I cancelled my Fold Spin + subscription \ stacker news ~bitcoin

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2431 sats \ 29 comments \ @SouthParkHodl 13 May 2023 bitcoin

Fold Spin+ rewards used to be amazing. But over time they’ve reduced them to the point where it - in my opinion - doesn’t make sense to pay the annual subscription for Fold +. I can still buy gift cards from their site, just using Strike/lightning payments. But now I don’t have to spin that stupid wheel. And now that I’m more of a free agent I’m apt to spread my gift card love to the Bitcoin Company, Bitrefill, etc. Finally from a credit card perspective, I do use a Gemini (yuck) card that pays a solid 3% back at restaurants. Not sure anyone else has made a similar decision. Cheers.

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103 sats \ 2 replies \ @Jon_Hodl 13 May 2023

I never paid for the subscription but I have noticed a massive decline in the quality of rewards.

I think a lot of companies are being pressured by the banking system to cut ties with bitcoin companies while also doing everything they can to suppress the price.

I know it sucks right now but if we don't support bitcoin businesses, then there won't be any bitcoin businesses for us to use in the future. Hopefully we see some better rewards during the next bull run.

33 sats \ 1 reply \ @SouthParkHodl OP 13 May 2023

I agree - and will still support Fold and other bitcoin businesses by buying gift cards. But I don’t want to pay extra for a shitty product (my opinion) either.

10 sats \ 0 replies \ @Jon_Hodl 14 May 2023

Yeah, I hear that, brother.

The subscription never seemed worth it to me.

43 sats \ 1 reply \ @jgbtc 13 May 2023

The new wheel is a joke. Gives you almost nothing. It might as well not be there.

40 sats \ 0 replies \ @gmd 13 May 2023

yeah it's basically a ~1.1% card now. The wheel spin rewards is almost insulting.

43 sats \ 5 replies \ @Undisciplined 13 May 2023

Thanks for the post. I just got my Fold card yesterday, so I've just started figuring out the best way to utilize it.

81 sats \ 4 replies \ @gmd 13 May 2023

Mostly a 1% card now. Still good for double-dipping on credit card spend (Citi cards) via Paypal. Also if you can use it for rent, estimated taxes etc, student loans. Still pays for itself in a few months for me.

Unfortunately rewards have been chopped in half with last update. I was reliably getting ~2% before the last update.

43 sats \ 3 replies \ @franzap 13 May 2023

Excuse my ignorance, where does that yield come from?

53 sats \ 2 replies \ @BlokchainB 14 May 2023

The spread on using a debt card for payment at POS.

43 sats \ 1 reply \ @franzap 14 May 2023

Ok, so the merchant is paying for it

53 sats \ 0 replies \ @BlokchainB 14 May 2023

Or the customers with higher price on the item sold or minimum spend for debit transaction

101 sats \ 0 replies \ @fbv000 13 May 2023

I absolutely agree with you as well. The appeal of Fold+ has noticeably diminished for me as well, primarily due to the reduced rewards. It just doesn't seem to be worth the annual subscription fee anymore. Not to mention, the regular Fold card doesn't seem to hold much appeal either.

The rewards have decreased to such an extent that they hardly offset the costs anymore. Plus, the fees for international transactions are exorbitantly high, which makes it an even less appealing option for me.

20 sats \ 0 replies \ @BitcoinIsTheFuture 13 May 2023

Same. I'm not using Fold+ any more and I use Gemini (yuck) credit card. 10% sats back on gas is hard to beat though!

20 sats \ 3 replies \ @Quanah 13 May 2023

Fold is still awesome. You can pay off your credit card bills and mortgage using Fold as debit card through PayPal bill pay. This means every time you use your credit card you are double dipping, cash back from Chase and then also sats back from Fold. Also can use Fold as debit card to pay taxes. Free sats just for paying your monthly bills! If you have a mortgage or have more than $12000 in annual credit card bills then Fold is a no brainer.

50 sats \ 1 reply \ @SouthParkHodl OP 13 May 2023

I tried this - I was able to pay my phone bill for a few months using this method but it abruptly stopped working. I don’t know what I was doing wrong (if anything). I agree that if this works for you, it’s a nice perk. But you still have to spin the wheel which at this point feels insulting versus an incentive (given the reduced rewards).

50 sats \ 0 replies \ @BlokchainB 14 May 2023

Fold said on Twitter it was an issue with PayPal and it is now fixed. But it’s ridiculous they were supposed to implement ACH rewards and focus more on using lightning but that all went away and now they are relying on PayPal to make the card worthwhile to pay mortgages and utility bills

10 sats \ 0 replies \ @Descent 13 May 2023

Paying my credit cards every month, and car payments via PayPal bill pay easily pays for the spin + subscription. I end up getting at a minimum 3 % cash back (2% cash back card, and fold 1%).

20 sats \ 0 replies \ @Chep 13 May 2023

I'm in the same boat with the Gemini credit card. It might be a shitcoin casino but those cc rewards are fantastic!

12 sats \ 2 replies \ @takaponka 14 May 2023

I used to be mad that it's US only, you make my pain goes away good sir. What the best way to spend your Fiat and earn sats in Europe now in ur opinion ?

0 sats \ 0 replies \ @Lumor 14 May 2023

https://satsback.com works in Europe but haven't tried it.

0 sats \ 0 replies \ @SouthParkHodl OP 14 May 2023

Sorry I don’t know

10 sats \ 1 reply \ @PlebeiusG 14 May 2023

I stopped using them after just a few days.

I don't want my money to work like that... I hated everything about the app and I'm not happy that so many bitcoiners that I respect shill it.

The daily spin is probably good for engagement and sign-ups - but it also looks cheap and casino-like

10 sats \ 0 replies \ @m00ninite 14 May 2023

I also hated it. I don't like gambling after every single transaction I do, I just want a flat sats back rate, even if it's a lower one.

10 sats \ 0 replies \ @frostdragon 13 May 2023

yeah I'm just using mine until I can cash my sats out, then I'm done

10 sats \ 1 reply \ @grayruby 13 May 2023

I use shakepay in the communist republic of Canada and Fold and Strike when I am in US.

Shakepay has a cool shakingsats feature, which is a daily reward that when you shake your phone. The cool thing is the reward escalates by 5 sats a day if you maintain your daily streak. I am not sure if there is a limit to the escalation, I got up to 550sats but I forgot to shake one day and had to start over at 150. You get 2% sats back for your first 5k spent using their prepaid virtual visa and then 1% after and you can create squads where all users get some sats when someone uses their card. I think 42. Pretty cool features, but sadly only in the communist republic of Canada.

0 sats \ 0 replies \ @83hdf909e 13 May 2023 freebie

Shakepay user also, but it seems Shakepay has quietly been reducing their overall rewards features as well.

First, the earn feature was shutdown, now it seems they have some requirements for maintaining the ability to shake for rewards https://blog.shakepay.com/shakingsats-shakeup-introducing-active-stacker-status/

At the end of the day, all these companies are at the mercy of the fiat system.

10 sats \ 0 replies \ @phamtruax 13 May 2023

Fold is such garbage. They won't even allow clients to withdraw sats until you reach 50k. Utterly useless.

10 sats \ 0 replies \ @faithandcredit 13 May 2023

I like the energy in this post but im a little sad to hear Fold seemingly isnt as great as it used to be, but i guess that was inevitable i mean where did the bonus sats come from?

10 sats \ 0 replies \ @siggy47 13 May 2023

As a resident of NY I have never been able to use Fold. Like you, I hold my nose and use the Gemini card, which is the best thing about that shitty exchange.