As a valued Fold cardholder, we wanted to provide you with an update regarding missing rewards via PayPal bill pay.
As we mentioned last week, PayPal has started to run some bill payments outside of the Visa Network (PIN debit). This impacts our ability to provide rewards since the interchange we earn is significantly lower. Initially, this was happening to a small percentage of transactions. However, it has recently spiked to over half of the transactions and is only trending upward (For Paypal this makes sense, as they will pay less in fees on pin debit transactions).
We are still gathering information and talking to our partners, but it’s become clear we’ll have to make some changes. You can expect a bigger announcement next week that will add clarity and simplify our program.
While we continue to develop the next (yet again) iteration of Fold, we’ll be honoring any missing rewards for Spin+ subscribers who made qualifying transactions through 11/5/2023 11:59 PM PDT. This includes any transactions you’ve made up until now or will make over the next few days. You should see your rewards added to your transactions and rewards balance by the end of the day on 11/6/2023.
Starting November 6th, unless there are significant improvements, we won’t be able to guarantee rewards for these transactions. Instead we will only be able to provide 0.5% back on the transactions that Paypal continues to process on the Visa Network. We have no control over which transactions get processed that way, but there will always still be a decent chance that you get the full 0.5% rewards!
A reminder that qualifying transactions for the above are:
- PayPal bill payments
- MCC code 6012
This covers most of your biggest bills each month like mortgage and loan payments, but may exclude utilities, cable, and cell services.
We appreciate all of our Spin+ customers and understand you are paying us for the full Fold experience. We’ll continue to build the best bitcoin rewards debit card program out there.
The Fold Team