Card with bitcoin rewards

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Will Reeves created the Fold app back in 2019 with the goal of making Bitcoin more accessible to the general public. With Fold, users can use a debit or credit card to purchase gift cards from their favorite retailers like Uber, Amazon, and DoorDash, and earn cash in the form of Bitcoin rewards. After launching the app, a co-branded debit card quickly followed, giving consumers similar perks, the ability to earn Bitcoin as cash back for their everyday purchases.

Below, Select explains how the Fold and Debit Card app works and highlights similar products that consumers can use to earn crypto rewards.

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How does the Fold app work?

The Fold is available to download for free via the App Store and Google Play. In order to purchase gift cards from select retailers, including Adidas, Amazon, AMC, Chipotle, and DoorDash, among others, users must link a debit or credit card through the app. Each retailer offers different rates for cashback on gift cards, while according to Reeves, users can earn Bitcoin rewards during the time of purchase at the current market value. The foldable gift cards can then be used to make in-store and online purchases through the retailer.

Before purchasing a gift card, users can check to see how many sats or satoshis, the smallest denomination of bitcoins they will earn. For reference, the value of one “sat” is equal to one hundred million bitcoins.

Users earn Bitcoin directly and can withdraw it to a character [crypto] “Whenever they want,” says Reeves. “In other words, users don’t convert their points into cryptocurrency.”

With the Fold app, users are also eligible to spin a virtual wheel, giving them the chance to earn Bitcoin rewards every day, ranging in value from a handful of sats to thousands of them. When the time comes for users to redeem their rewards, they just need to transfer them to their personal Bitcoin wallet. Note that according to the website, Fold currently only handles withdrawals to on-chain wallets like those offered by Coinbase, among others, and also accepts native SegWit addresses.

The Fold app might be a good option for users who plan to purchase items through select retailers as it gives them the opportunity to earn Bitcoin rewards on items they would normally buy anyway.

What options does the Fold Debit Card offer?

In addition to the app, Fold has its own co-branded debit card. While the Fold Spin debit card doesn’t do a credit check or have an annual fee, it does come with an attached checking account, which cardholders can deposit money into via direct deposit or ACH transfer.

With the Fold Spin Debit Card, users can either earn a flat 1% cashback rate on their purchase or seize the opportunity by spinning the app’s virtual wheel in order to earn a higher cashback rate.

fold card spin

  • Rewards

    1% cashback in Bitcoin or spin for the option to earn up to 25% cashback in Bitcoin

  • welcome bonus

  • Annual fee

  • Foreign Transaction Fee

    Not available – Cannot be used internationally

Positives

  • No credit check
  • Funds can be transferred easily from a debit card or through direct deposit
  • You have the ability to earn up to 25% cashback (in Bitcoin) by spinning the wheel

Negatives

  • Only 1% Bitcoin Cash Back Guarantee on All Purchases

According to Reeves, users can earn anywhere from as little as 1% to 25% cashback on their purchases by spinning the wheel. They can also earn additional spins by making purchases regularly, deposit money and collect spins through augmented reality, or AR, and experience rewards on the app, allowing users to track down Bitcoin and trade rewards hidden in the environment around them in a Pokémon GO-style way.

Those who want to earn even bigger rewards can opt for the Fold Spin+ debit card, which has an annual fee of $150. With this premium option, cardholders can get up to 100% cashback on purchases by spinning the wheel and can earn up to three additional spins per week – the Fold Spin Card, meanwhile, offers up to one additional spin per week.

While the Fold Spin+ card offers consumers the potential to earn a higher cashback rate on their cycles, it may not be an investment necessarily worth the $150 annual fee – cardholders will still earn 1% guaranteed cashback on purchases if they don’t. Don’t choose to spin the wheel. Since it’s a bit of a gamble to spin the wheel, you could end up winning as little as 1% cashback.

On the other hand, the Fold Spin Card might be a good option for those looking to earn Bitcoin rewards on their daily spend, especially since there are no annual fees and you will receive a spin on all your purchases of $3 or more. However, consumers should be aware of the volatility of the cryptocurrency if they choose a Bitcoin rewards card.

Foldable alternatives

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Editorial note: The opinions, analyses, reviews or recommendations contained in this article are those of the editorial board alone, and have not been reviewed, approved or otherwise endorsed by any third party.

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