Isn’t there a waitlist to get on the fold credit card? How long have you been using it?
Discussion
There's a wait list for the card, and while I'm on it, I haven't received it yet and am not even sure if my application will be accepted.
That said, I love their existing product as is, and can spend on my normal credit cards and receive sats back when I make payments from Fold.
If appoved for their card, I'll just move my spending to it and take the 2% back in sats over the 1.5% in fiat I'm getting from my current daily driver card.
Nice yeah this makes sense to me. What’s your daily driver atm?
At present, Capital One Quicksilver. Gets me 1.5% back, though that doesn't really matter as I'm carrying a balance at 26.99%. XD
While I have yet to finish an article on the subject, I've utilized a lot of fiat credit products over the past few years to finance my living expenses and free more of my income to go to buying bitcoin while I saw the price as extremely undervalued.
In my mind, I'm happy to pay the current average of 12% per year across the range of products, as I still maintain bitcoin will likely do far better than 12% per year.
Not financial advice, and definitely not a good strategy for everyone, but I aim for transparency.
Their current (non-credit) card is a pre-paid debit card.
You can also purchase gift cards for places you shop via Fold which earns sats.
So a few different ways to skin the proverbial cat (since skinning dogs is out of the question, right nostr:npub1vgldyxx7syc30qm9v7padnnfpdfp4zwymsyl9ztzuklaf7j5jfyspk36wu ?)
That's correct! You also get ACH bill pay (with bitcoin rewards for non-free members, 1 daily spin wheel spin (I tend to average 10 sats/day), and free withdrawals of purchased bitcoin (they pay the miner fee).
Additionally, you can deposit bitcoin and "push" it (sell) to the debit card for spending, so fiat deposits aren't the only option for adding funds to the account.
Man there’s a lot to fold that I need to understand. There’s a free, and a non free membership?
I wasn’t aware of the push approach
nostr:npub1vgldyxx7syc30qm9v7padnnfpdfp4zwymsyl9ztzuklaf7j5jfyspk36wu are you on their paid tier? Do the sats you earn from spending (10 per day is it?!) offset the monthly fee (which I think was $9/mo or something like that)
The fee is one reason I haven’t done much with Fold other than the free daily spin. As at my current level of moving to a Bitcoin Standard, the costs (in fiat terms) doesn’t outweigh the expense.
Which I realize isn’t a great argument…but the misses isn’t quite Orange Pilled yet. So I’m having to balance multiple priorities 🤫
That's a very good thing to consider. For a whole I was just a free member because I wouldn't generate enough sats there to cover the fee.
Since then though, as I've routed more of my financial life through them and used the gift card rewards where applicable in my life, it actually makes sense financially to pay for the extra sats back on ACH rewards, the lower fees on bitcoin pyrchases/conversions, and higher rewards on gift card purchases.
Got a $100 REI gift card to use for some camping stuff recently, the 8% I got back on sats nearly made up for the monthly fee with that single transaction.
Yea I can see the gift card approach really helping.
I think what Fold does indirectly (unadvertised) is help us THINK before we buy.
With a tradfi debit or credit card we just swipe…
The intentionality and certainly the human contact portion is nil.
It’s another way Mammon is trying to kill relationships between people.
I think that's what Fold does indirectly, and what Bitcoin does directly.
A money that can credibly store value through time makes plain the opportunity cost of every transaction.