Crypto debit card BlockCard, built by blockchain company Ternio, has increased user rewards to almost 7%.
“Starting April 14th, all BlockCard users (existing and new) will be entitled to earn 6.38% back in cryptocurrency rewards on all BlockCard purchases - with no ceiling on the amount they can earn,” Ternio founder and COO Ian Kane told Cointelegraph. “You can spend $100 or $100,000 and earn 6.38% on all merchant purchases.”
Many mainstream stores do not directly accept crypto assets as a payment option. BlockCard works like a normal debit card, except with crypto backing. The card allows users to transfer crypto to their account and then spend that crypto in card form at any location that takes major credit card providers.
Kane confirmed BlockCard is only open to U.S. residents at the moment. Ternio, however, has its eyes set on European availability later in 2020.
“In Q2 we will be launching in 31 European countries and the rewards program will be available to those residents as well,” Kane said, also noting planned availability for Asian-Pacific and Latin American regions later in 2020.
The new rate is now the norm
Kane confirmed the new 6.38% rate applies to new and existing BlockCard users, and is the new normal for BlockCard going forward.
“We want to raise the bar and expectations of cryptocurrency holders,” Kane said. “BlockCard was the first card program to offer Google+Apple pay support and now we want to raise the bar on rewards programs as well.”
Mainstream card providers also offer rewards, although they may not be as good as they seem upfront.
“The devil is in the details,” Kane explained, referencing the fine print from one card provider.
“AMEX Blue Cash is one of the best rewards cards on the market (as voted by NerdWallet) - offering 6%, but only up to $6,000,” he noted, referring to popular card provider American Express. “Best case scenario is $360 in reward,” he said, also pointing to 3% and 1% rewards touting restrictions.
Several other crypto outfits are now working in the card space as well. Coinbase announced work with Visa in February 2020, while Binance unveiled its own debit card near the end of March.