Fold App Review 2021 | Earn Bitcoin Rewards

What is the Fold App?

Chris Martin, Corbin Pon, and Matt Luongo founded Fold App on Feb 1, 2014. Fold App is a web service and mobile app that allows shoppers to earn Bitcoin rewards through gift card purchases at partner merchant websites and physical stores. This Bitcoin cashback app enables you to receive back a percentage of the money you spend, denominated in Sats (Satoshis) on a Fold account.

Summary

  • Fold App has partnered up with well-known and reputable merchants across numerous major retail categories. 
  • Use the Fold App through the web browser or download the Android or iOS app for mobile.  
  • You have an option to proceed anonymously. The anonymous accounts don’t need identity verification or email signup.
  • Purchase a gift card with an external credit card, debit card, or Bitcoin.
  • Fold processes transactions fast and with minimal fees because it works on the Lightning Network (LN).
  • Fold App will distribute the Bitcoin rewards to your account right after your gift card purchase is completed. 
  • The app doesn’t charge extra fees to withdraw funds to an external wallet. It doesn’t even have a minimum withdrawal requirement.
  • Withdrawal requests get processed every Tuesday evening Eastern Time.
  • Fold App’s reward rates range from 1% to 20%.
  • Purchasing a gift card with Bitcoin generates higher rewards than purchasing it with a credit or debit card.
  • A friend who uses your referral link to sign up will get 20,000 Satoshis (0.0002 BTC), and you will also get placed higher on the Fold Rewards Card waitlist.
  • You can get extra Bitcoin (BTC) rewards when you participate in the Spin for Sats feature on the Android or iOS mobile app.

Fold App Bitcoin cashback

It may seem that Fold App is like any other gift card app that is available. However, Fold processes transactions fast and with minimal fees. This is because it works on the Lightning Network (LN). The Lightning Network enables Fold’s cashback feature, and it lets you stack Sats while you purchase.

How does Fold App work?

How does Fold App work?
How does Fold App work?

How to use Fold App? 

Fold App has partnered with renowned merchants to let you earn Bitcoin rewards. You get these rewards when you purchase gift cards at a participating merchant’s website or physical store. The process of earning rewards is as follows:

  1. You can access the Fold App in two ways. Use the Fold App through the web browser or download the Android or iOS app for mobile. 
  2. Start by creating a Fold App account through the web browser or mobile device. Then, register with your email address or by connecting an existing Twitter or Facebook account. Additionally, you also have an option to proceed anonymously. 
  3. You can check out use.foldapp.com/buy-cards or the home screen of your mobile app to find the complete list of participating merchants.
  4. Select any merchant from the list. 
  5. The Fold App will then direct you to that particular merchant’s screen. Once you are on this screen, you can choose from numerous gift card options. For example, Amazon.com allows you to purchase gift cards worth $50, $100, or $200. Moreover, Fold App also enables you to send a gift card to anyone directly by inserting the concerned person’s Twitter username. 
  6. Web app users can buy gift cards with Bitcoin through the Lightning Network or a typical on-chain transaction. Alternatively, mobile app users can use the Lightning network or pay in USD with a linked external debit/credit card.
  7. Once you select Bitcoin as your payment method, you have 20 minutes to complete your gift card purchase at the given exchange rate. If you don’t make the purchase within the available time, you will have to pay using the latest exchange rate. 
  8. Fold App will distribute the Bitcoin rewards to your account right after your gift card purchase is completed. 
Fold App
Fold App Review: Merchants
Fold app Cashback
Fold app review: Cashback

Withdrawals on Fold App

Fold App doesn’t charge extra fees to withdraw funds to an external bitcoin wallet. It doesn’t even have a minimum withdrawal requirement.

The process of withdrawing funds is not immediate. Notably, withdrawal requests get processed every Tuesday evening Eastern Time. After Fold App prepares to initiate its weekly withdrawals, your withdrawal status changes to”locked.” Once the Bitcoin (BTC) withdrawal is initiated, your withdrawal status is displayed as “finalized.” 

Usually, the transaction takes a few minutes to be fully processed on the Bitcoin network. When the transaction is fully processed, funds do appear in your external Bitcoin wallet. 

Fold App rewards and benefits

Fold App‘s reward rates may greatly vary. Each partner merchant determines these reward rates. 

You can usually expect these rates to range from 1% to 20%. Renowned merchants generally offer between 4% to 8%. Please remember that almost all of the merchants have limited regional availability. This means that you will not earn Bitcoin rewards for any purchase made in excluded regions. For example, Amazon only lets U.S. residents get rewards for shopping on Amazon.com. Another example of a renowned merchant is Starbucks, which lets users from diverse regions get rewards on gift card purchases. 

You may also note that purchasing a gift card with Bitcoin generates higher rewards than purchasing it with a credit or debit card. This is because of a simple reason that Fold App has to pay high processing fees for credit and debit card purchases. Simultaneously, Bitcoin payments made through the Lightning Network or on-chain get processed at much lower costs.

Special Promotions and referrals

You can get extra Bitcoin (BTC) rewards when you participate in the ‘Spin for Sats’ feature on the Android or iOS mobile app. Spin daily and have a chance at winning free Sats, mystery prizes, and exclusive deals. 

If your friend uses your referral link to sign up for Fold App, that friend will get 20,000 Satoshis (0.0002 BTC). Alternatively, you will also get placed higher on the Fold Rewards Card waitlist.

Fold App Review: Pros and Cons

Pros 

  1. Earn rewards via online and in-store purchases.
  2. Email signup or identity verification is not required for anonymous accounts.
  3. Rewards get distributed immediately after every gift card purchase is complete. 
  4. Purchase a gift card with an external credit card, debit card, or Bitcoin.
  5. Mobile app users can earn extra Bitcoin rewards daily through the ‘Spin for Sats’ promotion.
  6. Fold App has partnered up with well-known and reputable merchants across numerous major retail categories. 
  7. Fold App is accessible through all web browsers. 
  8. Buy gift cards through the user-friendly Android and iOS mobile application of Fold.
  9. Send Bitcoin payments through the Lightning Network and complete gift card purchases quickly with fewer network fees.

Cons

  1. Almost all of the partners cater to U.S. residents only. 
  2. Purchase gift cards with fixed dollar amounts. For example, Bed Bath & Beyond gift cards are limited to $25, $50, and $100 per gift card.
  3. Bitcoin withdrawal requests get processed only on Tuesday evenings Eastern Time (ET).

Fold App Review: Conclusion

Fold App provides a straightforward and smooth solution to earn Bitcoin rewards on gift card purchases. It offers competitive rewards. Moreover, Fold App keeps adding renowned merchants to offer a seamless shopping experience.  

Frequently Asked Questions

Who can receive a Fold Card?

At present, the Fold Card is available to U.S. residents only.

How long will I have to wait to receive my rewards?

Fold App will distribute the Bitcoin rewards to your account right after your gift card purchase is completed. 

What is the minimum withdrawal amount for every rewards payout?

No minimum withdrawal amount is there for Bitcoin rewards. 

Is any fee charged on withdrawal of rewards?

No minimum withdrawal amount is there for Bitcoin rewards.

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