exist. In addition those high rates are due to massive gains both cryptocurrencies made in 2017, there is no guarantee we will see those again (and also obviously risk they will decrease). In addition if I put the same spend on a 2% card and then invested in either cryptocurrency I would have doubled those listed returns. Even if you’re paying massive fees to purchase cryptocurrency, you’d be much better off with a card that earns at a high rate on all purchases rather than this joke of a card.
Hat tip to VFTW
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