Fold Card review

Who it's for

Overview

The Fold Card, offered by Fold, is a unique crypto-focused card that bridges traditional payment networks with the world of Bitcoin. Available as both a prepaid and credit card option, it operates on the Visa network, making it widely acceptable for everyday purchases. The card’s standout feature is its Bitcoin rewards program, designed to appeal to crypto enthusiasts looking to earn Bitcoin back on their spending. However, potential users should be aware of its custodial nature and the inherent risks associated with cryptocurrency.

For those interested in comparing this card to others in the market, our comprehensive comparison page offers detailed insights. Additionally, our rating methodology explains how we evaluate cards like the Fold Card to help you make informed decisions.

How it works

The Fold Card operates primarily as a Bitcoin rewards card. The credit card version offers an impressive 1.5% back in Bitcoin on eligible net purchases with no cap on earnings. This rate can be boosted up to 4% with certain bonuses, such as setting up a Dollar Cost Averaging (DCA) plan or opting to receive your Bitcoin rewards as a statement credit. The debit card also earns Bitcoin rewards, though the exact rate is not specified.

One of the key benefits of the Fold Card is its lack of an annual fee for the Bitcoin Credit Card. However, users should be aware that other fees may apply, and the specifics of these are not clearly outlined on the provider’s website. For those who subscribe to Fold+, there are added benefits such as zero fees on ATM withdrawals and no fees for buying Bitcoin, which can be a significant advantage for frequent crypto users.

Fees and value

While the Fold Card boasts no annual fee for the credit card version, it’s important to consider the broader fee structure. The foreign transaction fee, which can be a significant factor for international users, is not disclosed, suggesting it may be subject to change or dependent on other factors. Additionally, the card’s ATM fee structure is favorable for Fold+ subscribers, who enjoy zero added fees, though standard fees from the ATM operator may still apply.

The card’s value proposition hinges on its Bitcoin rewards program. Earning 1.5% back in Bitcoin with the potential to earn up to 4% is compelling for those bullish on Bitcoin’s future. However, the rewards are paid in Bitcoin only, which may not suit users looking for more diversified crypto rewards or fiat currency. Furthermore, the custodial nature of the card means that Bitcoin holdings are managed by BitGo and are not FDIC insured, which could be a concern for users prioritizing security and control over their assets.

Who it’s for

The Fold Card is best suited for individuals who are comfortable with cryptocurrency and are looking to accumulate Bitcoin through their everyday spending. Its lack of an annual fee makes it accessible for those who want to dip their toes into the world of crypto rewards without a long-term financial commitment. However, users should be aware of the risks associated with custodial services and the volatility of Bitcoin.

For users who prioritize flexibility in their rewards or are concerned about the security of their crypto assets, the Fold Card may not be the ideal choice. Additionally, those who require detailed information on foreign transaction fees or specific payment integrations like Apple Pay or Google Pay may need to look elsewhere, as these details are not provided.

In summary, the Fold Card offers a straightforward way to earn Bitcoin rewards with some attractive features, but it may not be the best fit for everyone. As always, potential users should carefully consider their own financial situation and risk tolerance before committing to a crypto card.

Fees & costs

Pros & cons

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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.

Frequently asked questions