Contact Fold Support

After seeing a friend spin the wheel and “win” satoshis, I was excited enough to open and account and try it myself. The entire experience was a complete disappointment. I have to say that I’m not a Bitcoin millionaire and my usage is one that I’m comparing to experiences using credit and debit cards and earning rewards. First off, the reward rate never averaged above 1.5%, which didn’t compare with my other credit cards. Second, the card itself took 3+ weeks to arrive, and is about the quality you’d expect from a 1985 library card or Kroger rewards card. Basically the opposite you get from the Apple Card, etc. Third, it’s a pain to remember to come back to the app to spin the wheel, and those spins expire, so you’re constantly having to come back to the app after each purchase. I have better ways to spend my day. Lastly, when I tried to withdraw money from my account, there wasn’t a single ATM that would do so anywhere near me (I live in a metro with Costco, Target, Whole Foods, Nordstroms, but no fee free ATMs for Fold). So when I asked for a check to be sent to me, they charged me for that, and for “activating” my account. Fold is a bust. Just get an Apple Card and get 2% back.

Got this card back in Feb, it was confusing because you have to spin for rewards and you could end up with negligible rewards, so it was basically like gambling, but the rewards were promising. However, the spin wheels started going downhill except for one awesome wheel in July. And it was super sketchy they hold onto your rewards for 30-37 days before you’re allowed to withdraw to your Bitcoin wallet (for reference, for other Bitcoin rewards cards such as the awesome Coinbase card, you earn and own your rewards instantly). That was the first red flag. However, I was able to take out many of my rewards over the past few months, so I thought it was trustworthy enough…until my withdrawals started getting canceled with no notice. Then today hundreds of us (as seen in the official Fold discord) got a shutdown email and that we would not be able to redeem any more rewards. What a SCAM. We need to report these guys to CFPB and the SEC. Meanwhile, they kept leading us on in the official discord telling us not to worry. DONT MAKE THE SAME MISTAKE. AVOID THIS APP AND REPORT THEM!

Functionality of the app itself is very good. Also easy to set up/fund. Lots of good things going for it. That said, I’ll be using the rest of my funds already in the app and won’t be using anymore. Within the last week, all of the following occurred; I tried to transfer some money to my bank. The transfer was declined, as my bank couldn’t verify the fold account was mine. They told me to contact fold customer support, which is email only… They only allow $1000/mo on cash advances/cash back. Nope… ATM locators are nowhere to be found within the app, and when you find one, although fold doesn’t charge in network, the ATMs themselves do. Lastly I tried to pay a bill online today using the card. Payment wouldn’t go through, (plenty of funds, tripled checked the #s were correct) Overall a frustrating weeks of different errors I’ve never had elsewhere. The rewards aren’t worth the limitations that come with the card, especially when they are barely competitive with what a large bank offers on regular debit charges ran as credit.