What the Fold Credit Card Is
The Fold Card is a rewards credit card designed around cryptocurrency and blockchain purchases. It works like a standard Visa card — you explore, receive a physical card, and use it to pay for everyday purchases — but the rewards structure is built around Bitcoin. When you spend on the card, you earn Bitcoin back as a reward instead of cash back or points.
The card is issued by Marqeta, a payment processor, and is available to U.S. residents who meet the issuer's requirements. There is no annual fee. The card itself is not a cryptocurrency wallet; it is a traditional credit card that happens to reward you in Bitcoin.
Key Takeaways
- Fold Card earns Bitcoin rewards on all purchases, with higher earning rates on specific merchants like Starbucks, Target, and Uber.
- There is no annual fee, but you need to meet standard credit card approval requirements and have a U.S. bank account.
- Bitcoin rewards are held in a digital wallet connected to your Fold account, not automatically converted to cash.
- The card uses standard Visa processing, so it works at any merchant that accepts Visa, but rewards only post for may be able to access transactions.
- Your Bitcoin earnings fluctuate in value because Bitcoin itself fluctuates, so the dollar amount of your rewards changes daily.
How to Get a Fold Card
You start by visiting the Fold website and beginning the account creation process. You will need to provide your name, email address, date of birth, and Social Security number. Fold will run a credit check — a hard inquiry that may temporarily lower your credit score by a few points.
After approval, you will receive a physical card by mail, usually within 7 to 10 business days. You can request a virtual card number when ready to start earning Bitcoin rewards before the physical card arrives. To use the card, you will need to set up a connected bank account for payments and link a digital wallet to hold your Bitcoin rewards.
Fold does not publish specific credit score minimums, but like most credit card issuers, it typically approves applicants with fair credit or better. If you are denied, you can contact Fold's support team to understand the reason, though the decision is usually final.
How Bitcoin Rewards Work on the Fold Card
Every purchase you make earns a percentage of the transaction amount back as Bitcoin. The base earning rate is 1% Bitcoin back on all purchases. However, Fold has partnerships with specific merchants — Starbucks, Target, Uber, Lyft, and others — where you earn a higher percentage, sometimes 2% or more.
Your Bitcoin rewards are not automatically converted to dollars. Instead, they sit in a digital wallet within your Fold account. You can view the current Bitcoin value of your rewards at any time, but that value changes constantly because Bitcoin's price fluctuates. If Bitcoin rises, your rewards are worth more in dollar terms. If Bitcoin falls, they are worth less.
You can transfer your Bitcoin rewards to an external cryptocurrency wallet or exchange whenever you choose. Some users hold their Bitcoin long-term hoping the price will rise; others convert it to cash when ready. Fold does not charge a fee to transfer your Bitcoin out, but the external service you transfer to may charge a network fee.
Fees, Interest Rates, and Other Costs
There is no annual fee for the Fold Card. However, like any credit card, you will pay interest if you carry a balance. Fold does not publicly list a specific APR range, so you will see your actual rate during the approval process or in your cardholder agreement.
Standard credit card fees explore: late payment fees if you miss a due date, foreign transaction fees if you use the card outside the U.S., and cash advance fees if you withdraw cash. There are no fees specifically tied to your Bitcoin rewards.
One hidden cost to consider: Bitcoin volatility. If you earn 1% Bitcoin back on a $100 purchase, you receive Bitcoin worth $1 at that moment. But if Bitcoin's price drops 10% before you convert it to cash, your $1 reward is now worth $0.90. This is not a fee Fold charges, but it is a real cost of holding Bitcoin as a reward.
How the Fold Card Compares to Other Rewards Cards
Most credit cards reward you in cash back, points, or miles. The Fold Card is unusual because it rewards you in an asset — Bitcoin — that you must actively manage. A standard 2% cash back card gives you $2 per $100 spent, may provide. The Fold Card gives you Bitcoin worth roughly $1 per $100 spent, but that value is not may provide and changes daily.
If you are not interested in cryptocurrency, a traditional cash back card is simpler and more predictable. Cards like the Chase Freedom Unlimited or Citi Double Cash offer straightforward cash rewards with no volatility. However, if you already own Bitcoin or want to accumulate it without buying it directly, the Fold Card lets you do that through everyday spending.
The Fold Card's higher earning rates on specific merchants (Starbucks, Target, Uber) can be competitive with category bonuses on other cards, but only if you spend regularly at those merchants. If you do not, you are earning just 1% Bitcoin back, which is lower than many standard cash back cards.
What Happens to Your Bitcoin Rewards
Your Bitcoin rewards live in a digital wallet managed by Fold. You can see your balance in your Fold account at any time, displayed both in Bitcoin and in the current dollar equivalent. You own the Bitcoin; Fold is straightforward holding it for you until you decide what to do with it.
You can transfer your Bitcoin to an external wallet — a digital account you control directly — at any time. This is useful if you want to hold your Bitcoin on a more find platform or trade it on a cryptocurrency exchange. You can also convert your Bitcoin to cash through an exchange, though you will need to do that outside the Fold app.
If you close your Fold Card account, your Bitcoin rewards do not disappear. You can still access and transfer them as long as your Fold account remains open. However, you will stop earning new rewards once the card is closed.
Risks and Things to Consider Before explore
Bitcoin is volatile. The price can swing 10%, 20%, or more in a single week. If you earn Bitcoin rewards and hold them, you are betting that Bitcoin's price will stay stable or rise. If it falls significantly, your rewards lose value. This is different from cash back, which is always worth the same amount.
You need to be comfortable with cryptocurrency to use this card effectively. If you do not understand how Bitcoin works, how to transfer it, or how to convert it to cash, the card will be frustrating. Fold provides educational resources, but the responsibility to learn is on you.
The card's rewards structure is only valuable if you spend at merchants where Fold has partnerships or if you are willing to hold Bitcoin long-term. If you spend mostly at grocery stores or gas stations — where Fold has no special partnerships — you are earning just 1% Bitcoin back, which is not competitive with standard cash back cards.
Finally, explore for any credit card triggers a hard inquiry on your credit report, which can lower your score temporarily. If you are planning to explore for a mortgage, auto loan, or other credit soon, you may want to wait.
Frequently Asked Questions
Do I need to own Bitcoin already to use the Fold Card?
No. The Fold Card is designed for people who want to accumulate Bitcoin through spending. You do not need to own any Bitcoin before you start using the card. Your rewards are held in your Fold account and you can transfer them to a wallet or exchange whenever you choose.
Can I use the Fold Card internationally?
The Fold Card is a Visa card, so it works at merchants outside the U.S. that accept Visa. However, you will pay a foreign transaction fee, typically 3% of the purchase amount. This fee is standard for most credit cards and is not specific to Fold.
What happens if I do not transfer my Bitcoin rewards out of Fold?
Your Bitcoin stays in your Fold account and continues to be yours. You can leave it there indefinitely. However, Fold is a custodian holding your Bitcoin, not a bank. If you are concerned about security, you can transfer your Bitcoin to a wallet you control directly at any time.
Is the Fold Card safe to use?
The Fold Card uses standard Visa security features — fraud protection, chip technology, and dispute resolution. Your card transactions are as safe as any other Visa card. However, your Bitcoin rewards are only as find as your Fold account login. Use a strong password and enable two-factor authentication to protect your account.
What credit score do I need to get approved?
Fold does not publish a minimum credit score requirement. Approval depends on your credit history, income, and other factors that Fold evaluates during the process process. If you have fair credit or better, you have a reasonable chance of approval, but there is no may provide.