"New Year, Newer Wheel" and introducing Choose Your Reward - January/February

Available to Fold Cardholders January 13th - February 16th, 2022

tl;dr
  • Check out the newer wheel
  • Jump to the newer wheel odds and prizes
  • Read about how you can now Choose Your Reward after every purchase
  • FTFY: no more womps

    Last week, on "Fold changes the Bitcoin Rewards game", we introduced Choose Your Reward, a feature that empowers our cardholders with the choice to either earn a guaranteed flat rate back OR to spin the purchase wheel for a chance to earn up to 100% back (or even $500 in Bitcoin).

    As a reminder, after every transaction:

    • Spin users choose either 1% back in Bitcoin, or, they can spin the wheel, and
    • Spin+ users choose either 1.5% back in Bitcoin, or, they spin the wheel.

    This week, we're back at it again with some major tweaks that we hope will only add to Fold's rewards experience.

    The big changes:

    • Replaced "Womp Womp" with a 0.5% prize that has a $25 reward limit (nice!)
    • Increased odds of "Largest Purchase Match" and "Deposit Match" prizes by 1.5% (more rewards for small purchases)

    To balance out these upsides, we made a few other adjustments:

    • Increased 1% prize odds by 8%
    • Decreased 2% prize odds by 8%
    • Decreased 3%, 4%, and 5% prizes odds by 1% each

    Aside from spending under $500 and hitting the "10% Over/Under" prize, now you cannot spin and earn nothing back.

    How neat is that?

    New Year, Newer Wheel

    New Odds and Prizes

    Move the needle

    So how are things going? We factor in your feedback as we build out each wheel. What did you think of this one?

    Great 🎉 • Meh 😑 • No Good 👎


    We asked, you delivered

    We asked: do you want a flat back reward rate or a chance to win big?

    The obvious answer came when we first asked the right question:

    Why not both?

    This is the way.

    Choose your reward: flat rate back or big win spins

    We're beyond excited to introduce Fold's latest game changer in earning bitcoin rewards: the option to choose your reward on every purchase with the Fold Card.

    For the time first time, Fold cardholders can now choose to either earn a flat rate reward or a chance to earn up to 100% back in bitcoin by spinning the purchase wheel.

    Here's how it works. After every transaction:

    • Spin users choose either 1% back in bitcoin, or, they can spin the wheel, and
    • Spin+ users choose either 1.5% back in bitcoin, or, they spin the wheel.

    Note: there are no caps on rewards if you choose to earn the flat rate back.

    To spin or not to spin... you choose, but either way, you're stacking sats!

    Here's what choosing rewards will look like in the Fold App:

    Spin+ cardholder's "Choose your reward" page

    With such a solid guaranteed flat rate reward for one option, it only made sense to make the other option a purchase wheel that rewards the risk.

    Higher risk and higher rewards

    This wheel is built like no other one that has come before it. If you choose to spin the wheel, we know that you want the chance to win big and are ready for the risk that comes with it! So...

    High rewards

    • Boosted rewards limits on 1% - 3% rewards to $25 from $20 (finally!)
    • Boosted rewards limits on 4% - 100% rewards to $50 from $20 (FINALLY!)
    • Brought back the 10% Over/Under with $500 minimum spend (rewarding big purchases)
    • Boosted Largest Purchase match rewards to 5,000 sats from 1,000 sats (rewarding small purchases)
    • Replaced the 1 full bitcoin reward with a $500 in bitcoin reward at 50x the odds and 30x the winners (more big winners)

    High risk

    • Womp Womp ~50% of the time!

    Odds and prizes

    Spins = wins

    It is clear that a solid spin strategy is needed to maximize returns on this wheel. As a reminder, extra spins can be earned as follows:

    • $1k or more in your Fold account earns you 1 extra spin per day
    • $10k or more in your Fold account earns you 2 extra spins per day
    • Find extra spins in the metaverse every day
    • Receive random extra spin drops every Friday
    • Extra spin giveaways in our Discord throughout the week

    The ⚡ Flash Stacks ⚡ continue

    We recently introduced what has quickly become one of our favorite and most fun experiments: the Flash Stack.

    How it works: During the day, we will tweet out (and sometimes send push notifications, and sometimes send emails) "⚡ Flash Stack ⚡" which lets our Fold cardholders know that if they spend $x with their Fold Card during a certain time period then they earn x amount of additional sats. So, on top of already earned rewards, we're dolling out even more sats. It's sats all the way down.

    As its name suggests, there will not be much warning for these, so if you want to participate, be sure to turn on your Twitter notifications for @fold_app so you don't miss the next #flashstack.

    Move the needle

    So how are things going? We factor in your feedback as we build out each wheel. What did you think of this one?

    Great 🎉 • Meh 😑 • No Good 👎


    Welcome

    New to the Fold Card? Start here.

    Updates

    Want to get updates when a new purchase wheel is available? Follow along here on our blog, on Twitter, or join our Discord community.

    Standard disclaimer:

    This is just a summary. The purchase wheel is currently only available to Fold Cardholders. The wheel is available for spinning after each purchase made with the Fold Card (currently excluding ACH), subject to certain exclusions.

    For full terms and conditions, see Terms of Spinwheel Sweepstakes. You can read about each of our spinwheel prizes from the current and prior wheels.

    David Steinbroner

    David Steinbroner

    Community @ Fold. Reader, musician, talker.