Ahhhhhhhjh this explains the wild swings in the stock price
Fold Holdings () announced it has selected Stripe to power the upcoming launch of the Fold Credit Card, a bitcoin-only rewards product designed to turn everyday spending into a direct path to bitcoin ownership. Issued on the Visa () network and powered by Stripe Issuing, the Fold Bitcoin Rewards Credit Card delivers up to 3.5% back on every purchase, with no categories and no deposit requirements. “ Our credit card offers clear and compelling value and makes bitcoin easily accessible to everyone,” said Will Reeves, Chairman, CEO and Founder of Fold. “There are no categories to manage, no tokens to stake, no exchange account or balance requirements; just real bitcoin, earned automatically with every purchase.
Agreed! Since the issuer for Fold's first attempt fell through I was starting to be concerned they wouldn't be launching it anytime soon. Not saying I would have gotten the Coinbase or Gemini one but..... It was starting to get to the point ya had to think about it.
When they first came out the rates were the same. I was doing some serious stacking back then playing some fun fiat games. I had a HELOC on a condo and I would Cycle cash from there, through another bank, then to paypal where I would use the fold to pay back my HELOC and I could make 2.5% in sats on $6k every few days. Those sat returns dramatically dropped though and I didnt feel too great about supporting a visa company anyways so I haven't been on the platform in a while.
and those were the times of 17k BTC!!! So I have some sick sat return pictures. i have a few 1.9kk sat returns and I stacked nearly 9kk sats with it
Especially at the beginning Fold was much more at the mercy of whoever the middle man was. Now thats not nearly the case. One of the things that hit people and they initially didnt see was that you had to spend X amount using your Debit Card to unlock various sats back percentages. Plus you had to be a Fold+ Member which only made sense.
You can earn up to 1.5% back on your ACH Bill Payments. You'll get 0.25% back up to your previous month's spend with the potential to boost the rewards on your first $2,500.
non ACH prior month spend Rewards on first $2,500 Rewards after first $2,500
$0.01 - $4,999.99 0.25% 0.25%
$5,000 - $9,999.99 0.50% 0.25%
$10,000 - $19,999.99 1.00% 0.25%
$20,000+ 1.50% 0.25%
Overall its still pays better than most with no fees for withdrawal.
I'm pretty sure they didn't make the spinning wheel like they wanted to when it first rolled around. It felt very gameable, which was fun. I was able to stock up a bunch of spins and never spin on anything other than $1k+ purchases, run some EV calculations to see when you should stop spinning or continue to spin, profit!
Back in the day it was so great... you could collect spins on small purchases then save them to get huge 10%+ returns on your big purchases. Used it to pay of taxes, loans, extra 0.5% off Amex/Citi credit cards etc... slowly returns have gotten nerfed but this were amazing for a while.
There used to be so many generous Bitcoin rewards options back in the day. I remember earning something like 100k sats on fountain the first six months I was on the platform. Now all my sats come from boosts. I have earned 180 sats rewards in the last month. Haha
yup! I remember being on vacation in Hawaii, picking up $80 of stuff at Safeway there and spinning 100% free on my Fold... pretty amazing. I think my fold rewards are worth over 20k now and it's been fun seeing the fiat value go up with time..
Do you have a Fold account? I think there is a waiting list. As a non American, I have to get my wife to sign up for this card and hope she lets me use it. Haha. She borrows my visa card all the time so I am sure she would be happy to return the favour right? right?
Meh, I think 3.5% is optimistic. It looks like there's gonna be some combination of rotating boosts based on merchant/category/etc. That's extra work that I don't want to manage. If the baseline reward rate is 0.5% I think I'll pass.
This isnt anything crazy this is what credit card companies already do. Its a common thing that is driven by rebates from either the business or the middle man. Its how Fold decides what the % back is for their gift cards.
Fold already does this for their debt card as well. For Disney plus I was getting 15% back for a few months Starbucks is currently 3% back. DoorDash if you order online and not through the app and use your Fold debit card is 10% right now as well.
I know it's not crazy, but it's basically the reason why I don't like doing the whole credit card game. If I need to play that game in order to get a decent bitcoin reward out of the Fold card, then I'd rather just opt out.
I might still sign up for the waiting list... as a Bitcoiner maybe it's just something I should try out either way.
I mean if you are someone who uses a Credit Card its the best bridge in my opinion. Points have been shown to be either a grand slam or a complete and utter flop (the most likely thing)
I have a Fold+ Account and honestly find it the easiest and really best way for me to stack sats. I dont hit the levels that some people do because I dont make enough to have $5k+ sitting on my Fold Debit Card but the sats back on stuff like Starbucks, Disney, CVS are great. If you use it to buy gift cards just make sure that it isnt US only locations! Thats what the Amazon ones are!
Considering the huge disconnect between the current financial system and BTC Fold serves a huge and critical gap to help bridge it and let people experience earning sats back.
Issued on the Visa () network and powered by Stripe Issuing, the Fold Bitcoin Rewards Credit Card delivers up to 3.5% back on every purchase, with no categories and no deposit requirements. “Our credit card offers clear and compelling value and makes bitcoin easily accessible to everyone,” said Will Reeves, Chairman, CEO and Founder of Fold. “There are no categories to manage, no tokens to stake, no exchange account or balance requirements; just real bitcoin, earned automatically with every purchase.