New BlockFi survey finds 66% of BlockFi Rewards cardholders use cashback cards less
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 we found they want more crypto when they spend and earn.
Here are the top discoveries from BlockFi Rewards Credit Card cardholders:
Bitcoin rewards > cashback rewards: 66% of 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 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 December 10th, 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.
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 US-based respondents were surveyed between November 18th, 2021 to November 22nd, 2021. 839 respondents have a BlockFi Interest Account (BIA), 150 respondents have the BlockFi credit card only..
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.
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