The FOLD App over the last couple of years has really come to fill a niche that no one else has. In doing this they carved out a space that they were the kings of their kingdom in consistently being successful in their endeavors. Personally, I have loved using my Fold Spin+ Card to purchase gift cards from Fold as they have recently released several more from CVS, Papa John's, Regal Cinemas, Olive Garden, Jersey Mikes, and several more! However, that barely scratches the surface of the massive change that is coming to the Fold Spin+ Card.
Card Boosts
It is a little hard to pick which of these updates is the biggest for Fold Spin+ holders as of the two each has huge sat stacking potential so rather than pick one over the other I will discuss both of them. Up first is the creation of card boosts for Spin+ members. If you are unaware Fold started as a place to buy gift cards and get sats back and over time they have added a debit card and sats back on every purchase (often 1% flat on most purchases). The addition of card boosts really enhances the Fold card's utility by making it much more attractive to use. There are currently a couple dozen merchants that qualify for the card boosts one of which is Starbucks. Starbucks without the boost would get you 1% back and then 1 spin for every $5 spent but with the boosts now you get 2.3% back and then the spins!
This is a huge improvement and will further encourage people to use their Fold card. The more that the card is used the more that Fold generates and the better the rewards can be so it really could help kickstart better rewards for everyone! Currently, this feature is only available for Spin+ users which does make sense as Spin+ users either pay $100 a year or $10 a month for better rewards with this being the newest one.
Category Boosts
The second is category boosts. Category boosts will be added towards the end of this month and like you would imagine cover different categories that people might use their card on. Let's say that they have a 1.5% boost on restaurants so using the Starbucks example earlier you would get the 2.3% back as a base with a 1.5% category boost meaning you get a total of 3.8% back! Now that is actually better than some gift cards!
Now as long as this category chart is accurate Uber rewards which currently are 3% would boost to 5% a significant increase that users should love! Fold also offers Southwest gift cards which have 4% back and come in $100, $200, and $500 options so when you add an additional 1.5% to that to equal 5.5% and then you get either 20, 40, or 100 spins depending on the gift card amount it really really adds up and supercharges those rewards. Not to mention BTCs price has recently pulled back again only making the rewards that much sweeter! Again this is a Spin+ perk so you do have to have Spin+ and not just the free card to benefit from but as you can see this can quickly add up and easily cover the cost.
Final Thoughts
It will be interesting to see how these boosts work out in application. On paper, it looks good and given the track record of Fold, all indications are it should be fantastic. October will really be a fun month to test it all out and see how it affects the amount of sats I earn back over a typical month!
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