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The BlockFi Rewards Visa® Signature Credit Card is unusable to existing cardholders, and completely unavailable to new applicants, following the news that the cryptocurrency trading and lending platform BlockFi filed for Chapter 11 bankruptcy on Nov. 28, 2022.
"The BlockFi Card is paused and cannot be used to make purchases at this time," according to a BlockFi representative. "New cards are not being issued. Clients should continue to make their regular statement payments. Assets held on the BlockFi platform cannot be used towards these payments."
Previously, the BlockFi Rewards Visa® Signature Credit Card earned 1.5% back in crypto on all purchases, plus additional earnings if you spent more than $30,000 per year or used your card at select merchants. You could choose to earn rewards in the form of around a dozen cryptocurrencies.
Customers are currently unable to withdraw funds from their BlockFi accounts, and BlockFi has asked customers to refrain from making deposits to their BlockFi Wallet or Interest accounts. For now, there’s no specific timeframe for how long the bankruptcy process will take. BlockFi directs anyone with questions to Kroll, their claims agent. Email [email protected], call (888) 773-0375, or call (646) 440-4371 if you’re outside of the U.S.