I've been using the premium Fold card for 2 months now for most purchases. Even with the Bitcoin price hovering around $55k, I've earned 6.5% back on all my normal spending. This is higher than any of my other cards already.
I've been able to further boost this to 9% when I account for the fact that I can pay my rent with the Fold card to earn rewards where I would have earned nothing previously. Here are some tips on how I did it:
- Use the premium card if you plan on spending a lot since it doubles some of the rewards
- Use gift cards as much as possible. This is huge. Doordash was giving me 10% back on average, Amazon 8% back on average, because you get immediately % back and get to spin the wheel on top of that.
- You can game the spinwheel by increasing your balance/purchase/deposits on the card since that affects rewards. For instance, when there was a deposit matching bonus I put $2500 on the card and then I could easily get $1-2 back on small $5 purchases.
- Aim for at least 1000 sats back on all purchases by gaming the current spin wheel.
- Save your extra spins for large purchases to get the >30x sats bonuses. See if you can pay your rent with a debit card. I was able to with a $7 debit card fee, but despite that I was banking $40-$60 net sats with Fold.
- I haven't been super lucky with spins or gotten 1M sats bonuses or anything. This is just through gaming the card.
Downsides / cautions:
- Premium costs $150 which will lower the % at the end of the year.
- Gaming the card takes some effort since you have to spin the wheel within an hour after every purchase. Honestly I find it kind of fun and not a big distraction from my day.
- There are limits on the amount of gift cards you can buy each month, so plan ahead for those big Amazon purchases.
- You need to keep a couple thousand dollars in the bank to strategically load the card for the bonuses.
- Since Fold controls the spinwheel so it's always possible they need to lower the rewards if too many people are gaming the wheel.
- If the Bitcoin price goes down or up this obviously will change your % back, although I have found I can earn 9% even if the price isn't moving.