Fold Launches Bitcoin Rewards Credit Card

Fold recently announced it will launch its Bitcoin Rewards Credit Card in partnership with Visa.

Rewards for the card will vary depending on Fold membership level. Fold+ members will earn 2% back in bitcoin rewards and up to $250 in bonuses that will be paid out for hitting specific activity levels, while Fold members will earn 1.5% in rewards and up to $100 in bonuses.

Cardholders will gain access to a suite of financial services through the Fold app, including the ability to trade bitcoin with zero fees and to take advantage of exclusive bonuses from partner merchants. The app also provides access to FDIC-insured transactional accounts and insured bitcoin custody.

Fold is bringing this new product to market largely due to requests from current users.

“This has been one of the most highly requested products,” Mitch Port, General Manager for Credit and Loans at Fold, told Bitcoin Magazine. “The majority of users like to spend on credit and earn in bitcoin.”

Port also noted that this new credit card is the newest addition to the suite of products that Fold already offers.

“A Fold Debit Card currently gets you access to an account from which you can pay bills, direct deposit fiat or automatically convert paychecks into bitcoin,” he said. “Adding a credit card is a great addition for users that prefer to spend on credit rather than from an existing balance.”

Fold currently has 600,000 users who have earned approximately $75 million worth of bitcoin rewards (which would have been $20 million if rewards were distributed in US dollars). With the combination of its current user base and this new credit card, Fold hopes to make bitcoin the new standard for credit card rewards.

“Fold has already empowered hundreds of thousands of users to incorporate bitcoin into their daily lives,” said Fold founder and CEO Will Reeves in a press release shared with Bitcoin Magazine.

“With this credit card, we aim to dethrone miles as the go-to credit card reward. If the top miles cards can process 1% of US GDP, we’re confident the Fold Bitcoin Rewards Credit Card can reach the same heights,” he added.

“We’re building the hub of personal finance, powered by bitcoin, to ensure everyone has the tools to earn, save, and grow their wealth with bitcoin every day.”

Fold is issuing this new credit card as the company prepares to list on the NASDAQ as the first publicly-traded Bitcoin financial services company. Fold also has a top 25 bitcoin treasury among public companies, as it holds over 1,000 bitcoin in its reserves. Its initiative in accumulating bitcoin aligns with its mission to make bitcoin the cornerstone for personal savings for millions of Americans.

Those interested in obtaining a Fold Bitcoin Rewards Credit Card can join the waitlist here.

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