Fold Bitcoin Rewards App Review (2021) Fold Bitcoin Rewards App Review: Legit or Hype?
Fold Bitcoin Rewards App

Fold Bitcoin Rewards App Review (2021)

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.

Fold app

What is Fold and How Does it Work?

Opening a Fold account

Signing up for Fold is remarkably easy. In fact, you may not even need to enter any information if you don’t want to. That’s because the app offers an anonymous account, allowing you to jump right into earning without so much as an email address. There are downsides to this approach, however, as — if you get logged out — you’ll need to restore your account by using recovery code. If you don’t have that, then you’re probably out of luck. Meanwhile, if you choose to attach an email to your account, you’ll be able to set up a password and use the combination of the two to log in. For that reason, I opted to join using an email address.

Currently, you can also earn 5,000 free Sats when you join Fold using a referral link like this one. Note that, to take advantage of this offer, you’ll need to create a regular account and not an anonymous one.

Fold Verify Card message

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 couple of options for this: 1) connect to Fold’s Lightning Node or 2) enter a debit or credit card. Admittedly, I’m not well versed in Lightning enough to know how that works, so I stuck to my cards when testing out Fold. However, if you want the advantages of using Lightning — which I’ll cover shortly — you can check out Fold’s FAQ for more info on this option. We’ll also talk about the new-ish Fold Debit Card a bit later.

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.

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.

Dyer News Special Fold Offer

Looking to get started with Fold? For a limited time you can get a bonus of 5000 Sats if you open a new account with this Dyer News link.

Get 5000 Sats Now
Fold gift card purchase

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 30 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 1% to 20%, with 3-4% seeming like the average max. That said, this figure can also be impacted by your method of payment, with Lightning transactions yielding higher rates. Meanwhile, using a regular credit or debit card will result in lower earnings that will be stated before you complete your purchase. As an example, while using Lightning to purchase a Doordash gift card would net you 5% back, using credit/debit would earn you 4%.

Something else to note is that different retailers may offer different gift card amounts. For example, Amazon cards currently come in denominations of $25, $50, $100, $200, $250, and $500 while Chipotle cards are currently only offered at the $25 price point. Looking through some of the options, the lowest amount I’ve seen is $10. However, I do need to stress that the available brands and the gift card denominations change with some frequency — with this proving especially true when Bitcoin values were skyrocketing and demand seemingly outpaced supply on Fold’s end. 

After you buy a gift card, the info will display under the “My Cards” tab. 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.

Fold Daily Spin

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. Prizes include bonus Sats (100 to 1 million) or boosts that will enhance your gift card rewards offers for a limited time. For example, if you land on the .50% boost, your Doordash earning potential could rise from 4% back to 4.5% back for the day.

On top of the daily rewards, Fold has also introduced a weekly streak challenge. Users who spin the prize wheel once a day for seven days in a row will earn 250 free Sats (down from 1,000 Sats previously). Unfortunately, if you miss a day, your streak will reset. Therefore, if you really want to score these bonus Sats, you may want to set a daily reminder for yourself to check-in.

Requesting a cashout

Once you’ve accrued at least 50,000 Sats, you’ll be eligible to request a withdrawal. These payout transactions are made each Tuesday evening (Eastern time) and 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.

While you’re waiting for your cash out, you can view pending transactions by visiting the Account tab and then “Withdraw funds.” You can also cancel a transaction if it hasn’t already reached the final preparations stage. If you do cancel it, your Sats will be reapplied to your balance and you’ll be able to request another withdrawal when you’re ready.

Fold Spin and Spin+ apps

Fold Card

As I teased earlier, Fold recently launched its own debit card. More accurately, they unveiled two debit cards: Spin and Spin+. The former comes with no annual fee but does have a $21 activation fee while the latter comes at a cost of $150 a year while waiving the activation fee. 

You can read much more about both versions of the card in my full review, but I wanted to mention one aspect of the Fold debit cards that I think is key. As a cardholder, you’ll not only enjoy enhanced Bitcoin back rates on gift card purchases when compared to using other credit or debit options but will also see rates better than what you’d get from using Lightning. Oftentimes, the Fold card rate is a full percentage point higher than Lightning but could be even better. For example, those using other debit and credit card options to buy Domino’s Pizza gift cards on Fold currently earn 3% Sats back while those paying with Lightning get 5%. Meanwhile, as a Fold card user, you’ll get 7% back on this particular purchase. Additionally, Fold debit card members can score 5% Sats back on Amazon gift card purchases (up to $250 per month for Spin users and $500 per month for Spin+) compared to the standard 1.5% rate.

Given this benefit, if you’re like me and don’t want to set up lightning, the Fold debit card could be helpful. That said, the $21 activation fee is a bit of a bummer. Again, for more info, be sure to check out my full Fold Spin card review.

The Pros and Cons of Fold

Several gift card options

Starting with what I think is the biggest advantage to Fold, the line-up of gift cards it offers is quite strong. Between Amazon, Chili’s, Nintendo, 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 as well — and earn rewards as a result.

Fold Amazon gift card

Easy redemptions

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 complete your transaction using Lightning. Meanwhile, if you want to use a credit or debit card instead, you may get half of this amount or less. Although this is understandable, it’s still disappointing to someone like me who isn’t quite crypto savvy enough to navigate the Lightning option. Of course, with the Fold debit card offering even better rates than Lightning, this is less of an issue for me. Still, given the fees associated with that card, it won’t make sense for everyone.

Fold app Success message

Must have Bitcoin wallet for payout (and payouts are weekly)

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. Of course, as I mentioned, this also means that you’ll need to have your own external Bitcoin wallet in order to request a payout. Luckily for me, I remembered that Square’s Cash App now allows users to send and receive Bitcoin (although you’ll need to activate this option by submitting a photo of your ID and a selfie). That way, once my transfer reached my Cash app, I was able to easily sell my Bitcoin and spend it in U.S. dollars if I so choose.

On that note, a related drawback is that Fold only sends out funds on a weekly basis. Because of this, I was worried that my transfer wouldn’t be completed before I posted this. Coincidentally, I got the alert from Square that my deposit was on the way just before hitting “publish.” Still, I do wish that transfers could be a bit faster.

Fold logo

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, I find Fold easier to make use of than some other rewards apps because it offers gift cards instead of only rewarding you when you complete a specific purchase.

At the same time, it’s clear that only those who have at least some crypto knowledge/interest will benefit from Fold. Not only does the app reward those who pay in Lightning at a better rate than credit/debit users but you’ll also need to cash out your earnings in Bitcoin via a separate wallet. Therefore, if those aspects intimidate you, it’s probably best to stay away. Then again, if you are willing to learn, this could offer a good, low-risk entry point.

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.

Frequently Asked Questions
Is Fold app legit?

Yes, Fold allows users to buy legitimate gift cards and earn a percentage of their purchase back in Sats (pieces of Bitcoin).

How does Fold app work?

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.

How does Fold app make money?

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 is also rolling out a debit card from which they will profit on interchange fees and other associated revenues.


Kyle Burbank

Head Writer ~ Fioney
Kyle is the head writer for Fioney. He is a personal finance nerd, constantly looking for new apps and services to test and incorporate into his own financial game plan. In addition to his role at Fioney, he's written for other publications including Born2Invest, Lifehack, and Laughing Place, as well as his own site Money@30. He also creates personal finance and travel-related videos for Money@30's YouTube channel, which has garnered more than 2 million views. Currently, Kyle resides in Springfield, Missouri with his wife of 10 years. Together, they enjoy traveling (including visiting Disney Parks around the world), dining, and playing with their dog Rigby.

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