Fold
reviews and complaints

I have to click withdraw the money earned now I have 4 $ earned to withdraw need 50000 sat and I have 10000 sat now

Are your bank a joke ? It show after only .64 cent is about 1000 sat ( not exactly amount) I mean where other of mine 9000 more sat to not showing , I will wait 30 day if keep not showing all for reward so this is a joke bank reward for lier

You keep show i earned what I spend but when wanted to withdraw not showing all what I earned so why do I have to transfer money for your card to use

And in spin mostly unlucky to spin and can get 0 is nothing so not going to risk spin instead get 1% cash back , I see mostly can get 0% after spin so if I spend a lot money hard to want to spin

If not showing to can get all reward will not going to use to spend money more that lost time to transfer money for nothing

I initially download the app and it worked properly. However, after amassing some free Sats through the daily free spin, within a few days and I signed up for the Fold card. Still no problems. However, as soon as I received the card and attempted to activate the card on the Fold app, all of a sudden it would no longer allow me to login. I contacted customer support and they said my account was under review and they were requesting a selfie holding my ID with a handwritten note showing today’s date, A photo of my government issued ID and either utility bills, lease agreements, mortgage statements, proof of auto/home insurance. Unbelievable and ridiculous. I responded to the email telling them I would instead continue to use Coinbase, BlockFi, and Crypto.com. there’s no reason for that nonsense. None of the other companies crazily requested that.

This debit Card is $150.. They say an average rewards of 3% and up to 100% back. Here’s what you need to know.. 3% is across all users! You can get a 0.5% reward and someone gets a 2.5% reward, they count that as 3%. You could get a respin (no reward), and someone else gets 3%, they count that as 3%.. Rewards are limited by what others receive.. 100% purchase match is a 0.01% chance, if you pay the $150, if you choose the FREE card, that 0.01% spin gives you 25% back. Don’t forget 100% and 25% max at $50.. Some purchase match.. No interest. No 100x on referrals. No ATM deposits. All promised at launch. Also takes several days just to fund the card, and banks like BoA and Wells Fargo are declining transfers.. The hype of winning a whole BTC is laughable. One BTC win per wheel, and set at a 0.0001%.. Sad, this company had potential.. Other bitcoin Rewards cards offer guaranteed rewards.. my advice: Go that route.. “You are not guaranteed any rewards.” From their Terms of Service.. No guarantee. but pay $150.. Avoid like the plague..

Okay so I’m first off wondering if I’ll ever even make back the Fold premium card cost of $150. At least not so long as BTC is at current levels. Also, for $150, I’d love a steel card like Amazon’s, not this silly, shiny plastic thing. Next, I’m skeptical of the “randomness” of the wheel spin. On small purchases I miraculously get 20x, 50x Sats, but I made a few huge purchases ($1k and over) and had to burn through all my extra spins to even yield a 10x. How convenient. Shouldn’t be too hard to program a Sat limiter to purchases over, let’s say $200, so I’m suspicious. Finally, I wish charges worked as debits against my official checking account, so funding would be present as needed. Instead, this card just has to be loaded in either an immediate fashion with a fee, or waiting days and days for it to transfer from my account. Overall I like it in theory, I love that they are spreading BTC gospel, but I’m sort of wondering if this pans out to be any better than just the 2% I get off everything with my AMEX, especially with the $150 fee I’m in the hole to start with.

I've been a user of the Fold app for over a year. It is a really great product and has helped me stack some awesome sats.

However, with the release of version 139.16.2, the application is skimming rewards. I have several tickets open with the company and I have sent in vidoes of the issue. Unfortunately, customer service is not acknowleding the change.

Here is an example of how the skimming works:

I purchased a $100 gift card through the app which rewarded 3% or $3. At the time of purchase, Bitcoin's dollar price listed in the application was $19,750. So some quick math. $3 / $19,750 = .[protected] bitcoin or 15,190 satoshis. I only received 14,492 satoshis. They skimmed ~500 satoshis on this transaction.

But it's on every transaction.

Customer service will claim the following from the playbook: "the price of bitcoin is extremely volatile, and changes by the second. The BTC price listed in the app is for informational purposes only, and not indicative of the price used for each transaction's prize, as that updates several times a minute, and uses multiple sources."

However, if you run the math backwards, you will see that they are pricing bitcoin a full $1,000 higher than any exchange. (Heck of an arbitrage trade.)

Until they fix this bug, I can't recommend this application.

I have spun the free wheel for over a year. I “earned” my way into a debit card through referrals. Then used the debit card under a premium membership that cost $150. Over one year I spent approximately $5k through the card/app and spun the wheel nearly 1,000 times. It’s possible that someone somewhere hits profitable spins, but I never have. After a year, I saw net $0 gain. I would have lost money if I had not gamed their system by purchasing Amazon gift cards for the 5% gain. But this was too arduous to manage. This benefit is also limited to $6k/year which translates to $300 in bonus sats. That’s a lot of cheddar and a lot of uploaded gift cards for very little gain. And that’s only if one stays on top of the $500 Amazon gift card limit each month. And if Fold doesn’t inexplicably make them “currently unavailable,” which happens often.
Furthermore, the customer service is wretched. The only way to communicate is through creating a ticket. To ask account closure questions I created multiple tickets and waited two months for a response. The respondent blamed me for the slow response because I created a second ticket after I waited a week. There is a phone number but it does not lead to a person.
This app is a poorly executed way for a new “bank” to hold customers’ money. I’d rather play the lottery. There’s lots of other cash back cards. Even at 1% I would have done better than Fold.

The app itself is solid. I use this to process almost all of my bill payments every month for the rewards. Runs really well, never any issues. Customer service is excellent and responds quickly to questions (Reached out regarding upgrading my card). Transactions clear quickly and push notifications reminding my to spin the wheel really make it seem like they are really on your side. Works with (almost) all online transactions. Had an issue with Tesla Premium, YouTube Premium and some other larger companies but using this to pay bills has been issue free.

With all the positive things I can say about the app the biggest problem is that it’s just that…an app. There is no website to log in to manage things like ACH transfers, view/download statements or check balances while I’m doing all my bill payments. The app is great as a convenience, but if you want to use this as an actual bank, the experience can be very annoying to be forced to use an app on your phone and not an actual website to manage your account. There also doesn’t seem to be support for services like Plaid where you can sync to applications easily such as quick books or Mint…I typically pay all my bills and reconcile everything at the beginning of the month on my computer and it’s frustrating to not be able to open my account on my computer and process payments with my other banking tabs open. Hopefully this changes in the future.

Edit: okay, now the Amazon is out of stock along with most of the other gift cards. Pointless

Let’s be clear what this is, you buy gift cards from their store and you get a percentage back from the gift card purchase in satoshis, small amounts of BTC. I don’t know if it’s a surge in usage or what, but most of the time the gift cards I want are sold out. This needs improvement. The big draw is 5% back on Amazon gift cards. For that it’s great and I’ve yet to see that out of stock. Otherwise, I thought the rewards were 1% your spend in BTC and the gift cards gave percentage in addition to that. Turns out you are payed in satoshis at 1 sat per dollar if you spin the wheel within a certain time frame after using the card. An everyday $100 purchase (not on gold gift cards) gets you around .06 back and if you get *luckyand score a 5X on your spend, you get 0.28. I get this isn’t a high rewards credit card, but it’s hardly worth the effort when apps like Lolli instantly give you full percentage back on many purchases. The ad material suggests a percentage back and that’s just not the case on everyday purchases if that percentage is so marginal. I actually love the idea of the app and I hope the developers get it to what the idea is rather than the current iteration. I was ready to use this card for all of my purchases until I realized it wasn’t worth the effort. Better using my Discover. But, this is my new step in making all Amazon purchases until then.

The fold card/app was once a great service, particularly its paid premium plan, Spin-Plus - it provided incredible rewards rates and deals on gift card purchases that elevated it far above its competitors. But it seems that this was not sustainable & was thus a ploy to grow an ample paying user-base. They pulled the rug out from under their paying users & reduced the possible rewards to the point where the card/app is no longer remotely competitive, especially when one factors in the cost of the premium subscription (one now has to first spend over $10,000 a year on the card to recoup the subscription cost). The worst part is, this change was implemented at the same time for all subscription holders -- so, whether one was on the last few days of their annual subscription or the first few, the model was completely changed for the worse. I know credit cards, for instance, change their rewards/benefits offerings, but that is usually done on year-to-year subscription basis, and not imposed on the user mid-subscription cycle. That's like being told you're paying for something for a year, and then just having it abruptly replaced with something that's essentially only the same in name — and of course, there’s no refund for tricked subscribers. This feels like a middle finger to dedicated users & is incredibly unprofessional - and many long-time users seem to feel the exact same. My working assumption is that most users will no longer renew their subscription, nor use the card given that it's not very competitive any longer, and Fold will pocket a years worth of subscription costs, without having to shell-out much in rewards, and then terminate its services. Can't see it ending any other way. This is one of the few services that went from 5 starts to 1 in my book. I guess I should’ve known that if something seems to be too good to be true, it likely is.

I’ve been using the Fold Card for about 15 months. I’ve seen them (Fold) continuously make change. Some were good while they last, Instant Debit Funding for example. Or the 5% back on Amazon gift cards. Both of those are gone now, apparently too expensive for the company. I’m not complaining about that. The app used to award you spins for many different reasons, multiple $25 purchases in the same day, purchases over $250, as well as several other way. Last year when I first got my Fold Card you could hold spins up to a week. Then they changed that to 24 hours but gave you more opportunities to gain spins. That change definitely made it harder to maximize the card but with careful planning it was still worth. The returns on spins fluctuated several times with it finally settling down which good odds to get 2% if you had several spins. Typically you got, in order of most likely to least 0.5%, 1%, 1.5%, 2% (stand on that), 3% (The Holy Grail), Purchase History Match (Holy Grail for small purchases). Sometimes you got truly worthless things like an extra 1% of sats on gift cards purchases. And there was a daily spin that averaged a whopping 5-25 sats. Let’s get to the one star rating and why you should stay away. Recently they changed their whole system. You get a guaranteed 1% (your average return before the switch was 1.5% if you were smart with your spins, so your getting less) and for every $10 you spend you get a spin. Sounds like win, right? No, it’s a bait and switch. The new spins are on the daily wheel which averages 5-25 sats. That’s the same as if you aren’t even using the card and just spinning the free daily wheel. I’ve seen some marketing from them trying to say it a benefit because you more chances to win a Bitcoin. That’s deceptive, on their blog it states the odds are 0.00001%. It doesn’t matter if you have one or one hundred spins, you’re more likely to get killed by Canadian Geese than win. There are several other reasons why I, my son, and my BTC Bro coworker canceled our cards, but this covers the bases. Stay away from this card, as we’ve seen with BlockFi, Terra, and FTX insolvency is a real possibility for crypto currency financial products. And Fold Cards actions these last six months are screaming losses and potential insolvency. BEWARE

I’ve been using the Fold Card for about 15 months. I’ve seen them (Fold) continuously make changes. Some were good while they lasted, Instant Debit Funding for example. Or the 5% back on Amazon gift cards. Both of those benefits are gone now, apparently too expensive for the company. I’m not complaining about that. The app used to award you spins for many different reasons, making multiple $25 purchases in the same day, purchases over $250, as well as extra spins Wednesday and Friday. Last year when I first got my Fold Card you could hold spins up to a week. Then they changed that to 24 hours but gave you more opportunities to gain spins. That change definitely made it harder to maximize the card but with careful planning it was still worth. The returns on spins fluctuated several times with it finally settling down which good odds to get 2% if you timed your big purchases on Wednesday or Friday because that would you several spins. Typically your returns, in order of most likely to least were 0.5%, 1%, 1.5%, 2% (stand on that), 3% (The Holy Grail), Purchase History Match (Holy Grail for small purchases) but only up to 5000 sats. Sometimes you got truly worthless things like an extra 1% of sats on gift cards purchases. There is a daily spin that averages a whopping 5-25 sats too, and you don’t even have to have a card to spin that. Let’s get to the one star rating and why you should stay away. Recently April 13th they changed their whole rewards system. You will get a guaranteed 1% on purchases (your average return before the switch was 1.5% if you were smart with your spins, so your getting less) and for every $10 you spend you get a spin. Sounds like win, right? No, it’s a bait and switch. The new spins are on the daily wheel which averages 5-25 sats. That’s the same as if you aren’t even using the card and just spinning the free daily wheel. To give a real life example I paid my rent with my and received 28000 sats from the 1% and a staggering 2034 sats from EIGHTY-SEVEN SPINS ON THE NEW SYSTEM! I feel robbed. Before this change I would have made 55K-68K sats on my $860 purchase. I’ve seen some marketing from them trying to say the benefits of the new system are better because you more chances to win a Bitcoin. That’s deceptive, on their blog it states the odds are 0.00001%. It doesn’t matter if you have one or one 1000 spins, you’re more likely to get killed by Canadian Geese than win. There are several other reasons why I, my son, and my BTC Bro coworker canceled our cards, but this covers the bases. Stay away from this card, as we’ve seen with BlockFi, Terra, and FTX, insolvency is a real possibility for shady crypto currency financial products. And Fold Cards actions these last six months are screaming scam, financial losses, and potential insolvency. BEWARE, just get a regular card that pays 2-3% cash back and by BTC with that. You’ll earn much more than you ever with Fold Card

It has been over 1 year and the instant debit card funding still does not work. I still receive the same error codes. Your team was unable to figure out the problem. I have tried multiple cards, uninstall and reinstalling app, link/unlink cards. Nothing works, you need to use a different company for card linking for funding.

This company will close your account with no recourse if you make too much in cash/crypto back. They will also change rules as they please to do this. Will likely get sued into the ground and bankruptcy by the current user base as they closed legitimate accounts. If you have any money or crypto rewards it’s smart to withdraw before this happens.

The whole point of this card is the surprise factor and game like quality. This newest update is HORRIBLE. I had over 70 spins($700! spent) and barely got over 1,000 sats back! Thats like 1.08% back. Fold used to offer 2 and 3% back. Even had $50 slots i hit a few times. Sadly I wont be renewing my membership with cards offering over 2% available :(

Found out they just updated the wheel not so much rewards 1% sats not good and can’t pay my bills through PayPal been block don’t recommend Fold was great Pros: its real card can use to buy good and services but better use credit card with 5% rewards I won’t be renewing $100 don’t recommend anyone do till the fix the rewards thanks Fold was great last 2 years.