Fold Update:

Update to Missing Rewards

As a valued Fold cardholder, we wanted to provide you with an update regarding missing rewards via PayPal bill pay.

As we mentioned last week, PayPal has started to run some bill payments outside of the Visa Network (PIN debit). This impacts our ability to provide rewards since the interchange we earn is significantly lower. Initially, this was happening to a small percentage of transactions. However, it has recently spiked to over half of the transactions and is only trending upward (For Paypal this makes sense, as they will pay less in fees on pin debit transactions).

We are still gathering information and talking to our partners, but it’s become clear we’ll have to make some changes. You can expect a bigger announcement next week that will add clarity and simplify our program.

Please read the blog for details on these changes and disbursement on missing rewards.