Fold is a lesson for any business on how not to treat customers.
Discussion
They started off well, I suspect they ran out of VC funding or the price downturn hurt their plans or something.
All the messaging has been around being sustainable.
I started using them back in May 2021. Paid the premium fee for the black Fold card that came with extra spins, better rewards, etc. It was a decent service then. I wasn’t comfortable leaving a large balance on it though so I made frequent transfers that took forever. That was annoying. Instant debit funding was the most requested feature at the time, and they promised it for over a year as “coming soon™️” but could never give a clear answer about its timeline, and then finally over a year later rolled out a crappy service that failed or was delayed half the time I used it. They wasted resources launching that moronic AR game. Their rewards and fees got worse and more restrictive. Rather than be transparent about their challenges they tried to sugarcoat or spin it as something it wasn’t. Just be honest with customers and if you can’t follow through on something then admit it and move on. It all left a bad taste in my mouth and since the fees were going to cost me more than the rewards I had no reason to even want to continue using them.
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You don’t like getting 5 sats for over half your spins?! 😂. Sure seems like their business model was unsustainable in hindsight.
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So podcasters are talking bullshit about amounts they stacked with fold? Or did it change?
It's changed, and to be fair their early rewards were unbeatable and now maybe unsustainable
You ever get a dollar back from your purchases with fold these days?
Nope, reward rate has dropped massively
Thats crap. I was waiting to check them when they arrive to Europe.
When I first got it I would almost always get at least 2% back with a couple of spins and 3-5% was fairly common. Lately (before the change) I was happy to get 1.5% and now looks like 1% will be about it. I guess we’ll see what happens on the next few larger purchases…. I do still prefer to get sats back instead of fiat (even if it is just 1%) since that 1% will grow over time. Only question is if I’ll keep Spin+… which is probable for now. ACH rewards would be the real game changer though!
100% changed for the worse. Early on you could stack a ton of sats using it, between the gift card sats back rewards and the spin rewards on card purchases. But that all started changing significantly like a year ago.