Jack Dorsey’s Block has added a new item to its public Bitcoin roadmap: “Earn bitcoin back with Square Credit Card.” The one-line description reads, “Earn 3% back in bitcoin on eligible purchases made with Square Credit Card,” and the status is marked In Progress.
That was enough to light up crypto X on October 13. Bitcoin Magazine’s post saying Square Credit Card holders “will soon earn 3% back in Bitcoin” drew more than 80,000 impressions and over 1,000 likes, and dozens of accounts reposted the same line within hours. Some went further, framing it as millions of businesses about to start stacking sats.
The real picture is narrower, and more interesting, than the headline. Here’s what Block has actually published, what is still missing, and why the feature matters for its broader bitcoin strategy.
What Block has confirmed
The source is Block’s own Bitcoin Open Roadmap, a public page where the company tracks bitcoin features across Cash App, Square, Bitkey and Proto. The credit card item says three things:
- The feature is called “Earn bitcoin back with Square Credit Card.”
- Its status is In Progress, not Shipped.
- The description is “Earn 3% back in bitcoin on eligible purchases made with Square Credit Card.”
The page also carries Block’s standard caveats: the roadmap “is subject to change,” certain products may not be available in New York, and bitcoin “is a non-deposit, non-bank product that is not FDIC insured and involves risk, including monetary loss.”
There is no launch date, no published terms, and no press release. Crypto Briefing noted the same gap: eligibility rules, timing and the mechanics of how the bitcoin gets delivered “are still to come.”
The key phrase: “eligible purchases”
The detail most posts skipped is the word eligible. To understand why it matters, look at how the card works today.
In an August 11, 2026 announcement, Square refreshed the card, which runs on the American Express network. It now pays:
- Unlimited 3% cash back on Square Bill Pay transactions, and
- 1.5% cash back on all other purchases.
Rewards can currently be redeemed as a cash deposit into a Square Savings account, a statement credit, or free payment processing. The card also has no annual fee, no late fees, no foreign transaction fees and no personal guarantee, according to Square.
So the existing 3% rate applies to Bill Pay, the feature that lets sellers pay vendors (rent, insurance, suppliers) with the card even when the vendor doesn’t take cards. Everything else earns 1.5%. Several X accounts flagged this right away; CryptoMeter.io posted that the card’s 3% is on Bill Pay “plus 1.5% on other purchases.”
Block hasn’t said whether “eligible purchases” for bitcoin back means Bill Pay only, all purchases, or something else. A reasonable reading is that the bitcoin option may mirror the existing 3% Bill Pay tier, but that is an inference, not something Block has stated. Until terms are published, “3% back in bitcoin on everything” is not a safe assumption.
How it fits Block’s bitcoin playbook
The credit card item is one piece of a steady build-out. Block’s roadmap shows a run of Square bitcoin features shipped over the past year:
- Bitcoin payments and banking (shipped October 2025): accept bitcoin with no processing fees through 2026, and automatically convert part of daily sales into bitcoin.
- Bitcoin payments for multiple locations (February 2026).
- Bitcoin payments turned on for eligible sellers (April 2026).
- Tap to pay with bitcoin and toggle bitcoin at checkout (June 2026).
- Bitcoin payments for invoices (July 2026).
On the consumer side, the roadmap lists 5% bitcoin back for Cash App users who pay with bitcoin or dollars over Lightning at participating Square sellers, shipped in April 2026.
Square’s own bitcoin page and help center confirm that bitcoin payments carry a 0% processing fee until December 31, 2026, rising to 1% after that. Bitcoin conversions carry a 1% fee.
Put together, the strategy is clear. Block wants bitcoin to flow through every part of a small business’s money: what customers pay with, what the business keeps, and now, potentially, what it earns back on spending. A bitcoin rewards option on a business credit card fills the last of those gaps.
Why it matters, and the caveats
For small-business owners who already want some bitcoin exposure, rewards are an easy on-ramp. Earning a percentage of routine expenses in bitcoin means accumulating a position without deciding to buy it outright. Plenty of business cards pay in airline miles or points; very few pay in bitcoin, so the feature would help Square’s card stand out.
But a few cautions are worth keeping in mind:
- Volatility cuts both ways. A reward paid in bitcoin can be worth more or less than its dollar value at the time it was earned. As Crypto Briefing put it, “That volatility cuts both ways.”
- Taxes and reporting. Square’s bitcoin tax guide says it issues Form 1099-DA for its bitcoin products, and that using them may create capital gains or losses. How bitcoin rewards would be treated hasn’t been spelled out; owners should check with a tax professional once terms appear.
- Availability. Square Bitcoin isn’t offered to New York or non-U.S. sellers, according to Square, and the roadmap repeats the New York caveat.
- Promotions have end dates. The 0% bitcoin payment fee ends on December 31, 2026. What Block does with its bitcoin incentives after that will show how permanent this push really is.
What to watch next
The useful questions now are practical ones. Will bitcoin back apply only to Bill Pay or to all spending? Will it be an extra redemption option alongside cash, statement credit and free processing, or a separate rate? Will rewards land in a seller’s Square bitcoin balance, with the option to withdraw to self-custody? And when does it ship?
Block publishes status changes on the roadmap, so the item flipping from In Progress to Shipped, with a linked terms page, is the signal to look for. Until then, this is a confirmed plan, not a live product.
This article is for information only and is not financial, investment or tax advice. Crypto assets are volatile and you can lose money. Always do your own research.