diff --git a/pcsx2-qt/Settings/MemoryCardSettingsWidget.cpp b/pcsx2-qt/Settings/MemoryCardSettingsWidget.cpp
index 4dd0ea9178066..6e50631ce64a1 100644
--- a/pcsx2-qt/Settings/MemoryCardSettingsWidget.cpp
+++ b/pcsx2-qt/Settings/MemoryCardSettingsWidget.cpp
@@ -185,8 +185,6 @@ QString MemoryCardSettingsWidget::getSelectedCard() const
 
 bool MemoryCardSettingsWidget::isSelectedCardFormatted() const
 {
-	QString ret;
-
 	const QList<QTreeWidgetItem*> selection(m_ui.cardList->selectedItems());
 	if (!selection.empty())
 		return selection[0]->data(0, Qt::UserRole).toBool();
@@ -279,7 +277,6 @@ void MemoryCardSettingsWidget::convertCard()
 		return;
 	}
 
-
 	MemoryCardConvertDialog dialog(QtUtils::GetRootWidget(this), selectedCard);
 
 	if (dialog.IsSetup() && dialog.exec() == QDialog::Accepted)
diff --git a/pcsx2/SIO/Memcard/MemoryCardFile.cpp b/pcsx2/SIO/Memcard/MemoryCardFile.cpp
index 07534b47a8531..702bd2f1b37cf 100644
--- a/pcsx2/SIO/Memcard/MemoryCardFile.cpp
+++ b/pcsx2/SIO/Memcard/MemoryCardFile.cpp
@@ -865,8 +865,15 @@ std::vector<AvailableMcdInfo> FileMcd_GetAvailableCards(bool include_in_use_card
 			if (!IsMemoryCardFolder(fd.FileName))
 				continue;
 
+			FolderMemoryCard sourceFolderMemoryCard;
+			Pcsx2Config::McdOptions config;
+			config.Enabled = true;
+			config.Type = MemoryCardType::Folder;
+			sourceFolderMemoryCard.Open(fd.FileName, config, (8 * 1024 * 1024) / FolderMemoryCard::ClusterSize, false, "");
+
 			mcds.push_back({std::move(basename), std::move(fd.FileName), fd.ModificationTime,
-				MemoryCardType::Folder, MemoryCardFileType::Unknown, 0u, true});
+				MemoryCardType::Folder, MemoryCardFileType::Unknown, 0u, sourceFolderMemoryCard.IsFormatted()});
+			sourceFolderMemoryCard.Close(false);
 		}
 		else
 		{
diff --git a/pcsx2/SIO/Memcard/MemoryCardFolder.h b/pcsx2/SIO/Memcard/MemoryCardFolder.h
index 1831ccedf66b2..d369c9b898385 100644
--- a/pcsx2/SIO/Memcard/MemoryCardFolder.h
+++ b/pcsx2/SIO/Memcard/MemoryCardFolder.h
@@ -318,6 +318,8 @@ class FolderMemoryCard
 	void Open(std::string fullPath, const Pcsx2Config::McdOptions& mcdOptions, const u32 sizeInClusters, const bool enableFiltering, std::string filter, bool simulateFileWrites = false);
 	// Close the memory card and flush changes to the file system. Set flush to false to not store changes.
 	void Close(bool flush = true);
+	// Checks whether the Memory Card is formatted.
+	bool IsFormatted() const;
 
 	// Closes and reopens card with given filter options if they differ from the current ones (returns true),
 	// or does nothing if they match already (returns false).
@@ -363,8 +365,6 @@ class FolderMemoryCard
 	// initializes memory card data, as if it was fresh from the factory
 	void InitializeInternalData();
 
-	bool IsFormatted() const;
-
 	// returns the in-memory address of data the given memory card adr corresponds to
 	// returns nullptr if adr corresponds to a folder or file entry
 	u8* GetSystemBlockPointer(const u32 adr);
@@ -558,4 +558,4 @@ class FolderMemoryCardAggregator
 	u64 GetCRC(uint slot);
 	void NextFrame(uint slot);
 	bool ReIndex(uint slot, const bool enableFiltering, const std::string& filter);
-};
\ No newline at end of file
+};