This post is all about how to earn free crypto with the Fold debit card. I have recently switched from travel rewards cards to using a Fold Debit Card (referral link!) to earn FREE CRYPTO. If you have been reading along for a while, you probably already know that Mike and I are avid travel-hackers. (I highly recommend reading my post: How to Travel the World For FREE to learn more.) I am quite OBSESSED with earning these free travel rewards! However, I have just recently traded that in for something I find more worthy to collect: bitcoin.
Who Should Be Interested in Bitcoin?
Last week, I published a few thoughts that I had around Bitcoin (you can read those thoughts here). In that post, I urged students and young graduates to get their foot in the metaphorical bitcoin door. Now I know that the price of Bitcoin is quite expensive. It is averaging around $40,000’s this past week for a single unit of BTC. I also know that the whole thing is volatile – quite uncharacteristic for all the conservative things TheDebtist stands for (like High Yield Savings Accounts, Mutual Index Funds, Paying Back Debt First, etc.)
Volatility can be scary, especially if you are a new grad with financial goals yet to reach. The unpredictability can be scary if you just recently made your first paycheck. It’s hard to see your hard-earned dollars depreciate quickly in value (which it will). In essence, it’s going to be one big roller coaster ride. Especially so if you are at the same emotional place as I when I graduated from school. However, Bitcoin is something that will really shake up the finance world, no matter what happens to it. Which is why I believe everyone should be interested in it right now. So! I have found a way for young people to earn free crypto without risking their hard-earned dollars.
How To Earn Free Crypto Without Investing Your Own Money
In the market, multiple credit card options are rewarding people in satoshis for their regular spending. What is a satoshi? A satoshi is a micro-unit of Bitcoin – equivalent to 100 millionth of a Bitcoin. Which means, in lieu of collecting rewards points, you can collect tiny amounts of bitcoin that. Over time, that can add up to a large sum.
I personally own the Fold Debit Card (referral link) and I use it to earn free crypto. Every time I pay for my groceries or gas, I earn satoshis. The thinking behind using these credit cards is the same as travel hacking. Why not get something in return for regular spending? Why not let that something help you along your financial path to freedom?
How Can One Get Fold Card?
Signing up for a FOLD card is easy. You can use my referral link to get a Fold debit card. If you use it you will automatically gain 5,000 satoshis. A gift from me to my readers! The application process is made through their app which I downloaded on my Iphone. You must choose between the Spin or the Spin+ option.
Which is Better for Earning Free Crypto: Spin or Spin+?
The Spin+ Fold debit card offers a higher potential to earn more free crypto. To compare, the Spin+ can offer up to 100% cash back and the Spin can offer up to 25% back. The Spin+ will grant up to 3 extra weekly spins, while the Spin offers only 1 weekly spin. Additionally, you have more time to earn rewards with the Spin+ (24 hours instead of the 1 hour). Lastly, Fold is releasing a credit card soon. Spin+ offers a free upgrade to the credit card when it comes out.
The Spin+ does have a higher fee of $150 per year. Alternatively, the Spin card costs $0 per year, with only a one-time $21 activation fee. If you use the Fold card for every purchase you make, you do earn back that yearly fee through the rewards. It’s similar in credit card hacking. We pay for a yearly fee to open a credit card all the time. The money we save in free flights is way more than the credit card fee most of the time. Because the perks of the Spin+ is significantly more than the Spin card, I would not be opposed to getting the Spin+ over the Spin.
How Do You Manage a Fold Card?
Managing my Fold debit card is simple. You download a Fold app on your phone. On the app, you can do the following things: apply for a new credit card, add funds to your card, manage your spins, refer friends and family, check your balance and view all your transactions. On the top right corner, you will see the satoshis you have earned. In the center of the app, you can view your current balance. You can also click on the picture of the card to see your account number and account details right on the app.
To fund your account, simply hit the “+” sign next to your balance number. You can add funds through IN-APP ACH Funding (by linking a banc account), through Direct Deposit (you can ask your employer to send all or part of your paycheck to the debit card), by manually linking a bank, or by sending money from Venmo or Apple Cash. Please note: It takes a few days for the transaction to go through.
Scroll further down and you will see your special code for sharing Fold with friends and family. Gift them an extra 5,000 satoshis! Lastly, you stay on top of everything that goes on with your Fold card by turning on your notifications. I have my notifications on so I never miss a chance to earn my rewards. Speaking of earning rewards…
How To Earn Free Crypto?
The rewards system for the Fold debit card relies on a spinwheel, which actually makes it super fun! I’m a sucker for chance, and I think the spinwheel approach makes earning free crypto quite exciting. Every day, you get a chance to spin the daily wheel, which will result in a number of prizes. The most covetable prize on the wheel is ONE WHOLE BITCOIN.
Of course the chances are low, but if I can earn a percent back of what I spend, then I am good with that, too. You can find the current prizes available and the probability of winning each prize here. For August/September of 2021, they have upgraded the Spinwheel to a Lightning Spinwheel, which will become the new norm in 2022 (read more here). On top of the daily wheel, you get another spin after each qualifying purchase on the spend wheel.
IMPORTANT NOTE: you must spin the wheel within an hour of your purchase. I turned on my notifications so that I never miss a spin. Of course, I am also super excited about earning free bitcoin and usually have my phone in my hand whenever I swipe my card, so that I can spin right away. If you happen to miss a spin, don’t worry because you can use an extra spin.
What Are Extra Spins and How Do You Use Them?
An extra spin is kind of like an extra life on a video game. Extra spins allow you to do one of two things: you can recover a spin that you missed (in the cases when you waited more than an hour after a transaction to spin the wheel) OR you can re-do a spin to overwrite a prize you did not like. You have 24 hours from when you missed your original chance of winning bitcoin or from when you won your prize.
How do you earn extra spins?
There are four ways you can earn extra spins.
Weekly Drop: Every Friday, Fold will award an extra spin at 12 PM EST if you’ve added funds to your card at least once.
Prize Wheel: Gain an extra spin as a prize on either the daily or purchase spin wheel.
For A High Balance: Earn extra spins each day that your balance is greater than $1K. Earn more free crypto when it is greater than $10k.
When you Spend A LOT: Earn an extra spin when you make a qualifying purchase of $250 or more.
How Do You Redeem Your Free Crypto?
The satoshis stay in the Fold app until you send it to another wallet. You can only send satoshis outside of Fold if you have earned at least 50,000 satoshis. Which means the sign-up bonus from a referral link will get you 10% there. YAY! 50,000 in satoshis is about $21 in USD at the current conversion rate of $42,000 USD per 1 BTC. Sending it to another wallet is as simple as clicking your sats on the upper right corner of the app’s homepage. Under your rewards, click the “Withdraw” button. Rewards earned with the Fold Card are available for withdrawal after thirty days.
Is it Safe?
So far, it has been completely safe using the Fold debit card. The card is backed by Sutton Bank. Since it is a debit card, no one can use it without me first transferring money from my Chase account to fund the card. Plus, I find comfort in knowing that the app has notified me of any transaction within seconds of me swiping the card. This makes me feel better, in case I end up losing my Fold debit card. The minute someone uses it, the app will notify me of a transaction and I can deactivate the card right on the app within seconds!
Is the Fold Debit Card Worth Getting?
Absolutely, yes. 100% yes. Why? Because it helps you earn free crypto for doing everyday things. If there is a chance that Bitcoin will be worth more than $40,000 per unit (which the trends say it will be worth more one day … significantly more?), wouldn’t you want to start accumulating now? Sure, you’ll get maybe a few hundred satoshis here and there, which currently are worth pennies, yeah. But the $21 increments of satoshis you transfer to your digital wallet may be worth double, triple, quadruple the price in the future. Who really knows? It doesn’t hurt, because it costs nothing to earn rewards (well, except the $21 activation fee). If you are a student or new grad, or just very young and not making the big bucks just yet, this is an easy way to get started with cryptocurrency without taking too must risk.
And surely, Fold is not the only option. My husband has recently started using a credit card called BlockFI (use this referral link to earn $10 in Bitcoin after you’ve made a minimum transfer of $100 after signing up, or $40 in BTC if you sign up for the credit card), which arguably gives better rewards than Fold. It gives 3.5% return in BTC for every purchase for the first 3 months, and a 1.5% flat return thereafter. There are no transaction fees, unlike other credit cards rewarding BTC. Plus, they offer interest on any BTC you keep in BlockFI’s wallet. And there is no activation fee.
Lastly, you can earn $10 cash when you buy your first $5 in crypto on Paypal through my referral link.
I hope this has been helpful to students or new grads who wish to start earning crypto without the capital to invest.
This post may contain affiliate links. Please see my disclosure to learn more.