Fold update

#bitcoin

#foldcard

What happened?

Starting October 4th, a very small percentage of our Spin+ cardholders started to see issues with their Paypal Bill Pay payments and were not being rewarded with the standard 0.5% rewards they were used to.

We did some digging and found that Paypal began to run about 5% of payments made with the Fold Card as PIN Debit transactions after a new regulation went live in July 2023.

Combining our recent PIN Debit reward changes with the new regulation and Paypal changes, caused some payments to receive only Spins as a reward.

Read our Blog and FAQ for more details on our changes.

What does this mean for payments you've already made?

We were as surprised by this change as you were and we know it’s not fun missing out on rewards.

So we will retroactively award any missing rewards to all Spin+ users who have made one of these payments from October 4th up until today at 1:30pm EDT and did not get the 0.5%.

This will be applied to Paypal transactions with MCC code 6012.

You should see your transaction history updated by the end of the day today!

What does this mean for payments moving forward?

We have reached out to Visa and Paypal to work towards a solution. We’ll also continue to monitor transactions that come in to ensure it doesn’t become a bigger problem.

The good news is that, for our Spin+ subscribers, most of these Paypal transactions are still earning 0.5% rewards and that every $10 spent still earns you 1 Spin!

We appreciate your patience in this ever-changing payment rewards landscape and will continue to offer you the best debit card rewards program out there!

Keep Stacking, friends!

The Fold Team