An in-depth review of Fold's Bitcoin rewards prepaid debit card and accompanying App (includes a 5,000 Satoshi sign-up bonus for new users).
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Updated: August 2022
The Basics: What is Fold?
You're probably already familiar with the various cashback, miles, and hundreds of other rewards credit cards out there. So what is the Fold card, and how does it compare? Well, there are two key factors to consider here:
1) The Fold Card IS NOT a credit card. It's instead a prepaid debit card!
2) Instead of miles, cashback, etc. Fold provides Bitcoin back on nearly every purchase! This is done through a flat rate or a fun little mini-game called spin-the-wheel. (Hence why the two programs Fold offers are called "Spin" and "Spin+")
Available Card Types
Cashback (Bitcoin) on Purchases
Two Options (available after each purchase):
Compatibility and Other Unique Features
Our Overall Rating
New Customer Promotions
*Check Fold's Card Plans for the latest and additional fee information
Let's talk about the best part first, the rewards! Fold currently offers users several methods to acquire Bitcoin: A daily spin wheel, an In-App AR game, a gift card shop, and of course, cashback through purchases made with the Fold card.
1. Free Daily Rewards
~5-10 Satoshis Daily + A Chance to Win up to 1 Million Satoshis
Every 20 hours, users (regardless if they are Fold Card holders or not) can spin the daily spin wheel. The prizes vary from a few Satoshis to the grand prize of 1 Million Satoshis. Of course, these prizes are distributed on a decreasing probability based on the prize's values, but hey, it's a free daily lottery-like game just for installing the App.
Typically expect yourself to land on the 5 & 10 satoshi prizes A LOT. However, after seven consecutive days of spinning, Fold awards you a "Spin Streak" prize of 250 Sats.
Enter The Metaverse (AR Game)
Up to 200 Satoshis Daily + 3 Free spins (for Card Holders)
Next, we have Enter The Metaverse. The best way to describe this is Pokemon Go meets Bitcoin (Don't worry running around the city isn't required here).
Essentially every 15 minutes, a block will appear with a play button. Upon pressing play, you'll be greeted by a quick tutorial if it's your first time (be sure to pay attention). The game's goal is to collect all the Bitcoins, Diamonds, and Spin wheels while avoiding the Sh.."poop" coins and purple poison pills.
The game is quick and takes roughly 30 seconds. After completing the game, you'll have to wait until the next block appears before playing again. You can obtain a maximum of 200 sats and three spins per day.
2. Fold Card Member Exclusives & Paid Rewards
Gift Card Shop
Fold's Gift card shop contains about 100 gift cards, including everything from Food Delivery to Sports and Outdoors to Airlines.
These cards vary in their awarded Bitcoin back depending on the payment method used. You can use a regular debit card here or even purchase gift cards via bitcoin's lighting layer; however, using the Fold card will always net you the largest bitcoin back percentage. Once purchased, the cards are instantly available in App and are ready to use.
A few of our favorites (%'s based on purchases with a Fold card):
Amazon - 5% Bitcoin Back
DoorDash - 7% Bitcoin Back
UBER/UBER EATS - 3% Bitcoin Back
Nintendo eShop - 8% Bitcoin Back
DSW - 4.5% Bitcoin Back
Papa Johns - 4.5% Bitcoin Back
The Home Depot - 2.5% Bitcoin Back
Southwest Airlines - 2.5% Bitcoin Back
Awesome right? Well, it gets even better. Not only are you guaranteed the listed in-app gift card percentage, but you'll also receive a prize wheel spin when using your Fold card! So, in the end, you're receiving an additional .25%-5%+ (depending on your luck) on your purchase!
Fold Card Purchases
Every time you use your Fold Card to purchase anything* over 3 dollars (Over $5 on Amazon.com), you'll receive an option to either spin the wheel or take the flat rate. You'll have 24 hours to decide on which option to select. From our experience, the wheel has overall netted us a significantly larger Bitcoin back percentage (~1-2%) than the flat rate (0.25%) (Your results may vary).
If you choose to spin the wheel, you'll have the opportunity to win prizes ranging from 2% cashback up to a whole Bitcoin!
As with the daily wheel, the probabilities decrease with higher valued items. However, in our experience, we've been able to land in the 1.5% to 4% range fairly consistently. Don't like the prize you've landed on? Don't worry! You'll have 24 hours to respin to try and land a better reward (this is where three free spins from the "Enter The Metaverse" game are pretty handy).
In addition to the 3 Free Spins from the "Enter The Metaverse," Fold Spin Card holders receive a free daily spin (Spin+ Members receive 3/day). Additionally, purchases over $250 receive an extra spin, and Fold frequently distributes free spins for holidays and events.
*There are several services where the Fold card can not be used (Money Service, Gambling, etc.) See the complete list here.
What good would rewards be if you couldn't withdraw them? With Fold, every Satoshi that you stack is instantly visible through an in-app counter that displays your total lifetime earnings along with your largest Bitcoin back reward to date. All Awards are instantly credited to your account and are based on the price of Bitcoin at the time of the purchase.
Rewards on purchases made with the Fold card are locked for withdrawal for 30 days (rewards from gift cards purchased in the Fold app are excluded from this lock).
Once you've reached 50,000 satoshis (roughly $20 based on today's BTC price), a withdrawal can be processed to a Bitcoin wallet of your choosing. Fold processes these withdrawals every week by the end of the day Tuesday. You're able to monitor the status of your withdrawal at any point by navigating back to the withdrawal screen.
After filling out an application for the Fold card, it took us roughly two weeks before we received it in the mail. The application process was relatively straightforward. Since this is a prepaid debit card, no credit checks are required. You'll need to physically receive the card and activate it before it appears in-app (Virtual cards are no longer being provided to new members before activation). The card comes in a plain white envelope and is ready to use moments after activation.
Before using the card, you'll, of course, need to fund the card. This can be done in several ways:
In-App Instant Debit Card Funding - (Currently in testing, not available to all users)
We weren't able to test this method at the time of writing. However, according to other Fold members, this method is fairly hassle-free and straightforward. There is a limit on instant deposits of $2,500 (though it is expected to rise to $5,000 in the near future)
One-Time Deposit - This includes linking your bank to fold through plaid and transferring funds through Astra.
From our experience, this is a prolonged method and not something we recommend. However, theoretically, this method should speed up with a more robust deposit history.
Direct Deposits - Directly deposit your paycheck into Fold.
Venmo and Apple Cash - Use third-party apps and solutions to fund your Fold Card.
This is the fastest funding method we've seen. It involves funding your Venmo or Apple Cash account and transferring it into Fold. There is a fee in Venmo and Apple Cash for instant transfers; however, non-instant bank transfers are free and typically take <1 business day to clear. With Apple Cash, we were able to create a deposit in the morning and have the balance in our account that same evening. We highly recommend this funding method over the one-time in-app deposits. Just be sure to read and follow the in-app guides related to this method (there's a bit of setup required).
Once funded, the card functions like a standard debit card at nearly all merchants that accept Visa.
Additionally, the card can be added to your Paypal bill pay account, allowing you to pay everything from utility bills to mortgages! Yes! You can get Bitcoin back from making payments on your Mortgage and Credit Cards!
Post-Purchase Spin Wheel Tips and Tricks
As mentioned before, a core mechanism of the Fold card revolves around the post-purchase spin wheel. Now while the prizes on the spin wheel are all based on luck and probability, there are two things that you can do to increase your chances of winning a more favorable reward.
1. Plan ahead on big purchases
Before making a big purchase with your Fold card, collect as many spins as possible in-app. Remember, you can receive a minimum of 4 spins daily, 1 through being a cardholder and 3 from the metaverse game. With these spins lasting 24 hours, by saving these spins and timing a big purchase a few hours before their expiration, you'll have a guaranteed 10 chances of spinning the prize wheel (4 Spins from the previous day + 4 spins from the current day + 1 Spin from the purchase + 1 Spin on any purchase over $250).
2. Know when to stop
Using Fold's odds and prizes page, split the wheel between undesirable and desirable prizes. Afterward, combine their probabilities and set a personal target you are comfortable with. For instance, based on the current "Summer of Spinning," you may want to split the categories into the following buckets:
1.50% Spending Bonus - 14% odds
2.00% Spending Bonus - 9% odds
3.00% Spending Bonus - 1.750% odds
4.00% Spending Bonus - 1.250% odds
5.00% Spending Bonus - 0.1% odds
$50 in Bitcoin Bonus - 0.05% odds
100% Spending Bonus - 0.01% odds
1 Bitcoin prize - 0.00001%
Total desirable odds: 26.16001%
+2 Spins chance odds: 7.78999%
Undesirable odds: (100% - Desirable - Bonus Spins) = 66.05%
Based on the above, we should expect about 1 out of every 4 spins on average to land on a favorable reward. So next, we will respin the wheel until we land on one of the prizes in the desirable zone. Once achieved, we stop. It doesn't matter how many spins we have remaining nor the amount of the prize; as long as it's in the desirable classification, we stop. Now a lot of this will depend on your personal risk tolerance and overall luck. If you land on a prize that you're comfortable with or low on spins, it's completely alright to call it quits, even if the prize wasn't in the desirable zone.
Spin vs. Spin+
Fold currently offers two plans, the free "Spin" Tier and the "Spin+" Tier at $150 annually. Right now, there isn't much difference between the two programs besides the additional purchase wheel spins Spin+ receives and the monthly Amazon gift card purchase limit ($250 for Spin, $500 for Spin+).
Additionally, there are rumors that the Spin+ program is currently being redesigned. So, at the moment, it may be better to opt-in for the Free Spin tier and later upgrade to Spin+ once more information on the redesign is available.
Overall Pros and Cons
Debit card with a rewards system (even better, it's a Bitcoin back reward system!)
Free daily in-app Bitcoin rewards.
Fun mini-games and unique "Spin The Wheel" rewards.
Great selection of Bitcoin back gift cards.
The ability to earn Bitcoin by paying bills, mortgages, and rent.
Lack of quick in-App funding options.
Roughly two weeks wait time between the application and the card receipt.
Currently no significant differences between the free and paid tiers.
Gift card supplies are limited and popular ones tend to run out towards the end of the month.
Anyway, that's our Two Satoshis. Want to give Fold a try? Use our referral link or click the "Get Fold" button below and get 5,000 Satoshis Free on sign-up! Happy Stacking!