Credit Card News
Fold Open Waitlist for Its Bitcoin Rewards Credit Card
The Bitcoin rewards app Fold has launched a waitlist for its long-anticipated credit card.
About the Fold Credit Card:
Fold, in partnership with Visa, is preparing to debut the Fold Bitcoin Rewards Credit Card. This week, the app opened a waitlist for the new product. Those who sign up will gain early access to apply for the card upon launch.
With the Fold Credit Card, members will earn unlimited 1.5% Bitcoin rewards on purchases. Meanwhile, Fold+ customers will earn 2% unlimited Bitcoin rewards. Additionally, the card will offer a welcome bonus of up to $100 for Fold customers and up to $250 for Fold+ members.
Currently, a Fold+ membership comes at a cost of $10 per month or $100 per year (paid upfront). With a Fold+ membership, customers can also earn rewards on ACH bill payments and enjoy boosted Bitcoin back rates on gift card purchases.
To celebrate the new card’s arrival, Fold is also offering special prizes to waitlist customers. Once they’ve joined, users will be given instructions on how to move up the “leader board,” with one first place winner earning a $10,000 statement credit. Other prizes include:
- Top 50: $500 statement credit
- Top 250: One year of Fold+
- Top 1,000: 1,000 prize wheel spins
- Top 10,000: $5 statement credit
Additionally, one drawing winner from the waitlist will receive 0.25 BTC (currently around $24,300) and 10 winners will earn 0.01 BTC (about $975).
What they’re saying:
Revealing the new card, Fold CEO Will Reeves stated, “Fold has already empowered hundreds of thousands of users to incorporate Bitcoin into their daily lives. With this credit card, we aim to dethrone miles as the go-to credit card reward.”
Reeves added, “If the top miles cards can process 1% of US GDP, we’re confident the Fold Bitcoin Rewards Credit Card can reach the same heights. We’re building the hub of personal finance, powered by Bitcoin, to ensure everyone has the tools to earn, save, and grow their wealth with Bitcoin every day.”
My thoughts:
There was once a time when Bitcoin/crypto rewards credit cards were all the rage. Then came the so-called “crypto winter,” which led many of these offerings to go quiet. Now, with Bitcoin surging to new highs (but still experiencing the volatility it’s known for), it seems that Fold believes the time is right to add its offering to the mix.
To their credit, Fold has managed to withstand the blows to crypto in recent years and, in turn, is poised to benefit from its recent bull run. Of course, while some customers are all the way back in on Bitcoin, surely other consumers will be a bit more skeptical following the FTX collapse et al. Nevertheless, we’ll see how the Fold Credit Card performs once it officially hits the market.
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