The BEST Way to Earn Bitcoin Rewards Is With FOLD
Note: This is not trading advice, the following is strictly my opinion only. This is not financial or trading advice. Buying, Selling, and Trading cryptocurrencies comes with inherent risks. Always do your own due diligence.
More than a debit card. Definitely not a gimmick.
Fold was the first Bitcoin rewards card and surged with popularity in early 2021. It was talked about quite a bit in Clubhouse (while that app was still relevant). I installed it before then though. One of my buddies discovered it and soon after, our group chat was using it for it's daily free BTC spin.
We then decided to explore the Fold debit cards (the free and paid versions). I let my friends be the guinea pigs in the Fold experiment (I know), and they raved about it. So, my journey with Fold began and in this article I'll explain why it's been fantastic.
Jump Around
Highlights so far from my Fold experience:
0.00585432 BTC (worth $280 on 12/28/21) earned from purchases
BTC has increased 82% in value since I joined, so my rewards have increased as well!
I received 63,701 Satoshis on a $250 purchase. That's $30 back on a $250 purchase, or 12% cashback!
How does it work?
This isn't your average debit card where you automatically collect a set % of each purchase. Fold is gamified. After you've funded your card, each purchase with your Fold card unlocks "spins". A spin allows you to spin a magical wheel for bonus rewards to collect additional Bitcoin.
PS: Check the app each day for your free daily spin. Usually you'll just win a handful of Satoshis, but sometimes you can earn % bonuses on future purchases!
It will change the way you use your Amazon Prime Visa Credit Card.
Let's face it, of all the merchants on the Fold app, the best way to earn Bitcoin will be with the purchase of Amazon gift cards. Here is where you need to decide if 5% cashback with Amazon's Prime Card is more beneficial to you instead of 5% in Bitcoin which will *likely* appreciate over time. I LOVE the Amazon Prime Card. It's hands-down the best non-travel related credit card. Prove me wrong. But, nothing beats Bitcoin rewards and the idea of those rewards growing without lifting a finger. As noted previously, my rewards grew 82%. Amazon provides cash back in the form of US dollars, and we all know that your dollar will only be worth less in a year from now.
I'll let you make this decision.
What are the real rewards from spinning?
The spin wheel gives you an opportunity to get 100% BTC rewards on your purchase or even to win a full BTC. These are highly unlikely. Here is what I've managed to win from spinning:
I once won as much as a 4% spin bonus
A few times I've won a 2% spin bonus
Several times I've won 1.5% or less
Usually, I'll buy gift cards to Amazon. Amazon is always 5%, but some times it'll be 6% (I don't know how Fold affords that). You can also feed your addiction at Dominos or Uber Eats for 3%-7%. When you add everything up, there's no way you won't be happy with your rewards.
How does it compare with other Bitcoin rewards cards?
Honestly, it doesn't compare. Nothing compares, but here are some popular products to consider:
The Coinbase card for example gives you 1.5% back in Bitcoin and 4% back in Stellar (XLM). Not only is Stellar over-hyped and over-utilized, but the 1.5% Bitcoin rewards don't stack up to Fold.
BlockFi's credit card is nice because it's a credit card and you don't need to add funds to it. It's not great otherwise. Outside of their new user promotion (3.5% cashback), it's 1.5% back in Bitcoin for the life of the card on all purchases, barring any other promotions.
Crypto.com's card is probably the fiercest competitor, but event then, it doesn't compare. Crypto.com requires you to pay for their cards with their native token CRO in order to receive better benefits. Now, it's an investment, so it's not money wasted, but it's a steep ask for some of their products (requiring $400,000 + to qualify for the card).
How can I use my earned Bitcoin?
Once you've hit the minimum withdrawal threshold (don't worry, it's very low), you simply enter the address of your Bitcoin wallet and start the withdrawal process. It usually shows up in your wallet after a couple days. Spend it, save it, HODL it. Whatever floats your boat.
