Money Management Product Reviews
Fold Bitcoin Rewards App Review (2025)
Ever since Bitcoin surged (circa 2017), there’s been plenty of intrigue, investment, and confusion about the cryptocurrency. All of these aspects were reinvigorated this year when crypto went on another run, reminding us all that the asset is known for its volatility. Through it all, however, despite some apps and tools that have worked to demystify Bitcoin, there are still plenty who are a bit lost about the whole thing.
With that in mind, what if you could easily earn Bitcoin as a reward for shopping instead of needing to buy the asset for yourself? That’s the basic idea behind the app Fold, which allows users to buy gift cards for various brands and score pieces of Bitcoin at the same time.
Let’s take a closer look at what Fold has to offer, including some notable pros and cons.
What is Fold and How Does it Work?
Opening a Fold account
Signing up for Fold is pretty darn easy. To get started, you’ll just need to enter an email address and create a password. Then, you’ll be asked to confirm that e-mail. After that, you’ll be ready to at least explore the app.
I should note that, once upon a time, Fold allowed for anonymous account creation. However, they’ve seemingly disallowed this for new users. That’s fine by me as there were already some big downsides to that option, including the possibility of losing access. Plus, even though you could create an account anonymously, an update to the policy made it so that you’d need to attach an email address to your account if you wanted to transfer your rewards.
Currently, you can also earn up to 20,000 free Sats when you join Fold using a referral link like this one, sign up for a Fold Card, and make your first purchase.
Adding a form of payment
In order to make purchases on Fold, you’ll need to add a way to pay (duh). There are a few options for this: 1) Pay using Fold’s Lightning Node 2) enter a debit or credit card or 3) open a Fold debit card to pay.
Starting with the Lightning option, when I first signed up for Fold, I had no idea how this worked. But, revisiting it now, it proved to be pretty easy thanks to my Cash App. Once I selected the Lightning option, there was an Open My Lightning Wallet button. Tapping this launched the Cash App, where I could continue the transaction. Within moments of sending payment on Cash, my Fold transaction was completed, my Sat rewards were applied, and my gift card was available. Meanwhile, if you use a different Lightning option, you can copy the wallet code from Fold or scan the QR code.
If that’s still not for you, there’s always the option to add a “regular” form of payment. On that note, when it comes to adding a debit or credit card for use in Fold, it’s a fairly straightforward process — despite some unique aspects. One extra step you’ll need to complete when adding a new card is the verification of your account. After you enter your card and billing info, Fold will add a temporary charge to the card (under $5). Then, you’ll just enter the amount of the charge in the Fold app to verify that it worked. This temporary hold will then be removed from your account within a few days.
This method of verification is similar to micro-deposits that may be utilized when linking two bank accounts. However, I can’t say I’ve ever experienced such a thing when it comes to making debit/credit card purchases. In any case, while I didn’t find it to be terribly inconvenient, it is something to be aware of before using the app.
Lastly, there’s the option to open a Fold Card. This debit card is free, but the process will require you to enter some more information — including a phone number and, of course, a mailing address. Despite the extra work, as you’ll see, there is a good reason why you might want a Fold Card if you plan on using the app to buy gift cards often.
What are “Sats?”
As I mentioned in my intro, Fold rewards users in Bitcoin. But, as you look on the site, you’ll see your earnings and potential earnings referred to as “Sats” instead. So why the discrepancy? Sats — short for Satoshi, the moniker of Bitcoin’s founder — are fractional pieces of Bitcoin. You can think of them as cents compared to dollars… except that a Sat is actually 0.00000001 BTC. Thus, it’s easier to speak in terms of Sats than employ decimals and oh so many zeros.
When you earn Sats, you’ll see your balance update in the upper right corner of the app. Tapping this figure will give you a closer look at the current estimated value of your rewards. This is also where you can request your withdrawal when you’re ready.
Fold Special Offer
Get 20,000 Free Sats
Buying and using gift cards
Now that you understand what Sats are, how do you earn them in Fold? The main way is to purchase gift cards using the app.
Currently, there are more than 50 options to choose from, with brands ranging from Amazon to Uber Eats. For each offer, you’ll earn a percentage of your purchase back in the form of Sats. These reward amounts range from 0.25% to 10%, with 2-5% seeming like the average max.
That said, this figure can also be impacted by your method of payment. For the most part, the earning hierarchy looks like this (from worst to best)
- Credit/debit card
- Lightning
- Fold Card
For example, looking at Chipotle cards at the time of this writing, using a credit/debit card would only earn 0.5% back while Lightning earns 2%, and the Fold Card would earn 2.5%. Meanwhile, for Fanatics, the rates are 3%, 6%, and 7%, respectively.
Something else to note is that different retailers may offer different gift card amounts. While some start at $25, others require minimums of $100 or more. Also keep in mind that these can change based on availability.
After you buy a gift card, you can head to your Account page and then select Gift Cards. Then, once you’ve redeemed a card, you can choose to archive it so that you know that you’ve used it. Thankfully, if you accidentally archive a card or need to refer back to it for some reason, you can still find the information under “Archived Cards” in the Account tab.
Daily prize wheel
Even if you don’t need any gift cards at the moment, there’s still a benefit in visiting the Fold app each day. That’s because you can score free Sats and more using the daily prize wheel. Located in the upper left corner of the app, users get one free spin per day. These days, the prizes are pretty low (5 sats to 100 sats). Plus, some more attractive wedges on the wheel are exclusive to Fold Card customers, while others require Fold+ — which is Fold’s paid subscription.
Requesting a cashout
Once you’ve accrued at least 50,000 Sats, you’ll be eligible to request a withdrawal. These payout transactions are delivered to your Bitcoin wallet. This means that you will need to have a personal Bitcoin wallet and will add your wallet address to Fold when initiating a withdrawal.
Fold+
As I teased earlier, in addition to the Fold Card, Fold also offers a Fold+ membership. This comes at a cost of $10 per month or $100 per year.
With a Fold+ membership, you’ll enjoy some boosts, bonuses, and other perks. For example, Fold+ users can earn up to 15% back in rewards on select gift card purchases with merchant boosts. Outside of the app, when you use your Fold+ debit card for eligible dining and travel purchases, you’ll earn 1.5% back in sats (all other purchases on the card earn 0.5%).
Personally, I’ve never been a Fold+ member, so I can’t speak to how the product is overall. But, if you love Fold and want to up your earning, it may be worth considering.
The Pros and Cons of Fold
Several gift card options
Starting with what I think is the biggest advantage of Fold, the line-up of gift cards it offers is quite strong. Between Amazon, Chili’s, Nintendo eShop, and many others, there are plenty of brands I frequent featured here. As a result, I reckon it’d be pretty easy to find an option you’ll actually use — and earn rewards as a result.
Easy redemption for gift cards
Speaking of actually using your gift cards, in my experience, the certificates I’ve purchased using Fold have been easy to claim from the respective brand. Specifically, I’ve used the app to purchase Amazon gift cards. In each case, the code for my card popped up immediately after I completed the purchase and I was able to apply it to my Amazon account without issue. I presume the process is similar for other sites, although it could vary from retailer to retailer.
Best rates come from using Lightning (unless you have a Fold debit card)
Turning to the downsides, when Fold displays the “up to X%” as you scroll through offers, this is typically the rate you’ll earn if you have the Fold debit card. Meanwhile, if you want to use a credit or debit card instead, you may get far less.
Although this is understandable, it could certainly be disappointing to those who don’t want a Fold Card. Ironically, while I once saw Lightning as the least approachable option, seeing how easily it works with my Cash App now has me reconsidering — and I might even recommend it as the best overall pick for those who want to keep it simple.
High cash out threshold
Interestingly, while an app like Fold may grow more attractive as Bitcoin prices rise, a downside is that it becomes harder to reach the cashout threshold. For example, when I first joined Fold, 50,000 sats was around $20. Now it’s more than double that. So, you’ll either need to buy a lot on Fold or wait a long time to accrue enough sats before claiming your rewards.
Lastly, when it comes time to claim your rewards, you won’t be able to immediately turn your Sats into fiat cash. Instead, payouts are made in Bitcoin. That’s where Square’s Cash App once again comes in handy. I’ve personally gone this route to easily transfer my Sats and, if I want to, sell my Bitcoin and spend it in U.S. dollars.
Final Thoughts on Fold
Overall, I like what Fold has to offer: free Bitcoin rewards for buying gift cards from major brands. With an impressive selection to choose from, it’s not hard to find something worth buying. What’s more, not only is Lightning now easier to use than it was a few years ago but the Fold Card debit card also allows you to earn better rates on gift card purchases.
At the same time, it’s clear that Fold’s focus has moved away from just selling gift cards and onto more lucrative products. This includes their Fold+ membership. As a result, those who don’t want to pay up may feel left out when it comes to earning better rates and other rewards.
Ultimately, if you’re looking for a relatively easy way to join the world of cryptocurrencies or are already a fan who prefers Bitcoin to fiat, then Fold has something for you. However, if you just want to earn cashback on gift cards, I’d likely recommend Pepper instead. Then again, it may be worth comparing rates for any given brand and letting that aid in your decision.
Frequently Asked Questions
Q:
Is Fold app legit?
A:
Yes, Fold allows users to buy legitimate gift cards and earn a percentage of their purchase back in Sats (pieces of Bitcoin).
Q:
How does Fold app work?
A:
Fold customers can purchase digital gift cards in the app and earn Sats (units of Bitcoin) back. Then, once users accrue 50,000 Sats, they can request a transfer to an external Bitcoin wallet.
Q:
How does Fold app make money?
A:
Although it’s not stated, it’s likely that Fold is able to purchase the gift cards they offer at a discount. Additionally, the company also offers a debit card from which they profit on interchange fees and other associated revenues.
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