Goodbye BlockFi Rewards Visa® Signature Credit Card – What You Need To Know

The news of BlockFi filing for Chapter 11 bankruptcy on November 28, 2022, came as a blow to many. Not only do customers need to worry about their assets, but those who had signed up for the BlockFi Rewards Visa® Signature Credit Card have to look for alternative ways to earn reward points.

In this blog post, we’ll look at the former credit card, explain what happened when the bankruptcy filing was made, explore how customers are affected, and discuss what cardholders can do in light of the bankruptcy.


What is the BlockFi Rewards Visa® Signature Credit Card?

The BlockFi Rewards Visa® Signature Credit Card is a great way to get rewards in the form of cryptocurrency. You can earn up to 2% back in crypto each year after spending $30,000 on the card. Plus, this card offers some of the highest rewards rates for cryptocurrency credit cards currently available.

The card also has other great features, like fraud prevention and a zero liability policy should something happen to your card.

Overall, the BlockFi Rewards Visa® Signature Credit Card is a great option if you’re looking to start investing in cryptocurrencies or are already invested and want to take advantage of some great rewards programs.

Goodbye BlockFi Rewards Visa® Signature Credit Card – What You Need To Know
Goodbye BlockFi Rewards Visa® Signature Credit Card – What You Need To Know

What Happened When BlockFi Filed for Bankruptcy?

When BlockFi filed for Chapter 11 bankruptcy on Nov. 28, 2022, the BlockFi Rewards Visa® Signature Credit Card was paused and could no longer be used. New cards were not issued, and cardholders were advised to make their regular statement payments as normal. Assets held on the BlockFi platform could not be used for these payments.

Customers were unable to withdraw funds from their BlockFi accounts and were asked to refrain from making deposits to their BlockFi Wallet or Interest accounts.

How Are BlockFi Customers Affected By Bankruptcy?

BlockFi customers are likely to incur losses from the bankruptcy process, due to the frozen asset protection offered to those in the U.S. Bankruptcy Code.

All customer assets have been frozen, and BlockFi is not processing customer withdrawals. Currently, there is no exact time frame for the duration of the bankruptcy process.

What Can BlockFi Cardholders Do In Light of the Bankruptcy?

BlockFi cardholders are advised to continue to make their regular statement payments, even if they can’t access their funds or withdraw. BlockFi is not currently processing customer withdrawals, and all customer assets are currently frozen.

If you would like more information or have any questions or concerns, you can reach out to Kroll, your claims agent, directly. You can email them at blockfiinfo@ra.kroll.com, or you can call them at (888) 773-0375 if you are in the U.S., or (646) 440-4371 if you are outside of the U.S.

How Can BlockFi Cardholders Access Their Funds?

At the moment, there is no way for BlockFi cardholders to access their funds. All customer assets have been frozen and BlockFi is not processing customer withdrawals.

Conclusion

BlockFi filing for Chapter 11 on November 28, 2022 was a shock to many customers. The BlockFi Rewards Visa® Signature Credit Card is no longer available and customers can no longer access their funds.

If you are a BlockFi customer and have any questions or concerns, please contact Kroll directly through Email blockfiinfo@ra.kroll.com, call (888) 773-0375, or call (646) 440-4371 if you’re outside of the U.S.

We hope that the answers in this blog post have been helpful in understanding what happened and what cardholders can do in light of the bankruptcy.

About Author

Dhiraj Jha
Dhiraj Jha
As a personal finance and credit cards expert, I provide valuable insights and advice on budgeting, saving, investing, and debt management. I am also an expert on credit card rewards programs and help readers make informed decisions about which cards are right for them. My goal is to help people improve their financial literacy and make better financial choices.

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