Last week was a huge week for Fold as they announced their SPAC merger, which will result in them being the first pureplay financial services company powered by Bitcoin, I missed some of the updates given the sheer scope of them. It wasn't until yesterday when I bought a $50 Amazon gift card that it clicked with me that there had been a huge change.
Before the ACH Rewards Introduction whenever you spent $10 with your Fold debit card, you received 1 spin on the rewards wheel. After I bought my gift card and applied it (even with 2.5% back in BTC its not like anyone else offers stuff for Amazon purchases!!) I kept refreshing my app and realized I never got my spins. Upon further investigation, I realized the tab that kept track of how much money you were away from getting your next spin wasn't there anymore. Since the app had recently gotten a whole new look I hopped on over to the Discord to see if it had been moved somewhere or what had happened to it.
It was when I hopped over to the Discord I was able to see others had the same question as me and the answer was interesting. When the ACH rewards went into effect they replaced the spins. Instead of the spins a new system had gone into place. Instead of spins when you buy a gift card or spend money with your Fold Card on a purchase you are "stacking" non-ACH payments. At the end of the month based on the amount of money you spent doing this, you will fall into one of the following categories below.
I was extremely confused by this at first but after bugging the Discord staff with questions I have started to understand the new system. In July I spent $450 on gift cards (thank you Amazon Prime Day... not really) so in August I qualified for 0.25% rewards section up to the amount I had spent ($450). If you are like me and don't know what ACH payments are, think about your credit card, mortgage, etc. To test it out I paid $50 of my Chase Credit Card balance with my Fold card and while it wasn't an instant payment like using my Chase Checking Account I received over 200 sats for paying my bill! Not too bad of a deal!
In a world where I am trying to get the biggest bang for my buck, the free transfers from my Chase Checking to Fold and then from Fold back to my Chase Credit Card I can nab additional sats! This will lead me to start doing more and more with my Fold card and move beyond just the gift cards like I used to do. Those that first of all make quite a bit of money to qualify for the 1.5% back on their first $2,500 spent are by far going to be the biggest winners from this. My old strategy needs to be changed up for sure but I am optimistic that over the next few months I will be able to fine-tune this and be able to really further stack my sats!
Please know I am not a financial advisor and make sure you do your own research! If you enjoyed this article and would like to support me further below are a few referral links that if you used when signing up I would appreciate it! Also, follow me on Twitter @Cje95_
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