I did an extensive review on Fold, a Bitcoin earning card/platform, a while ago and updated the review here and there. For a long time, I had said that Fold and the Coinbase Debit card were the only two crypto cards I would recommend in general. But Fold has made such a huge change to their program that I am not even sure if I should update the review or write a completely new one.
If you have followed the Fold card space then you know that it is filled with stories of nerfs. Long ago Fold gave at least 5% cashback on Amazon gift cards, then they reduced it to at most 5%, and now it’s even lower than that. At one point Fold provided free debit card funding but even that ended a few months ago. It was extremely easy to land 3% cashback on Fold (I even showed it visually in this post) but of course, rewards such as 3% and higher soon became rare. There was a golden period where Fold was more or less the best card for small purchases (because it was easy to roll on the “10k sats” or “maximum purchase in last week” prize). Up until the recent change, it was easy to optimize Fold to land 2% cashback. And who could forget that recently we saw Fold, along with many other prepaid cards, becoming nearly nonfunctional on PPBP (this is on PP though).
join Fold App through the link below and get 20,000 satoshi
https://use.foldapp.com/r/TRAVELINPOINTS
I have always said that Fold’s program encourages you to use Fold for the wrong reasons and not as a daily driver card….and I think the vast majority of their users were (and potentially still are) doing just that….using it for the wrong reasons and optimizing cashback from it through abnormal means. So, it isn’t surprising that the new changes came about. You can read about it in their blog post.
The main takeaway is this – premium Fold members (Spin+) will earn at least 1% cashback. The whole concept of how you acquire spins and the prizes from the wheel is changed such that you can no longer consistently earn big cash back. I will need to run numbers to see what the expected cashback is but I suspect you won’t be able to consistently optimize for 2% cashback anymore.
Closing Thoughts
This is potentially their biggest nerf since the big nerf from last year.
