Fold, the Bitcoin rewards platform, has launched a new Visa (NYSE:V) credit card that allows users to earn Bitcoin (BTC) instead of the usual cashback or points.
In partnership with Visa, Fold introduced the Fold Bitcoin Rewards Credit Card on February 11, aiming to combine the benefits of traditional credit cards with the earning potential of Bitcoin rewards.
The Fold Bitcoin Rewards Credit Card is described as a first-of-its-kind financial instrument that provides the ease of a standard credit card alongside the benefits of Bitcoin rewards. Fold’s initiative is to position Bitcoin as a premier savings asset for Americans.
The company emphasizes that this card is a departure from conventional rewards programs, which include points, miles, and cashback—programs that process approximately 1% of the US GDP. Instead, the new card offers up to 2% in unlimited Bitcoin rewards and bonuses reaching $250.
Fold’s existing debit card products have seen over $2.5 billion in transactions from a user base of 600,000, promoting consumer savings through Bitcoin rewards. Fold has disclosed that its members have already earned 1.5% in unlimited Bitcoin rewards and bonuses up to $100.
Meanwhile, Fold+ members receive additional benefits, such as 2% unlimited Bitcoin rewards, bonuses up to $250, and a premium metal card to signify their enhanced status. The company has distributed nearly $75 million in Bitcoin rewards, which would equate to about $20 million if converted to cash. The Bitcoin Rewards Credit Card is part of Fold’s strategy to broaden its reward offerings.
Fold faces competition from several companies that also offer crypto rewards through their credit and debit cards, including the Gemini Credit Card, Upgrade Bitcoin Rewards Card, Coinbase (NASDAQ:COIN) Card, Crypto.com Visa Card, and Bitpay Card.
The global payment network of Visa ensures that the new Fold credit card can be utilized at millions of locations across the world. Fold’s partnership with Visa also supports the company’s financial growth plans, which include an upcoming Nasdaq listing.
Fold boasts ownership of over 1,000 bitcoins, placing it among the top 25 public companies with substantial Bitcoin holdings. Consumers interested in the new offering can sign up for early access to the credit card by joining the waitlist.
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