What's up you, graham it's guys here and it's about time. We talk about something, that's been getting brought up a lot lately. Well, companies are all out there desperately scrambling over each other to try to find a way to capitalize on bitcoin, almost hitting its record high. Again of 60 thousand dollars, we have the birth of something brand new, never seen before that's about to come into existence for the first time ever, and no i'm not talking about my brand new vlog channel down below in the description called this the family.

Instead, we're talking about the brand new bitcoin credit card and why not getting one, but i got ta say even though i was really looking forward to something like this. I was left feeling empty and disappointed after looking into it further for reasons which wouldn't be so obvious at a first glance. So here's why. But before we start, if you want to help me feel a little bit less disappointed and empty after reading, through it and analyzing all of the fine print.

All you have to do to make me feel better is to smash the like button for the youtube algorithm. You don't have to go all crazy on it like this guy or even this guy, but if you just give it a quick and gentle tap, it helps up my channel tremendously and makes all of this research one thousand percent worth it. So, thank you so much for doing that, and also big thank you to hellofresh for sponsoring this video, but more on that later now, initially i got ta say at first glance. I thought this is a really cool concept and instead of getting paid back in cash you're getting paid in bitcoin, which, if elon musk, keeps tweeting about it, and it goes to the moon, there's a small chance that bitcoin reward may very well pay for your entire Purchase at some point in the future, but then of course i started looking into the fine print and that is where things started: heading downhill, pretty quick, so right off the bat.

Here's the big appeal one and a half percent unlimited cash back on everything paid back to you in bitcoin now, in order to be eligible to receive that award, you'll have to have an account with block fi, which is basically just an interest, bearing account where they Will hold on to your crypto currencies and pay you back up to 9.3 in interest, depending on what you keep on their platform. So, in this case, if you spend two thousand dollars on the credit card and receive thirty dollars back in bitcoin as your one and a half percent reward, that bitcoin will also earn an additional six percent annually on the block. Fi account. However, here's where things start going well bad, even if you hold on to your bitcoin reward for the entire year and your one and a half percent reward grows by an additional six percent.

That's the equivalent of you getting 1.59 unlimited cash back on all of your purchases, paid to you in bitcoin, which honestly is not that good, like getting cash back on credit cards is absolutely nothing new. The city double cash gives you two percent, unlimited cash back on everything, the discover it gives you. Five percent cash back on revolving categories and the amex blue cash preferred gives you six percent cash back on groceries. So really all this credit card does is pay you less money back for the convenience of investing bitcoin on your behalf, in really small increments, and in order for that to compete with the two percent.

Unlimited cash back on the city double cash card, the price of bitcoin would have to go up 33 in a month, just free to break, even so from purely a number standpoint. The math just isn't there that would make this card worthwhile based on a one and a half percent return, but wait there's more. The rewards, don't stop just there and they give you the opportunity to make up to seven hundred and fifty dollars more. Just by doing the following, the first is through a signup bonus of 250 dollars worth of bitcoin when you spend three thousand dollars on the card in the first three months now i hate to be a debbie downer with this.

But when you look at this credit card objectively spending three thousand dollars for a sign up bonus of 250 on a credit card that gives you one and a half percent cash back on bitcoin. It's just not that good. For example, you could get up to five percent cash back on the chase freedom flex and get a 200 signup bonus for only spending hundred dollars in the first three months. The capital one quicksilver also gives you a two hundred dollar signup bonus with five hundred dollars spent, and the bank of america card gives you two hundred dollars.

When you spend a thousand. That means you would literally be able to get all the offers i just mentioned and have 350 more left over, while still spending a thousand dollars less than you would need to on the block fight credit card. Thankfully, though, they do try to redeem themselves by increasing your reward to three and a half percent between months, four and six of using the credit card, but they kept that benefit at only a hundred dollars worth of bitcoin. Again at that level, you may as well just use another cash back card that doesn't limit you to only a hundred dollars worth of a reward, although now here's, where parts of the card get interesting and how it maybe might be worth it depending on how sophisticated You are with using its features, but really quick.

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Hellofresh.Com use code, 12 gram, get 12 free meals and free shipping. I'm really happy they decided to be a part of this video, because this has been the tastiest sponsorship i have ever done, enjoy all right so now that we got your meals taken care of here's, where the rewards get slightly unusual, depending on what you're doing with Them first, by getting the credit card, they're gon na, be offering you an extra two percent interest on your daily stablecoin balance, paid in bitcoin up to 200 a year. Now, for those unaware, a stablecoin is just a cryptocurrency. That's pegged to the us dollar one to one, so one dollar usd is always going to be worth one dollar of a stable coin and vice versa.

But on block vice platform, they will pay you a significant amount of interest on your stable coins that you keep on the platform now i'll be honest, but i've never been able to understand how they could afford to pay. You such high interest, but either way block fi, will increase that interest rate by another two percent up to the maximum benefits of 200 per year. The second, this one is interesting. They say they're going to be giving you 0.25 back in bitcoin on all eligible trades up to a maximum of 500 in bitcoin every month.

Now i'll admit, when i first saw that i was blown away because 500, a month in bitcoin could add up to a lot of money, except when i realized that you would need to trade 200 000 a month to maximize the benefit, then to make matters. Even worse, when i go on my own blockify account trading is disabled, because they're only allowed in a few select states that chances are. You don't live in, so this won't even apply to you, but if it does apply to you, there's no shortage of articles out there complaining about how expensive blockfi is to trade from and according to random strangers on reddit who have done the math. There have been reports of blockfy's average fee working out to 0.7 to 0.9 percent, which is way higher than if you just used another platform like coinbase pro, of course, to be fair to block five they're, really not meant to be a trading platform, and of course They deserve to make money, but from a cost standpoint, even a point, two five percent reduction in a trading fee still means it's expensive, it's just not as expensive as it once was, and third, here's actually, where they're, really good they'll, give you thirty dollars in bitcoin.

For every client referral on top of the base referrer friend program - and that is a lot of money, so here's the deal the base referrer friend program gives you ten dollars for every friend. You refer who deposits a hundred dollars or more to their blockfy interest account. But once you refer more than five people, your reward doubles all the way to twenty dollars. That means you could literally get fifty dollars for every person you refer.

Who gets the credit card, who also deposits a hundred dollars on their block, fi account, and that could add up to a lot of money. I would imagine that once this credit card comes out, you're going to have a lot of people telling you to go and get this credit card, because it pays out a significant amount of money, even though, in my opinion, the card itself is really not that good And lastly, number four: i wanted to save this one to the very end, because it's wild that they would do this, but this card also comes with a 200 annual fee. So if we go and add everything up that you could potentially get in the first year, here's how much this card is actually worth, and you could then decide for yourself if this card is worth getting assuming you spend 24 000 over the year on the credit Card you're gon na be getting back three hundred and sixty dollars worth of bitcoin at their one and a half percent reward. Then you're going to be getting an extra hundred dollars for those three months where you get the bonus three and a half percent back in bitcoin.

That money will grow to about 472 over the year when you apply their six percent interest rate. On top of that, you're also going to be getting that bonus 250. When you meet the minimum, spend bringing your total profit for the year to 722, then, of course you have that 200 annual fee, which brings your profit down to 522 dollars in the first year. Now, for most people that would just end here.

If you don't keep ten thousand dollars in stable coins, you don't refer anybody and you don't do any bitcoin trading now, unfortunately, even though the first year seems pretty reasonable, the second year doesn't look anywhere near as good with two thousand dollars a month spent on the Credit card in the second year, you're going to be getting back 360 worth of bitcoin plus 12 worth of that six percent interest. And then, of course, when you subtract that 200 annual fee your net profit, the second year is only going to be 172 dollars. Compare that to other credit cards like the chase freedom flex, which gives you a 200 sign up bonus up to 300 in rewards on select categories plus unlimited 1-3 cashback on everything else that easily comes out ahead every single year, because it does not have an annual Fee, the city, double cash rewards credit card also comes out ahead. The second year paying you back 480 dollars with the same annual spend because again it doesn't have an annual fee.

That's all compared to block five's one hundred and sixty dollars the second year with the annual fee. So overall here's my honest, take to me. The sign up bonus, absolutely sucks. Three thousand dollars is way too much to spend just to be able to get two hundred and fifty dollars back as a bonus.

The cashback of one and a half percent is all right. It's not the best. It's not the worst, but the 200 annual fee just ruins the entire thing it's kind of like if you're baking a cake, but then last minute you decided it would be a good idea to go and pour motor oil over the entire thing and just make it Inedible and ruin it if the block fine credit card did not have an annual fee, then i would say it's probably worth getting, but i think 200 a year as an annual fee to get one and a half percent cash back in bitcoin is atrocious. The only thing that i see about this credit card being amazing is the referral program where you could make all the way up to fifty dollars per person who signs up, but let's be real.

The card itself is not really all that good on its own. When you compare it with other offers out there, and the only way to make this card actually worthwhile is to refer it to other people who then have to refer to other people. To then make it worth it to them. Who also have to refer more people and just the cycle continues and listen, don't get the wrong idea.

I actually like block fi and i've been using their interest account for the last few months to hold on to my bitcoin and ethereum, but the credit card aspect of this. I just got ta say it's not for me, so my thought is just this. If you want to buy bitcoin and earn interest on block fi, you don't need a credit card to do that. Instead just go and get a good cash back credit card through chase, discover bank of america or citibank and then either use that cash back to invest.

In bitcoin, or invest in bitcoin on your own, i'm always going to be completely upfront in terms of my thoughts on anything i talk about here so that you know anytime. I do actually endorse something like going and getting a free stock worth all the way up to 50. When you use my link down below in the description to sign up for public, it's actually something i really stand behind, but this, even though i would stand to make a lot of money signing up people to get the credit card is not something. I'm a huge fan of, and personally i just don't think it's worth it.

However, if they do remove the annual fee, then i got ta say i would probably end up getting the card and one and a half percent cash back is pretty decent. It's okay, but until then i'll pass and you're, probably best off just buying bitcoin directly transferring it over to block five for the interest and, of course, as usual, smashing the like button for the youtube algorithm. So with that said, you guys thank you so much for watching. I really appreciate it as always make sure to destroy the like button.

Subscribe button and notification bell also feel free to add me on instagram, i posted pretty much daily. So if you want to be a part of it, there feel free to add me there. As on my second channel, the graham stefan show i post there every single day - i'm not posting here. So if you want to see a brand new video for me every single day, make sure to add yourself to that.

And lastly, if you want to completely free stock worth all the way up to 50 use, my link down below in the description and public is going to be giving you a free stock for signing up and depositing a hundred dollars. And i'm posting all my stock trades on there. So if you want to see what i'm buying or selling use that link down below in the description enjoy, let me know what stock you get. Thank you so much for watching and until next time,.