Fold Rewards Program Update

Chelsey Chambers -

It’s been a wild year here at Fold. 

We’re well on our way to a million users, processed billions in volume and given out a ton of rewards. But, the bear market hasn’t been all fun and games.

You may have noticed that we’ve changed our rewards up this year. Behind the scenes we’ve dealt with partners making sweeping changes that affect our rewards program with very little notice. Here’s just a few:

  • Amazon reduced gift card rates by half.
  • PayPal blocked the Fold Card from their platforms.
  • Regulators decreased debit card interchange revenue.
  • Partners reneged on deals citing market turmoil.
  • PayPal began processing Bill Pay on low interchange networks.

But, any time we make changes we pay very close attention to your feedback so we can continue to improve our rewards program. Here’s the most common points of feedback and how we’re responding to them.

Feedback and Solutions.

“It’s hard to know what purchases get rewards now.” 

All categories will now receive rewards. That means 1.5% back on the highest spend categories like dining, travel, entertainment and more and 0.5% on everything else*. No more guesswork. If your purchase is a Signature Transaction, you will get rewards!

“I need more competitive rewards to use the card beyond bill pay.”

We’re launching huge 5% and 3% rewards at the most popular merchants later this week. 5% Target, 3% Netflix, 3% Circle K, 3% Starbucks, 3% Chik-Fil-A, 3% Dunkin Donuts, 3% In-N-Out, 3% Culvers, 3% Subway and 3% KFC.

“PayPal Bill Pay was important to the value of the card.”

Fold will continue to pay out rewards on PayPal Bill Pay transactions as long as they are run as non-pin Visa transactions. While there's no way to know how PayPal will process the transactions, around 50% of transactions are currently receiving rewards.

Here’s What’s Coming

Joint accounts for family members. Get your whole family stacking bitcoin on their spending together. Leave no sat unstacked.

100s more merchant offers. Expect to see new gift cards and card linked offers added to the Fold Offers tab.

More ways to buy and earn bitcoin without fees. Auto-stack will let you set up recurring bitcoin buys and Round Ups will let you roll your change into bitcoin.

Spend and pay bills with your bitcoin. Your bitcoin will be seamlessly connected to your Debit Card and ACH Checking Account. Get on zero!

Bitcoin buying support for New York and Texas residents. New Yorkers and Texans will soon get access to the best bitcoin buying experience available: no fees, instant withdrawals, bitcoin rewards and more.

As always, we appreciate all our community’s feedback and encourage you to let us know what you’d like to see improved.

The Fold Team

*Only signature transactions will be given rewards of 0.5% or greater. For more information on signature transactions please view this FAQ article.