Well, you totally can. Kinda.

I've been using the Fold debit card to make daily purchases. Each time you make a purchase/have a transaction over $3 in value you will get a chance to spin their rewards wheel within the Fold app. There is a chance (0.01% I think?) of winning an entire Bitcoin. Now, I know I will never land on that part of the spin wheel, but the other rewards are great, too.

Remember Remi!

I got satoshi back just for taking him to the groomer and to the vet. Pretty sweet gig if you ask me! I don't always win big on the spinning rewards wheel but when I do it helps me justify using the Fold card and not just using a credit card with cashback rewards instead.

Better than 2% cashback?

I cannot say for sure if it is a better option than earning cashback. However, I enjoy the spinning wheel and the opportunity to win more than 2% back. Keep in mind that there is a chance to not win anything for your purchase. Total bummer, right?! Sometimes there are even more opportunities that might make the Fold card more worth using. Using other bitcoin rewarding services like Lolli and Pei with the Fold card and grant you even more satoshi. Talk about sats on sats on sats!

Don't let me talk down to the credit card entirely, though! 2% is a nice rewards rate. Plus, with my credit card, the rewards are crediting as cash right into my investment account. From there I can choose what I want to do with it. I can send it to any account I want, or I could even invest it into a stock or bond fund, making the rewards system pretty flexible. Also, because it is a credit card, I can technically purchase things that I might not have the cash for at the time, whereas the Fold debit card would require me to have the funds readily available on the card at the given time.

*PLEASE NOTE*

I am not heavily suggesting to leverage a credit card. Make sure to use it responsibly. I pay off my credit card balances in full each month so I never take a hit from the insane interest rates!

Medical Bills though...

So for me, I have an HSA through my employer. If you are not familiar, this is basically an extremely tax-advantaged spending account. It can be used on medical purchases as needed. And once you reach retirement age, it can function as a traditional IRA account. Nifty! In almost all cases this makes using an HSA to pay medical bills far more efficient than trying to use other rewards cards to earn cash back on a large bill. I have a bill for $4626.61 right now because of surgery back in July. I have a few options on how to pay for this since I do not have that amount of cash readily available right now. At first, I was wanting to see if I could use Fold to get a free spin for each transaction I make, but then I compared the money I am saving on taxes by using pre-taxed money from my HSA... In this case, I decided to set up a 60-month payment plan using my HSA. The nice thing is that I add more money to the HSA each money than that which will be leaving it each month. So I will be ahead! Hopefully, I do not have any other large medical bills in the future otherwise I may need to change my strategy again. Here's to the next 5 years of good health?

Rewarded Mortgage

Okay, so this also seemed enticing to do at first, too! My mortgage payment is $550 each month. I wouldn't mind earning some sats back on that, or even 2% back if possible. Most banks will not allow you to pay the monthly mortgage payment with a card of any sort. But, being the sneaky consumers and reward seekers that we are, we have found ways around this. There are some 3rd party services that you can use a card with to make the purchase and then they will make the payment to the bank for you. Just keep in mind, there is usually a service fee on this type of transaction. I've seen upward of 3.5-4%. If you can produce a better reward than a 4% return, it may be worth it for you to do this. Or if a credit card is having a special where if you hit a certain spending threshold on the card, you could win some cash. (I've seen these types of specials when you first sign up for a new card.) Just make sure you pay attention to what you're doing and the rates that you way you don't end up at a loss!

Financial Rambling Done

Thanks for listening to my rambling about the reward card system for a bit. I like to share how I utilize the systems I have available. Hopefully, I am able to inspire and enlighten other readers as well!