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Fold App and Debit Card Review

Last Updated: Sep 27, 2022  |  Published: Jul 3, 2022


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Today, we're reviewing Fold, a rewards app and debit card that helps people earn Bitcoin. We're going to cover a wide range of topics like the fees, features, and most importantly: How much can you earn with Fold?

There are tons of crypto rewards cards out there, so is Fold worth your time? Keep reading to see why it's good and why it's bad.

Pros & Cons

  • Earn Bitcoin at popular stores like Amazon, Starbucks, Chipotle, Airbnb, and more
  • Multiple ways to earn Bitcoin for free (spin the wheel, AR game, and more)
  • The app is fun and has lots of big prizes
  • Pay your bills, mortgage, and rent with the Fold + PayPal integration
  • Great user-interface and design
  • Only 1% is guranteed. If you spin the wheel it can be as low as 0.25%
  • Paid plan costs $150/year
  • Not a great travel card (3% international transaction fee)

What Is Fold?

Fold is a debit rewards card that helps you earn Bitcoin every time you spend. In their own words, "Fold is the best way to earn Bitcoin on everything." Users can earn 0.25%-100% Bitcoin cash back, spin the daily wheel for rewards, and more.

Fold Visa Debit Card

They launched in 2019 and their goal is to make financial freedom fun. When you visit the site, you'll see they have a great user-interface and unique features. Fold Inc has raised over $15M in funding and has 50K+ downloads in the USA.

Fold Card Overview

Annual Fee

Spin Plan: $0

Spin+ Plan: $150

Cash Back Rate

0.25%-100%

Card Type

Debit Card

Credit Check?

No

Interest Rate

N/A

Min. BTC Withdrawal

50,000 Satoshi's (0.0005 BTC)

FDIC Insured?

Yes

How Does The Fold Debit Card Work?

  • Sign up for the Fold debit card (no credit check required)
  • Spend your Fold card anywhere Visa is accepted (online or in-store)
  • After every purchase, you can choose 1% cash back or spin the wheel
  • Get a flat 1% cash back or win between 0.25% and 100% cash back in Bitcoin  

How To Get A Fold Card

Opening a Fold account is simple and takes just a few minutes to complete. If you are a U.S. resident and at least 18 years old, you can get the Fold card. No credit check is required but you must go through the KYC (know your customer) and AML (anti-money laundering) process. This just means you need to verify your identity which is required by law to prevent fraud and keep your money safe.

Once your account is setup, you can tap "Get the Fold Card" and choose your tier. After that, your card will be delivered within 10 business days.

Signing Up

Application Time

Under 10 minutes

KYC

Yes (required)

Instant Verification?

Yes, most people will be instantly verified

Who Is Eligible?

- Must be a resident of the 50 United States or District of Columbia

- Must be 18 years or older

- Fold is not available outside of the USA

Sign Up Requirements

- Email

- Name, Address, Date of Birth

- Social Security Number

Credit Check?

No

Card Delivery

Within 10 business days

Reward Types

Fold's primary feature is the debit rewards card. However, the app is gamified and offers many ways to earn. Here are the different strategies and ways to earn in the Fold App:

  • Earn a flat 1% cash back or take your chances spinning the wheel (0.25%-100% Bitcoin cash back)
  • Buy gift cards (from Amazon, Chipotle, etc) to get an instant Bitcoin rebate
  • Hit the free daily spin wheel
  • Play the PokemonGo-style AR Game (collect Sats and free spins)
  • Save up your spins to use on a big purchase
  • Pay your bills, mortgage, and rent using Fold + PayPal to earn Bitcoin back
  • Pay $150/year for Spin+ plan to get extra rewards, more spins, etc

Platform & Features

Fold is a mobile-first app on iOS and Android. Their primary feature is the Debit Rewards Card that lets you earn Bitcoin cash back. However, you can also earn rewards in other ways. For example, Fold has an AR-game where you can collect prizes in the real world as well as a wheel you can spin every day.

Let's look at the platform and features more in-depth:

Debit Rewards Card

Unlike most cards, Fold lets you choose your rewards. You can get a fixed 1% back or takes your chances spinning the wheel which is entirely random and based on luck. After you make a purchase, you hit the "Post-Purchase Spin Wheel" where you'll earn as low as 0.25% and 100% cash back in Bitcoin. The card also has a free and $150/year plan which I'll cover below.

Post-Purchase Spin Wheel

The wheel changes every month and has a variety of prizes and rewards. Prizes include a cash back percentage, a $50 bonus, free spins, and you can even win a full Bitcoin (1 in 100 million chance). The team regularly updates the wheel with new prizes to keep things fresh. You can also save spins if you want to spin again or use them for big purchases.

Daily Spin Wheel

In addition to the Post-Purchase Spin Wheel, you can do the Daily Spin Wheel which is free for all users. It also offers prizes like free sats, exclusive deals, or a surprise reward.

AR Game

Fold built a Bitcoin AR Game with Niantic, the same people that made PokemonGo. The game makes you collect blocks in your area which can earn real Sats, extra spins, and more.

Spin versus Spin+

Fold offers two plans for the debit card: Spin (free) and Spin+ ($150/year). Nearly everything is the same except for the rewards. On Spin, you can earn up to 25% back on your purchases. With Spin+, you can earn up to 100% back on your purchases. Spin+ also gets you 2 extra free spins per week, additional promotions, boosted rewards, and giveaways which run from time to time.

Those are the key differences but you can compare everything by visiting these two links:

Customer Support

Fees & Limits

Annual Fee

Spin Plan: $0

Spin+ Plan: $150

Activation Fee

$0

USD Deposits

Free

USD Withdrawals

Free

BTC Withdrawals

Free

International Transactions

3%

Inactivity Fee

$5/mo if no transactions for 12 months (Spin Plan only)

ATM Withdrawal (domestic)

Free - $3.50

ATM Withdrawal (intl)

$3.50

Cash Back at Point of Sale

1% Fee

Replacement Card

$5 or $35

Deposits

  • Instant Debit Card Funding
  • Direct Deposit for your paycheck, tax refund, etc (same business day)
  • ACH Bank Transfer (2-5 days)
  • Third-Party Apps like Venmo, Apple Cash, etc (Instant or same day)

Withdrawals

  • Link a Bank Account
  • ATM
  • Bitcoin to External Wallet (free)

How Likely is it to Win 100% Cash Back?

Fold gives you a 1 in 10,000 chance to win 100% cash back on your purchase and a 1 in 1,000 chance to win 5%. You have a 62.5% chance to win between 0.25% and 2% cash back.

Here are all of the odds which I found in their terms and conditions:

Cash Back & Rewards

Odds

1 Bitcoin

0.000001% (1 in 100M chance)

100%

0.01% (1 in 10,000)

5%

0.10% (1 in 1,000)

4%

1.50%

3%

2.00%

2%

10.00%

1.50%

16.00%

0.75%

14.00%

0.50%

12.50%

0.25%

10.00%

100 Sats

8.05%

1x Purchase History Match

6.00%

1x Largest Purchase Match

6.00%

2% Deposit Bonus

7.00%

2 Extra Spins

6.78999%

$50 Bonus

0.05%

The Bottom Line

If you're bullish on Bitcoin long term, Fold is a good option to earn Bitcoin in a variety of ways. You can buy gift cards, play the AR game, earn cash back with the debit card, and more. On the downside, earning high rewards is based on luck and you can probably do better with traditional credit cards.

  • Beginner friendly
  • Earn Bitcoin instead of points
  • Multiple ways to earn
  • Possibility to earn 100% cash back
  • Earn cash back on your rent, mortgage, and bills
  • Paid plan costs $150/year
  • Chance of getting low rewards
  • 3% international transaction fee

Who Is The Fold App For?

You should get the Fold Debit Card if you want to test your luck spinning the wheel. Otherwise, you can find other cards that offer higher (stable) cash back. By spinning the wheel, you can earn 4%, 5%, 100% cash back and even 1 full Bitcoin. The odds are slim but you won't find this anywhere else. 

Who Shouldn't Get The Fold App?

Fold rewards are based on luck and there's a chance of getting 0.25% cash back or low rewards. If you're worried and don't want to gamble, there are plenty of other cards that offer a stable 1.5%-2% back on every purchase.