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, the company found clients want more crypto when they spend and earn. Here are the top discoveries:
Bitcoin rewards > cashback rewards: 66% of BlockFi Rewards 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.*