Fold Prepaid Debit Card (marketed as the Fold Card) Review

Our Fold Prepaid Debit Card (marketed as the Fold Card) review

The Fold Card is a prepaid Visa debit card that rewards users with bitcoin. It is issued by Sutton Bank, with Marqeta managing the program. Fold, Inc. operates the app and oversees the rewards system. Users spend dollars from their Fold balance and earn bitcoin on eligible purchases.

We believe this card offers US readers an opportunity to accumulate small amounts of bitcoin through everyday spending without requiring a credit check. However, the base rate is low, and higher rewards require a substantial Fold Reserve balance.

How the card works

This prepaid card does not offer overdraft or credit features. Users can fund it using direct deposit, a transfer from a linked bank account, or an instant load from another debit card. It is possible to convert bitcoin to your cash balance for spending. The virtual card is available immediately, while the physical card is shipped. BitGo is responsible for the custody of your bitcoin.

Rewards

Each eligible purchase earns a base rate of 0.25% in bitcoin with no limit and no required Reserve balance. To get boosts above this rate, a Fold Reserve balance of 15,000 to 100,000 USD is necessary; boosts apply only to the first $5,000 of eligible spending per calendar month. Fold Reserve is a closed-loop stored value issued by Fold. It does not earn interest, is not FDIC insured, and cannot be converted to cash. However, it can be used for bitcoin, gift cards, or Fold credit card payments.

Rewards have a pending period of 30 days before they can be redeemed or withdrawn to a personal bitcoin wallet. If a user holds the Fold Bitcoin Credit Card as well, boosts are applicable to just one card, while the debit card earns only the base rate. The app includes a daily spin of the rewards wheel.

Fees and limits

There are no annual or monthly fees, nor is there a fee for the card itself. Foreign merchant purchases incur a fee of $3.00, and ATM withdrawals cost $3.50, although Fold waives this for Reserve members with a balance of $5,000 or more. Direct deposits are free, but instant loads from another debit card cost 1.5%, with a cap of $25 per transfer. Replacing a lost or stolen card incurs a fee of $5.00.

Users can spend up to $15,000 per day and $50,000 per month, with a cash withdrawal limit of $1,000 per month. The card account can hold up to $30,000.

Extras

Fold Reserve members with a balance of $5,000 or more are exempt from Fold fees or spreads on bitcoin buys and sells, and Fold covers the network fees when they withdraw bitcoin. The app provides bitcoin rewards on ACH bill payments, based on the Reserve tier. The Fold app has a 4.21 rating from 2,272 ratings on the US App Store and 3.3 on Google Play.

Who can get it

The card is available exclusively to adults who are US citizens or lawful permanent residents with a valid Social Security number and a primary residence in one of the fifty states or the District of Columbia. Fold requires identity verification when opening the account.

Who it is for

In our view the Fold Card suits US readers who want bitcoin rewards on a debit card, pay mostly in dollars and do not want a credit check. It is a weak fit for travelers, because of the $3.00 fee per foreign purchase, and for anyone who expects a high rate without parking a large balance in Fold Reserve.

For those able to use a credit card, the Fold Bitcoin Credit Card review offers a higher base rate from the same company. The Coinbase Card review features a debit card with no foreign transaction fee, and the Crypto.com Prepaid Visa Card review offers a prepaid card with rewards linked to staked CRO.

To compare all cards, visit our crypto card comparison or view the list of crypto debit cards.