Fold is a bitcoin app and debit card that gives you free bitcoin for qualifying purchases.
The app lets you earn free bitcoin while you shop. You shop online for gift cards, then earn bitcoin for every gift card you purchase.
You can also spend your Fold Card prepaid bitcoin debit card in the real world, earning an average of 3% cashback every time you shop online or in-store.
Is Fold legit? Can you really earn bitcoin for free just for shopping at your ordinary online stores? How does Fold work? We’re answering all your questions about the Fold bitcoin app today in our review.
What is Fold?
Fold is a mobile app found online at FoldApp.com. The app is available for free through the iOS App Store and the Google Play Store for Android. Fold also has a prepaid debit card called the Fold Card.
Here are the two flagship services from Fold:
Fold App: The Fold app for iOS and Android lets you buy gift cards, then earn rewards in the form of bitcoin. You can earn 3% to 20% kickbacks in bitcoin for each gift card you buy through the Fold app.
Fold Card: Fold recently launched the Fold Card, a prepaid Visa debit card. You can spend the Fold Card at any online or offline merchant that accepts Visa. You load it with money from your bank account, then earn rewards in the form of bitcoin on every purchase. The average purchase provides 3% cashback in bitcoin.
After downloading Fold, you can earn rewards in the form of bitcoin. Fold gives you cashback for buying gift cards.
Just open the Fold app, find the online store you like, then buy a gift card for that store through the online app. You’ll earn up to 20% cashback in bitcoin on every purchase – instantly.
There’s no catch to Fold. The app doesn’t sell your data, nor does it store your bitcoin. You legitimately receive free bitcoin in exchange for purchasing gift cards through Fold.
Fold recently launched the Fold Card, a crypto card you can use in the real world. Fold describes it as the world’s first bitcoin rewards card. You can earn bitcoin on everything. As of March 2021, you can sign up for the waitlist for Fold. The card is available to US residents.
How Does the Fold App Work?
The Fold App lets you buy gift cards from your favorite online retailers, then earn cashback from those retailers.
You might buy a $100 Amazon gift card through the Fold app, for example, then receive $3 cashback in the form of bitcoin. You paid $100 for the Amazon gift card, then received $3 cashback in bitcoin delivered directly into your Fold account. You can withdraw your balance at any time (Fold uses the Lightning network to minimize transaction costs and fees).
Most retailers give rewards of 3% to 10% for buying gift cards through the Fold app, although some give rewards up to 20%.
You can buy gift cards through the Fold app using credit cards or crypto (through the Lightning Network). You can also apply your kickbacks to your current purchase, earning a discount on future gift cards.
The Fold app is completely free to use. It also lets you shop incognito. Fold doesn’t claim to sell your shopping history to advertisers. You’re simply receiving rewards for buying gift cards through the Fold app.
Fold App Features & Benefits
The makers of Fold advertise all of the following features and benefits:
Shop Anywhere: Fold supports recognizable stores you already shop at, including Amazon, Hotels.com, Lowe’s, Macy’s, Old Navy, Domino’s, Chipotle, Cabela’s REI, Sephora, Starbucks, Uber, Dunkin, GrubHub, Nintendo, and other stores. Fold adds new stores every week.
Earn Sats: Don’t expect to earn thousands of dollars in bitcoin with Fold. However, you can earn up to 20% cashback, or better yet BTC back, on qualifying purchases. That could mean earning thousands of satoshis (sats) on stuff you were going to buy anyway.
Instant Payouts: Fold doesn’t overwhelm users with delayed payout periods or hazy reward estimates. Instead, the app offers instant payouts.
Compound Rewards: You can increase your Fold earnings by referring friends to the app. Fold has an affiliate and rewards system that allows you to compound the rewards you earn.
Flexible Payments: Pay for gift cards through the app any way you like. You can use credit cards, crypto, bitcoin over the Lightning network, and other methods of payment for each purchase.
Incognito Mode: Fold describes itself as “one of the most private forms of payment available.” The company does not disclose your personal information, payment details, or transaction data. It keeps this data safe from advertisers and attackers alike.
No KYC Required: There’s no need to complete Know Your Customer (KYC) requirements with Fold. You can transform your crypto into gift cards without completing extensive verification.
About the Fold Card Crypto Debit Card
Fold has launched a crypto debit card called the Fold Card. The card is a distinctive black color. It also claims to be the first bitcoin rewards card, allowing you to earn bitcoin on everything.
Every time you spend money with the Fold Card, you get the chance to earn money through “spin rewards.” Fold spins the wheel with every purchase, and you could earn a huge amount of money. In fact, you have a chance to win 1 BTC on every purchase.
As Fold explains, “you cannot lose” when using the card. You’ll always win something. Some rewards are 1 BTC. Other rewards are 1,000 sats. Some are 2% spending boosts.
The Fold Card is a prepaid debit card. It’s not a credit card. You load money onto the card using your Fold account, then spend that money in the real world.
Fold partnered with Sutton Bank to launch the Fold Card. The Fold Card is a general-purpose Visa reloadable prepaid debit card backed by Sutton Bank. When you get a Fold Card, you get an account number and a routing number from Sutton Bank – just like if you got a checking account.
How to Use the Fold Card
Here’s how the Fold Card crypto debit card works:
Step 1) Load Your Card: Make a direct deposit or ACH transfer, moving USD into your Fold account.
Step 2) Spend Anywhere: You can use your card anywhere Visa is accepted, including in-person or online. You can also check out straight from Apple Pay or Google Pay. It’s like an ordinary debit card you can use wherever.
Step 3) Earn Rewards: You can earn up to one full bitcoin on every purchase. With each purchase, your bitcoin balance grows.
The card is priced at $150 per year (for the premium card) or $0 per year (for the introductory card, plus a $21 activation fee). You pay more for the premium card, but you can earn more rewards.
According to Fold, you earn an average of 3% spin rewards on every purchase, equivalent to earning 3% cashback on your card. You also get 5% Amazon rewards, 10% high yield rewards, a $50 bitcoin deposit bonus, and a chance to win 1 full BTC with every purchase, among other perks.
Fold Card Features & Benefits
Some of the features and benefits of the Visa Fold card include:
Earn Bitcoin on Everything: Fold lets you earn bitcoin in the real world or online. You can spend your Fold Card anywhere you would spend an ordinary debit card. You can use it at online checkouts, in-person stores, and other locations where you would spend an ordinary card.
Free or Paid Plans Available: Fold offers a free Fold Card ($0 per year) and a premium Fold Card ($150 per year). If you plan to spend more money using your Fold Card, then the premium option is worth the price. If you only want to use it for basic spending, then the standard free card may be fine.
3% Average Rewards: The average spin on Fold delivers rewards of 3%. You’ll earn an average of 3% cashback on all purchases.
Spin the Wheel With Every Purchase: Every time you buy something with your Fold Card, you spin the wheel for a chance to win. You can earn a 1% spending boost, 10% category boost, 1 bitcoin bonus, deposit matching, referral matching, and other perks.
Bigger Rewards from Select Merchants: Fold offers an average of 3% cashback across all online and offline merchants. However, you could earn bigger rewards through certain merchants, including Amazon (5%), DoorDash (8%), Starbucks (3%), Nike (6%), and Domino’s (9%), among other perks.
Watch Rewards Grow: All rewards earned on your Fold Card will earn a high yield 10% bonus per year. You can watch your rewards grow before your eyes.
Overall, Fold describes its crypto debit card as a “worry-free debit” card that offers financial fun without financial stress. You get the chance to earn significant rewards every time you spend.
Fold Card Pricing
There are two versions of the Fold Card, including a Premium Fold Card and an Intro Fold Card.
- Intro Fold Card: $0 per year (+$21 activation fee)
- Premium Fold Card: $150 per year (+$0 activation fee)
- Per Purchase: $0
- ATM Withdrawal: $0 (in-network) or $3.50 (out of network)
- Inactivity (Failing to Pay Plan Fee or 12 Months With No Transactions): $5 per month (Premium Fold Card) or $0 (Intro Fold Card)
- Replacement Card Fee: $5 (standard delivery) or $35 (expedited delivery)
- ATM Decline (Out of Network): $1
Fold has a complete list of fees here. You pay $0 per purchase with either card.
Intro Fold Card Rewards
Each time you spend your Fold Card, you ‘spin the wheel.’ You always win one of the prizes listed below, and Fold claims the average cashback is around 3% per purchase with the Premium Fold Card, although it’s unclear how much the average Intro Fold Card user earns.
Rewards available with the Intro Fold Card include:
- 1% spending boost (earn 1% back on your previous order)
- 5% category boost (get a 5% bonus on a revolving category)
- 1 bitcoin bonus (win up to one full bitcoin)
- Savings match (Fold matches any savings you have in sats)
- Deposit match (Fold matches your direct deposit in sats)
- 50x referrals match (Fold gives you 50 sats for every referral you’ve made)
- 1% Fold gift card boost (get an extra 1% back on your next gift card purchase)
- 100 sats bonus (Fold instantly adds 100 sats to your account)
Premium Fold Card Rewards
The Premium Fold Card comes with greater rewards than the Intro Fold Card. Each time you spend your Premium Fold Card, you will win one of the following items:
- 2% spending boost (earn 2% back on your previous order)
- 10% category boost (get a 10% bonus on a revolving category)
- 1 bitcoin bonus (win up to 1 full bitcoin)
- 2x savings match (Fold matches your savings in sats by 2x)
- 2x deposit match (Fold matches your direct deposit in sats by 2x)
- 100x referrals match (Fold gives you 100 sats for every referral you’ve made)
- 2x Fold gift card boost (get an extra 2% back on your next gift card purchase)
- 1,000 sats bonus (Fold instantly adds 1,000 sats to your account)
Fold Card Requirements
The Fold Card is currently only available to US residents.
To activate the Fold Card, you need to provide your name, street address, date of birth, and other information. Fold needs to identify you based on the USA PATRIOT act’s requirements, the federal law requiring financial institutions to obtain, verify and record information linked with each Card account.
As of June 2021, the Fold Card is on a waitlist. You can sign up for the waitlist, then receive an alert when a new Fold Card is available.
How to Fund the Fold Card
You fund the Fold Card using an ordinary bank transfer. You transfer money from your personal bank account.
Alternatively, you can get your paycheck straight on the Fold Card through direct deposit. You can give your employer the routing number of your card – just like you would give them the routing number of your checking account.
About Fold
Fold describes itself as “a small team of passionate individuals working across the country (and sometimes the world) to build products and experiences that bring Bitcoin to the rest of the world via best-in-class consumer UX and the most innovative layer two technologies.”
The company is led by Will Reeves (Co-Founder and CEO). You can view Will’s LinkedIn page here. He co-founded Fold, Inc. in May 2018. Will is the founder of Membo (a SaaS platform for businesses managing subscriptions). He previously worked as the Product Manager for Beyond, the Venture Lead for A3Ventures, and the Head of Payment for Thesis before launching Fold.
Fold is based in San Francisco and Atlanta, with team members distributed across the United States.
Final Word
Fold is a bitcoin rewards platform featuring gift cards and a prepaid debit card.
You can buy the prepaid Fold Card online today and start using it immediately. The Fold Card is a legitimate prepaid debit card that lets you spend money in the real world, then earn bitcoin rewards on your purchases.
Similarly, Fold has a mobile app for iOS and Android that lets you earn rewards for buying gift cards. You buy gift cards online using crypto or a credit card through the app, then earn bitcoin rewards for each purchase.
Using Fold, you can earn 3% cashback and higher on all purchases. To learn more, visit online today at FoldApp.com.
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