Fold is finally launching the Fold Credit Card. Their current product is largely centered around their debit card, which I have written about previously on several occasions. However, their debit card is nowhere near as good as it once was, to the point that it probably is not even worth linking to old and dated blog posts.
Along that line, although the new Credit Card is advertised as up to 4% on Bitcoin, it is also likely not worth it. The earning rate of up to 4% in Bitcoin is as follows:
- 1.5% back on all qualifying purchases (no cap on base reward earned)
- cardholders may earn an additional 0.5% back by paying their credit card balance with Bitcoin
- up to 2% in additional bonus rewards (4% total) on the first $2,000 of monthly card spend based on qualifying Auto-Stack! and/or Direct to Bitcoin activity during the calendar month.
More details and waitlist signup can be found at https://foldapp.com/credit-card.
Unfortunately, this card gimmick falls flat not only because there are plenty of credit cards that give 2% rewards (across major banks such as Citi, Fidelity, Wells Fargo, and Amex), but also because there are credit cards that give 3% reward (e.g., Altitude Reserve, Coinbase card). Plus, crypto cards that earn crypto rewards can come with the extra hassle of taxes.
Closing Thoughts
Who thinks the math of paying a credit card balance with Bitcoin only for an additional 0.5% reward will work in their favor? Now, if you have a stash of undocumented BTC lying around….
If you’ve never used Fold, then you can try it using our referral link and get ~$5 in BTC
https://use.foldapp.com/r/TRAVELINPOINTS
