Bitcoin rewards platform Fold has introduced a new credit card in partnership with Visa, allowing users to earn BTC instead of traditional cashback or points. Announced on Feb. 11, the Fold Bitcoin Rewards Credit Card merges standard credit card benefits with bitcoin rewards.

“This first of its kind financial tool combines the convenience of a traditional credit card with the power of bitcoin rewards, designed to help establish bitcoin as the ultimate savings asset for every American,” the company stated, adding:

The card redefines traditional points, miles, and cashback credit card rewards programs, some of which process ~1% of US GDP, by offering up to 2% unlimited bitcoin rewards and up to $250 in bonuses.

Fold’s debit card products have facilitated over $2.5 billion in transactions across 600,000 users, contributing to consumer savings through bitcoin, the company reported.

“Fold members will earn 1.5% unlimited bitcoin rewards and up to a $100 bonus, while Fold+ members will enjoy exclusive perks, including 2% unlimited rewards in bitcoin, up to $250 in bonuses, and a premium metal card that reflects their elevated status,” the announcement details. To date, Fold has distributed nearly $75 million in bitcoin rewards, which would have been worth about $20 million in cash. Fold aims to expand these offerings with its Bitcoin Rewards Credit Card.

Several companies compete with Fold by offering crypto rewards credit and debit cards, including the Gemini Credit Card, Upgrade Bitcoin Rewards Card, Coinbase Card, Crypto.com Visa Card, and Bitpay Card. Visa’s global payment network ensures that cardholders can use the new Fold credit card at millions of locations worldwide. The partnership with Visa also aligns with Fold’s financial expansion, including a planned Nasdaq listing. The company holds over 1,000 bitcoin, ranking among the top 25 public companies with significant holdings. Consumers can join the waitlist for early access to the credit card.

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