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@ restlessdew
2025-01-09 17:49:18
My focus is predominantly on whether I could eliminate traditional banking accounts (e.g. BofA / JPM Chase etc) with the added benefit of stacking sats automatically on a day-to-day basis.
- The first part is very simple: register via foldapp.com and wait for your card to arrive. I chose the Fold+ membership at 100 per year if paid annually, otherwise 10/month. The trial period is 3 months before you are charged.
- Upon receiving the card, activate via the app (very simple click of a button and confirmation of card digits).
# ***Fold+ Membership costs & benefits***
<img src="https://blossom.primal.net/c8b0a50f67550252f1ac632a07417dce5468cd0d97f82e6afa227d1c79a7d214.jpg">
# **Linking/Funding from banking institutions**
- On average, it is taking around 3 business days to make those funds available on Fold.
- There is an option to add "Instant Debit Card Funding" at a 1.5% charge; however, keep in mind that you are currently limited to adding a maximum of 2 cards.
# **Paying Bills**
- In most cases I simply add the account & routing number to the billing company website (i.e. credit card / utilities / phone etc). In some cases, I can simply add my debit card number.
- Additionally, as a Fold+ user, any payment I make earns back rewards in sats.
# ***Bill Pay ACH Rewards***
<img src="https://blossom.primal.net/099c2c00a2310b99b706c7a758717bfcd3e7acf40a99763a232c52ab3be2a45f.jpg">
# ***Bitcoin (buying / sending / receiving) features***
- Fold gives you many options to buy, send & receive bitcoin either automatically, via transfer or direct deposit with the ability to choose a certain percentage towards fiat or Bitcoin.
- Ability to Round-Up purchases with various multipliers.
- Push to Card: this feature effectively allows you to replenish your fiat/cash balance in your account. This does not happen automatically, so you will need to do this manually.
# ***Authorized Users***
- Fold allows you to authorize up to 3 users (must be at least 18 years old)
- This user will receive their own debit card.
- The user can also direct deposit into the account.
**Note:** *at this time, authorized users do not have access to the app itself, which is only available to the primary account holder. This creates some friction given the authorized user cannot move funds if needed or even determine the balance on the account without interacting or communicating with the primary account holder.*
# *Limits (as of Sept 2024)*
<img src="https://blossom.primal.net/eebeecff8d5c8e9291af93cd68cb2f2374b94cddf7bb109e3d4fcf33e90a13b9.jpg">
Note: the limits only refer to your fiat balance, not a combination of your fiat & bitcoin/rewards balance.
# ***Final Thoughts***
I have been using Fold for about a month now and it is working very well. I haven't had any issues paying bills, making deposits (direct or otherwise), making purchases, buying bitcoin and/or earning rewards in general. The customer support has been really positive in responding to my inquiries within a few hours. Mostly, those inquiries have been around information I simply could not find via the foldapp or blog websites.
As of now, my intent is to continue utilizing this card/application and wean myself away from traditional banks entirely. However, there are a couple of pain points I'll point out that hopefully will be addressed in the future:
1. The limits need to increase, especially if you intend on using this with your spouse/family members.
2. The authorized user(s) should have the ability to log into the app and allow the primary holder to dictate the permissions for said user(s). Likewise, it might be useful to allow joint holders to have separate accounts within one view.
3. Increase the 2-card limit for "Instant Debit Funding".
4. Ability to search in the "gift card" section instead of scrolling through.
5. Ability to send via Zelle as I still, unfortunately, need to send payments to those who are unable/unwilling to use something else.
6. Ability to automatically Push to Card if funds are low.
There are of course many benefits of the Fold card I have glossed over as it relates to rewards, so I'll just mention a few here:
- Daily Spin allows you to addictively hope for the grand prize of 1 BTC. While the odds are extraordinarily low, at a minimum you'll earn some sats with each spin.
- Gift cards rewards are very impressive and highly recommend you use those to earn free sats.
*As of now, I've earned around 30k sats this month by doing nothing different financially outside of my normal spending habits, so this of course is a major advantage.*
Lastly, if you have any feedback or questions please ask and I'll try my best to answer and if you want to give it a try, here is a referral link that'll get you 20k sats: https://use.foldapp.com/r/WAANYUMJ
[Fold | Personal finance](https://foldapp.com/)
[Blog | Fold Bitcoin Rewards App](https://blog.foldapp.com/)
**Disclaimer: I have no affiliation or sponsorship with Fold. I'm just a normie looking to get closer to a Bitcoin standard without too much disruption.**