The phone has a Gear4 case too i would prefer to leave on.
Not exactly folio style, but I am a huge fan of Silk credit card wallets in general so much so that it might be the wallet that has kept me in the Apple ecosystem since nobody ever seems to make a decent credit card wallet for Android phones. Just looked at my last purchase and it looks like they changed the name to Smartish. If you must carry cash, just put the bill actually in the case between the iphone itself and the case and use for emergency only.
It really has freed me up from taking my phone with me on workouts.
I don’t use it for workout tracking. Just have it along for phone call emergency, text up dates from buddies on ride and occasionally a coffee stop. Music some times when I’m at the gym.
Have Lifeproof case. Use ziploc quart freezer bag that always has a chain link, emergency cash, glass cleaners, and adhesive patches. Just throw the phone in it before I head out as keeps sweat and dirt off the lenses so if I need to use camera it is clean. Pretty lucky in that most of my road rides are right from my front door so not driving to the start. When on MTB I put in camelbak pouch. Tried a wallet made by Cannondale found on sale and went back to the plastic bag.
I picked up a cycling wallet on Ebay made by Gorix. Fits an Iphone 7+ since Iphone 11 is slightly smaller it should fit. It has pockets for other things like credit card, keys, etc. Fits into a jersey pocket. Case is supposed to be water resistant. I just got it and am waiting for things to warm up so I can see if this really keeps me stuff dry and in one place.