At a Glance
BlockCard is a crypto rewards debit card from Ternio and Metropolitan Commercial Bank of New York. The card earns up to 6.38% APY in crypto rewards but comes with a variety of fees for those rewards – including a $5 monthly fee for users that spend under $750 per month on the card.
Ideal for Those Who:
- Plan to regularly use the card for purchases
- Don’t anticipate traveling outside of the United States
- Prefer cryptocurrency rewards (in up to 12 different denominations)
- Want a stylish, premium card design
BlockCard Review
The BlockCard is a crypto debit card that seeks to make buying (and spending) cryptocurrencies like Bitcoin a breeze. A Visa debit card, the card features no deposit or transaction fees but does come with a $ monthly fee for use, depending on your average monthly spend.
How to Get a BlockCard
Crypto cards tend to have more hurdles than traditional fiat money debit cards – and the BlockCard is no different. Getting a BlockCard requires several steps, the most basic of which is registering your interest via the card and creating a BlockCard account.
Once a user account is created, you will need to deposit your funds to open the account. This deposit takes the form of crypto or fiat funds, which sit in a fully FDIC-insured bank account through Metropolitan Commercial Bank of New York. There are no minimum deposits or fees for making deposits.
Once the funds are deposited, the user must pass a credential check. This KYC (know your customer) authorization helps reduce the risks of money laundering and other fraud and helps keep the crypto transactions on the BlockCard account secure. And once the KYC is complete, the user can request a card.
Different Cards for Different Accounts
BlockCard, like other cryptocurrency credit and debit cards, features multiple tiers – each of which features a different card type.
The first tier in the program is the basic wallet, which offers little more than access to a BlockCard crypto wallet. Seriously, that is about it. Next is a virtual card, which features a daily spending limit of $5,000 and 24/7 customer service.
If you want a physical debit card, you’ll need to shell out a $10 fee to get one, though doing so also comes with the added benefit of a complimentary virtual card. A physical card also comes with the same $5,000 daily spending limit of other versions, plus a $500 daily ATM withdrawal limit and 24/7 customer support.
BlockCard also intends to introduce a metal card in the future, but it is not available at the present time.
Earn Crypto Rewards with Eligible Purchases
BlackCard holders earn crypto rewards based on their TERN stake. TERN is the crypto token proprietary to the BlockCard ecosystem (and the card’s creator, Ternio). Users earn up to 6.38% APY back based on their spending or stake in TERN – with more rewards for a higher stake.