Fold · Prepaid / Credit
Fold Card review
Fold offers a Visa prepaid debit card (issued by Sutton Bank) and a Bitcoin Credit Card (issued by Celtic Bank) that earn rewards in bitcoin, with no annual fee on the credit card.
Overview
The Fold Card is a unique offering in the crypto card market, providing users with an opportunity to earn Bitcoin rewards on their everyday spending. Issued by Fold and operating on the Visa network, this card comes in both credit and debit variants. The Fold Bitcoin Credit Card stands out for its straightforward rewards structure, earning users 1.5% back in Bitcoin on eligible net purchases with no cap on earnings. Additionally, users can boost their rewards up to 4% with certain bonuses, such as setting up a Dollar Cost Averaging (DCA) plan or paying their statement in Bitcoin. For those interested in a more comprehensive cashback experience, the Fold Card is listed in our best cashback cards category.
How It Works
The Fold Card operates on a simple yet effective model: spend and earn Bitcoin. The credit card variant offers a flat 1.5% Bitcoin reward on all eligible purchases, with no upper limit on the amount you can earn. This makes it an attractive option for users looking to accumulate Bitcoin over time without worrying about hitting a rewards cap. For users who want to maximize their earnings, Fold offers bonuses that can increase the rewards rate to up to 4%. These bonuses include setting up a DCA plan, which encourages regular Bitcoin purchases, and paying your statement in Bitcoin.
For debit card users, Fold also offers Bitcoin rewards, although the specific rate is not detailed on the provider’s website. This makes the Fold Card a versatile option for both credit and debit card users who are interested in earning Bitcoin.
Fees and Value
One of the standout features of the Fold Bitcoin Credit Card is its lack of an annual fee, making it accessible to a wide range of users. However, it’s important to note that while the card itself has no annual fee, other standard fees may apply, such as foreign transaction fees, which are not explicitly stated on the provider’s website. This lack of transparency may be a concern for some users.
For Fold+ subscribers, the card offers additional benefits, including zero added fees on ATM withdrawals and zero fees when buying Bitcoin. This can be a significant advantage for users who frequently use ATMs or regularly purchase Bitcoin. However, standard ATM fees from the ATM operator may still apply.
It’s also worth noting that the card’s Bitcoin rewards are custodial, meaning they are held by BitGo on your behalf. This setup, while convenient, means that your Bitcoin holdings are not FDIC insured, which could be a risk factor for some users.
Who It’s For
The Fold Card is ideal for users who are comfortable with Bitcoin and are looking to earn cryptocurrency as a reward for their spending. Its lack of an annual fee and the potential for high rewards rates make it an attractive option for those who want to accumulate Bitcoin without additional costs. However, users should be aware of the custodial nature of the rewards and the lack of FDIC insurance for their Bitcoin holdings.
Additionally, the card may appeal to users who are interested in maximizing their Bitcoin earnings through bonuses and are comfortable with the potential risks associated with cryptocurrency. For those who prefer more traditional rewards or are concerned about the volatility of Bitcoin, this card may not be the best fit.
Overall, the Fold Card offers a compelling option for users looking to earn Bitcoin rewards, but it’s important to weigh the benefits against the potential risks and limitations.
Fees & costs
| Fee | Amount |
|---|---|
| Annual / issuance | $0 (Fold Bitcoin Credit Card has no annual fee; other fees may apply) |
| FX / spend fee | — |
| ATM withdrawal | $0 added for Fold+ subscribers (standard fees may apply) |
| Top-up / load | — |
| Staking / lockup | — |
Pros & cons
Pros
- Credit card earns 1.5% back in bitcoin on eligible net purchases with no cap (up to 4% with bonuses)
- No annual fee on the Fold Bitcoin Credit Card
- Fold+ subscribers pay zero added fees on ATM withdrawals and zero fees buying bitcoin
Cons
- Rewards are paid in bitcoin only, not fiat or a range of coins
- Bitcoin custody is provided by BitGo (custodial); bitcoin holdings are not FDIC insured
- Foreign transaction fees, KYC details, and Apple/Google Pay support are not stated on the pages read
Supported crypto
Coins:
Our take
The Fold Card is a solid choice for users seeking to earn Bitcoin rewards with no annual fee, though it comes with custodial risks and lacks detailed fee transparency.