Fold Bitcoin Credit Card Review

Our Fold Bitcoin Credit Card review

The Fold Bitcoin Credit Card is a Visa credit card that offers rewards in bitcoin for every eligible purchase. Celtic Bank, a Utah state-chartered bank, issues the card, with Stripe managing the program. Fold services the card and operates the rewards program.

In our opinion, it features one of the simplest reward structures among US crypto credit cards: a consistent base rate on all eligible purchases, without category restrictions, no annual fee, and no upper limit on the base rewards. However, achieving higher reward boosts requires maintaining a substantial Fold Reserve balance.

How the card works

This is a credit line in dollars. You pay the bill in US dollars through the Fold app or by phone, and paying the bill with bitcoin earns an extra 0.5% back. The card is available as a physical card or as a virtual card in the Fold app, and it can be added to Apple Pay and Google Pay. BitGo provides the custody of the bitcoin you earn. The card only works for purchases in US dollars.

Rewards

Every eligible purchase earns a flat base rate of 1.5% in bitcoin, with no cap on base rewards. A Reserve Boost increases the rate based on your Fold Reserve balance as follows:

• under 15,000 USD: 1.50%
• 15,000 USD: 1.75%
• 25,000 USD: 2.00%
• 50,000 USD: 3.00%
• 75,000 USD: 4.00%
• 100,000 USD: 5.00%

The boost above 1.5% only applies to the first $5,000 of eligible purchases each calendar month. Fold Reserve is closed-loop stored value issued by Fold, and Fold says it cannot be turned into cash directly; you can use it for bitcoin, gift cards or the card bill. In our view that makes the boosts a fit only for readers who would keep that money with Fold anyway.

Rewards are processed in three stages: pending at purchase, locked for 30 days after transaction settlement to account for disputes or returns, then finalized. Purchases such as gift cards, prepaid cards, cash equivalents, crypto purchases, balance transfers, fees, and interest do not earn rewards, and boosts apply only to one Fold card at a time.

Fees and APR

The card has no annual fee and no foreign transaction fee. The purchase APR ranges from 20.49% to 29.49% variable, depending on your creditworthiness, capped at 36%. Minimum payments are the greater of $25 or 3% of the new balance, plus interest and fees. Late or returned payments can incur fees up to $30. Cardholders receive one free replacement card within any rolling 12-month period, with a $35 fee each for additional replacements. The account may not qualify for cash advances or balance transfers.

Card management is via the Fold app, rated 4.21 from 2,272 ratings on the US App Store and 3.3 on Google Play.

Who can get it

Eligibility requires a Fold account and primary residence in one of the fifty US states or the District of Columbia. Applicants undergo a credit check and must meet the bank's lending criteria. Fold states that verified users receive pre-filled applications and swift decisions.

Who it is for

We see the Fold Bitcoin Credit Card as suitable for US readers seeking a straightforward bitcoin rate on all expenditures, paying the balance in full. It is less ideal for those carrying a balance, due to the APR, or those needing cash advances.

If you would rather earn more in certain categories, the Gemini Credit Card review covers a card with up to 4% on gas and transit. If you keep a large balance on Coinbase, the Coinbase One Card review explains its asset-based tiers. Without a credit check, the Fold Card review covers Fold's prepaid debit card.

To compare all cards, start at our crypto card comparison or see the list of crypto credit cards.