Fold Card

Fold Visa Prepaid Debit Card Review: Fees, Rewards & Availability

Basic Information

The Fold Card is a Bitcoin rewards prepaid debit card designed for everyday consumers who want to earn Bitcoin ("sats") on routine spending instead of traditional points or cash back. The card links to a USD cash balance with FDIC insurance on deposits up to $250,000. Users spend dollars via a familiar debit card experience while passively accumulating Bitcoin rewards.

Since its launch in 2020 as one of the first Visa co-branded Bitcoin reward debit cards, Fold has processed nearly $1 billion in transactions and distributed over $30 million in BTC rewards to users as of 2023.

Rewards and Benefits

Cashback Structure

The Fold Card offers a unique dual-rewards structure that combines guaranteed rates (for Fold+ members) with gamified wheel rewards:

Free Tier:

• Variable Bitcoin rewards via spin wheel only (typically ranges from ~0.25% to occasionally 100% back)
• No guaranteed base rate

Fold+ Tier:

• Base rate: Guaranteed 0.5% Bitcoin back on Visa Signature debit transactions that don't qualify for a Card Boost (note: not every transaction automatically qualifies as Visa Signature)
• Category Boosts: 1.5% back on rotating top spending categories (changes quarterly)
• Merchant Boosts: Up to 15% back at select popular merchants through rotating offers
• All Fold+ rewards are in addition to spin wheel rewards

Spin Wheel Rewards

Fold's primary differentiator is its gamified "spin wheel" reward system. After each purchase, users spin a virtual wheel in the app to win prizes in satoshis. Rewards range from as low as 5 sats up to a possible 100% rebate or even 1 full BTC on a purchase, though the largest prizes are extremely rare.

Fold+ members have improved odds and exclusive access to higher-tier prizes, including eligibility for the full 1 BTC jackpot.

The spin wheel rewards operate independently from the guaranteed Fold+ rates, meaning Fold+ members receive both the guaranteed percentage (when applicable) and whatever they win from the wheel.

Gift Card Cashback

The Fold app includes a gift card marketplace where users can purchase gift cards to dozens of retailers and earn enhanced Bitcoin rewards. Rates vary by merchant and tier:

• Free tier: Lower rewards rates (e.g., 0.50% on Amazon gift cards as shown on Fold's pricing page)
• Fold+ tier: Higher rewards rates (e.g., 1.75% on Amazon gift cards, up to 20% at select partners)

Gift card purchases are subject to a $2,000 limit per 24-hour period.

ACH Bill Pay Rewards

Fold+ members can earn Bitcoin rewards on bill payments made via ACH from their Fold account. The reward structure is tiered based on your prior month's qualifying spend:

Reward Tiers:

• First $2,500 in bill payments: Earn between 0.25% and 1.5% in BTC (rate depends on your prior month's qualified spend)
• Above $2,500: Earn 0.25% in BTC
• Above your prior month's qualified spend: Earn 0% (no rewards)

Qualification Rules:

• Gift card purchases count 2× toward qualified spend (e.g., $100 gift card = $200 qualified spend)
• Boosted category transactions and PIN-based (non-Visa Signature) transactions do not count toward qualified spend
• You must be a Fold+ member for the full calendar month (UTC month boundary) to earn ACH Bill Pay rewards

Example: If you spent $5,000 in qualifying purchases last month, you can earn rewards on up to $5,000 in bill payments this month (first $2,500 at the higher rate, next $2,500 at 0.25%).

Additional Benefits

• Daily Spin: Free daily spin for small rewards with streak bonuses
• Auto-Stack: Automatically convert a percentage of deposits or round up purchases to buy Bitcoin (fee-free for Fold+)
• Referral Program: Earn $5 in Bitcoin for each referral plus 1-50 sats randomly every time your referral makes a purchase for one year
• Early Access: Fold+ members get early access to new features and products

Fees and Limits

The Fold Card has a competitive fee structure, with the Fold+ tier eliminating most transaction and conversion fees. Below are the current fees as outlined in the Cardholder Agreement effective December 9, 2024.

Card-Related Fees

Transaction Fees

Spending and Withdrawal Limits

Loading (Deposit) Limits

Instant Withdrawal Limits (Fold+ Only)

Bitcoin Buy/Sell Limits

Card Tiers and Options

Both tiers offer the same physical card design and contactless capability. The primary differences are the guaranteed rewards rates, fee waivers, and additional features available to Fold+ members.

Top-Up Methods

Users must pre-load the Fold Card with US Dollars (USD) using ACH bank transfer, direct deposit, or instant debit card funding within the Fold app. All top-ups require moving funds from an external bank account or debit card to a custodial USD balance held by Sutton Bank, with a 1.5% fee for instant debit card deposits and no fee for ACH or direct deposit. The account balance cannot exceed $30,000, and instant debit card deposits are limited to $1,500 per deposit, $10,000 per day, and $20,000 per 30 days, while ACH transfers allow up to $40,000 per 30 days. Funds are generally available immediately for instant deposits and within 1-3 business days for ACH transfers, and all funds are fully custodial once loaded (users lose self-custody). Only USD is accepted for top-up—no direct crypto deposits or top-ups via Bitcoin or other cryptocurrencies are supported; Bitcoin can only be bought or earned as rewards after loading USD.

Self-Custody Custodial

The Fold Card uses a fully custodial model, meaning both your USD balance and any Bitcoin rewards are held and managed by the platform and its partner bank on your behalf. Users interact with funds through the Fold app, but do not control the private keys for their Bitcoin or have direct access to the underlying assets outside the platform's systems. All spending is done from a USD cash balance, with up to $250,000 FDIC insurance, while Bitcoin rewards are credited to an in-app custodial wallet and can be withdrawn to an external wallet (processed weekly). If Fold or its banking partner ceased operations, users would lose access to their funds unless the company facilitated withdrawals. This arrangement offers convenience, FDIC-insured USD funds, and seamless rewards, but users sacrifice independent control and self-custody of their crypto assets.

Supported Currencies and Conversion

Supported Cryptocurrencies

• Bitcoin (BTC) only
• Rewards withdrawals are on-chain only (native SegWit addresses accepted)
• Purchased Bitcoin can also be withdrawn on-chain
• No support for Lightning Network withdrawals
• No support for other cryptocurrencies for rewards or storage

Supported Fiat Currencies

• US Dollars (USD) only
• All spending and loading of the card are in USD

Currency Conversion Capabilities

• BTC to USD conversion available within the app
• No multi-currency support for fiat (USD only)
• The Fold Card is a USD-denominated card; no crypto is spent directly
• Bitcoin rewards are credited to the in-app wallet after transactions
• Users can convert BTC to USD via "Push to Card" feature when desired

Geographic Availability

The Fold Card is currently available only in the United States (all 50 states and D.C.). Applicants must be 18+ and a U.S. resident to qualify. Fold has announced plans to expand to Europe and Latin America through its Visa partnership.

Supported Regions

• United States: All 50 states and District of Columbia

Restricted Countries

The Fold Card cannot be used in certain countries due to banking regulations and restrictions. Fold maintains an up-to-date list of restricted countries, which is subject to change. According to Fold's official support documentation, restricted countries include but are not limited to:

Africa: Algeria, Angola, Burkina Faso, Burundi, Cameroon, Central African Republic, Chad, Congo (Brazzaville), Congo (Kinshasa), Eritrea, Ethiopia, Ghana, Guinea, Guinea-Bissau, Kenya, Liberia, Libya, Mali, Mauritania, Morocco, Mozambique, Niger, Nigeria, Senegal, Sierra Leone, Somalia, South Africa, South Sudan, Sudan, Tanzania, Tunisia, Uganda, Zimbabwe

Americas: Bahamas, Bolivia, Cuba, Nicaragua, Venezuela

Asia: Afghanistan, Bangladesh, Cambodia, China, Hong Kong, Indonesia, Iran, Iraq, Jordan, Laos, Lebanon, Myanmar (Burma), North Korea, Pakistan, Palestine, Russia, Syria, Tajikistan, Thailand, Turkmenistan, Uzbekistan, Vietnam, Yemen

Europe: Albania, Belarus, Bosnia and Herzegovina, Kosovo, Moldova, Montenegro, North Macedonia, Serbia, Turkey, Ukraine

Middle East: Bahrain, Egypt, Kuwait, Oman, Qatar, Saudi Arabia, United Arab Emirates

Oceania: Vanuatu

Other regions: Colombia, Cyprus, Peru, Philippines

Important Note: This list is maintained by Fold and may be updated at any time. Additional restrictions may apply by region. Users should consult Fold's official support documentation for the most current list of restricted countries before traveling.

Compliance and Security

Identity Verification Requirements

• Full KYC process required: name, address, date of birth, Social Security Number
• Some users may need to upload government ID for verification
• Verification is performed at account opening only

Custody Model

• USD funds: Held by Sutton Bank in a pooled account (custodial)
• Bitcoin: Custodial wallet provided by Fold via BitGo custody services
• Users can withdraw BTC to external wallets for self-custody

Insurance Coverage

• USD balances: FDIC insured up to $250,000 through Sutton Bank
• Bitcoin holdings: Held in custody via BitGo, which maintains a $250 million insurance policy covering digital assets in custody
• Card transactions: Protected by Visa's Zero Liability policy for unauthorized charges

Security Features

• Two-Factor Authentication (2FA) via authenticator app
• Real-time transaction alerts
• Ability to freeze card instantly via app
• PIN code for ATM/POS transactions
• Encrypted data transmission and storage
• Integration with mobile wallets adds tokenization security

Technical Details

Settlement Timing

• Card purchases settle in 1-3 business days
• Bitcoin rewards appear immediately after spinning the wheel but are subject to a holding period
• Rewards are typically held for 30 days from the transaction date, though merchant settlement delays can extend this to approximately 39 days in rare cases

Withdrawals

The Fold Card handles Bitcoin withdrawals differently depending on whether you're withdrawing rewards or purchased Bitcoin:

Rewards Bitcoin Withdrawals:

• Processed once per week (Tuesdays) in batches
• No withdrawal fee (Fold covers the network fee by batching transactions)
• On-chain only (native SegWit addresses accepted)
• Subject to 30-day holding period (up to ~39 days from purchase in rare cases)

Purchased Bitcoin Withdrawals:

• Can be withdrawn any time (not limited to weekly batches)
• Network fee applies (standard Bitcoin transaction fee)
• Typically processed within 1-2 hours
• On-chain only (native SegWit addresses accepted)

Payment Priority Options

• Fold recommends running the card as "credit" (signature) for maximum rewards
• PIN-based transactions may not earn rewards or count toward certain bonuses
• Not all transactions automatically qualify as Visa Signature transactions, even when run as credit

Currency Display and Exchange Rate Sources

• App displays both USD and BTC balances
• Exchange rates for BTC/USD conversions are set by Fold's liquidity providers
• No explicit spread information provided, but Fold claims competitive rates

Payment System Integrations

• ACH transfers via Plaid/Astra
• Direct deposit capability
• Mobile wallet integrations with Apple Pay, Google Pay, and Samsung Pay

User Experience

Mobile App Features

• Available for iOS and Android
• Card management (activate, freeze, view transactions)
• Bitcoin wallet with buy/sell functionality
• Gift card marketplace
• Spin wheel rewards interface
• Daily Spin mini-game
• Account funding and withdrawal options
• Biometric authentication (Touch ID/Face ID)

Support Channels

• In-app Help Center
• Email support
• Social media support (Twitter @fold_app)
• Limited phone support for card assistance
• English-only language support

Common User Feedback

Positive:

• Engaging gamified experience
• Easy Bitcoin accumulation through everyday spending
• Reliable Visa card functionality
• Strong community aspect through referrals and social media

Negative:

• Low odds on big rewards from spin wheel
• Premium fee may not be worth it for low-volume spenders
• Some users experience KYC and onboarding issues
• Occasional technical glitches with the app
• Variable rewards can be unpredictable (especially on free tier)
• Weekly schedule for rewards BTC withdrawals (not instant)
• 30-day holding period on rewards can extend to ~39 days in rare cases

Best Suited For

• Bitcoin enthusiasts who prefer earning BTC over traditional cashback or points
• Regular spenders who can maximize the guaranteed 0.5% base rate plus category boosts on the Fold+ tier
• Gamification fans who enjoy the excitement of variable rewards through the spin wheel system
• Gift card users who can take advantage of enhanced rewards rates (up to 20% at select merchants) and 2× qualified spend counting
• Bill payers who can leverage ACH Bill Pay rewards (Fold+ members only)
• U.S. residents looking for a fee-free way to start accumulating Bitcoin without direct investment

Pros and Cons

Pros

• Unique gamified rewards system adds excitement to everyday purchases
• No card issuance fee for either tier
• Guaranteed 0.5% Bitcoin back on qualifying transactions plus category boosts (up to 1.5%) and merchant boosts (up to 15%) for Fold+ members
• Enhanced rewards on gift card purchases (up to 20% at select merchants)
• On-chain Bitcoin withdrawals with no fee for rewards (weekly batch processing)
• FDIC insurance on USD deposits up to $250,000
• Bitcoin custody via BitGo with $250M insurance policy
• ACH Bill Pay rewards up to 1.5% with gift card purchases counting 2× toward qualified spend

Cons

• Currently limited to U.S. residents only
• Free tier has no guaranteed cashback rate (relies on wheel outcome)
• $100/year subscription fee for Fold+ may not be worth it for low spenders
• Rewards limited to Bitcoin only (subject to crypto volatility)
• Weekly batched Bitcoin withdrawals for rewards rather than instant transfers
• 30-day holding period on rewards (can extend to ~39 days in rare cases)
• Cannot be used in restricted countries (see Fold's maintained list)
• Not all transactions qualify as Visa Signature (which affects guaranteed rewards)
• Instant USD withdrawals incur 1.5% fee (minimum $0.25)
• No Lightning Network support for withdrawals

Conclusion

The Fold Card successfully bridges traditional finance and cryptocurrency by offering a familiar debit card experience that rewards users with Bitcoin. Its standout feature is the unique gamified reward system that adds an element of chance to every purchase, potentially yielding significant Bitcoin rewards beyond standard cashback rates. For Fold+ members, the guaranteed base rate of 0.5% on qualifying Visa Signature transactions plus category boosts of 1.5% and merchant boosts up to 15% creates a compelling value proposition for frequent spenders.

The card's primary limitations include its U.S.-only availability, the reliance on Bitcoin as the sole reward currency (subjecting rewards to crypto volatility), and the fact that the free tier offers no guaranteed cashback rate. Additionally, the $100/year Fold+ subscription may not be justified for users with low monthly spending, as the rewards earned might not offset the fee. The 30-day holding period on rewards and weekly batch processing for withdrawals may also frustrate users seeking immediate access to their Bitcoin.

The ideal Fold Card user is a U.S.-based Bitcoin enthusiast who makes regular purchases and values accumulating BTC over traditional rewards. The free tier serves as an excellent entry point for those curious about Bitcoin rewards with no downside, while Fold+ is best suited for high-volume spenders who can maximize the guaranteed rates, fee waivers, and ACH Bill Pay rewards. For someone spending $10,000+ annually, the Fold+ tier can easily justify its cost through enhanced rewards and eliminated fees—especially when leveraging gift card purchases that count 2× toward qualified spend for bill pay rewards.

Additional Information

Upcoming Features

Fold has announced a Bitcoin Rewards Visa Credit Card featuring:

• Metal card design
• Up to 2% unlimited BTC back
• $250 signup bonus for Fold+ members ($100 for free tier)

However, according to reports, the launch has been delayed due to infrastructure partner issues. The company is maintaining a waitlist for interested users while seeking a new partner.

Business Account Availability

Fold does not currently offer business accounts or cards. According to a Reddit AMA with the Fold team, business accounts are not available at this time, and the card is designed exclusively for consumer use.

Best Practices for Card Usage

• Run the card as "credit" (signature) rather than "debit" (PIN) to maximize the chance of qualifying for Visa Signature rewards
• Set up recurring purchases of gift cards for merchants with higher rewards rates
• Leverage gift card purchases counting 2× toward qualified spend to maximize ACH Bill Pay reward tiers
• Use ACH transfers instead of instant debit card funding to avoid the 1.5% fee
• For large purchases: Use Fold+ to guarantee at least 0.5% back (on qualifying transactions) plus spin wheel
• For travel: Fold+ eliminates foreign transaction fees
• For recurring bills: Fold+ users can use ACH Bill Pay for up to 1.5% back (based on prior month's qualified spend)
• Withdraw purchased Bitcoin separately from rewards if you need immediate access (rewards are batched weekly)
• Avoid instant USD withdrawals when possible to skip the 1.5% fee