Review: Plutus Card - Best Cashback in 2022?
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What is Plutus Card?
Plutus combines traditional money and cryptocurrency for everyday use. With a Visa debit card issued for free, the cars user earns pluton cryptocurrency for purchases made with the card. In addition to cashback, free Plutus offers one additional perk. At paid subscription levels, the amounts of cashback and additional perks are better for card users. In the crypto marketplace aimed at Plutus users, it is possible to trade with cryptocurrencies supported by Plutus.
The company's vision is to integrate cryptocurrency into everyday life. In practice, this happens with Plutus' physical Visa card and own mobile application. The most important services of Plutus are a Visa Debit card, an account and the possibility to trade cryptocurrency among other Plutus users.
Plutus' services are also suitable for those whose main purpose is not to acquire cryptocurrency. With the Plutus debit card, you can tap up your Plutus account with euros/pounds and while you pay purchases with your Plutus account, you get cashback for these payments. Cashbacks will be paid in pluton cryptocurrency, but they can be changed back to euros cheaply and used for future purchases. Therefore, there is no need ever to buy cryptocurrency yourself. Instead, you automatically accumulate crypto money through cashback while using your Plutus card in purchasing. Although the service can also be used to invest in cryptocurrency, it is safer to use Plutus as a regular debit payment card, with the added spice of earning money back in cryptocurrency.
Who Is behind Plutus?
Plutus is a London-based company similar to a bank, but not a real bank. It was founded in 2015, and behind it is serial entrepreneur Danial Daychopam. There are thousands of users in Europe and the growth rate is consistently increasing since the company started cooperating with Curve.
Plutus Mobile App
To apply for a Plutus account, a card user needs to download Plutus' mobile application via the app store which is available for Android and Apple users. Authentication keys are required every time you log in which you'll get via a separate app called Authy so your Plutus account doesn't get easily compromised.
Pluton - Plutus’ Cryptocurrency
Pluton is Plutus' cryptocurrency based on the Ethereum network. Plutus pays from 3% to 8% cashback in plutons for purchases made with its Visa card. Plutos can be sold in Plutus' own DEX trading platform and transferred in euros or pounds to your own Plutus Debit card. A fee of at most one per cent is charged in the sales transaction. You can also transfer the money to an external crypto wallet, but in that case, you have to pay the costs of the transfer yourself.
Plutus Features
Euro or UK Account
When using the Plutus service, the user receives a standard IBAN account number in euros or a UK account in pounds. You can make bank transfers to the account in euros or pounds without a service fee but withdrawals from the account are subject to a fee. The money in your Plutus Visa account can be used for purchases made in euros with a Visa card without a service fee. Purchases made in other currencies should be made via a Curve card to avoid the service fee. For purchases made with the Plutus card, you get 3 to 8 per cent cashback in pluton cryptocurrency.
The users' and Plutus' own money are separated so that in a possible bankruptcy situation, the origin of the money should not be obscured. However, Plutus does not have a traditional bank guarantee, so you should not keep more money in the account than you need for the next few weeks' purchases.
Crypto Marketplace
On PlutusDEX service, Plutus users (excluding UK users) can trade with Plutus' pluton cryptocurrency or ETH. Thus, the cashback earned with a Visa card can be converted into euros by selling them to other users using PlutusDEX. The euros received from the sales are almost immediately available for future Visa purchases.
To store cryptocurrency, the user must have a crypto wallet suitable for the service. If you still don't have one, Plutus recommends opening a free browser-based Metamask wallet, but other wallets will work as well. Only after this can transfer the money to your control. Plutus has clear instructions for opening the Metamask wallet which can be found on their website.
Plutus Card Benefits
Cashback
Plutus offers all its card users a minimum of 3% cashback on almost every purchase. These cashback rewards will be paid into the card user’s crypto wallet in the form of plutons. However, if you wish, you can sell the cryptocurrency after 45 days and receive its equivalent amount in euros or pounds.
The amount of the cashback can be increased up to 8 per cent by staking cryptocurrency. Cryptocurrency staking means, in a simplified way, locking up crypto assets to maintain the operation of the blockchain and confirm transactions. The cryptocurrency is not available for the duration of the stake, although it remains in your possession.
The eight per cent cashback is tempting, but we don't recommend gambling on cryptocurrency. The value of cryptocurrency varies considerably, so you can lose all the cryptocurrency being staked in the worst case. There are additional risks related to stakes. However, even without staking, you will get a 3 per cent cashback, which is a significant Plutus card user benefit.
Perks
Plutus offers all users one free additional perk and with paid tiers, Plutus card holders can have up to three perks. You can increase the number of perks to eight through staking. The user can freely choose perks from a list of Plutus partners. The options include e.g. a free Spotify, Disney or Prime subscription valid for a month. Alternatively, the user can choose, for example, a monthly cashback of 10 euros from known stores such as Shell, Starbucks, Lidl or Booking.com. A monthly cashback of up to 10 euros means 120 euros a year, which is a valuable benefit for a free card. Again, as mentioned earlier, these rewards will be paid initially in plutons which you can sell to convert into euros/pounds to be paid in your Plutus account.
Plutus Subscription Levels
Starter
The Starter account level is free. The Plutus user gets 3 per cent cashback from almost every purchase and the user can choose one additional perk. With a Starter subscription, you can get cashback monthly from card spending up to 250€, but there isn't a card usage limit. The Starter level is convenient for testing the service due to its cost-free nature.
Everyday
The Everyday account level costs 4.99€ per month. The limit for purchases entitled to receive cashback is 2,000 euros. With an Everyday subscription, you will also get 2 additional perks.
Premium
The best level is called Premium. The monthly fee is 14.99€, but the card's limit for cashback purchases is also high: it is 22,500 euros per month. Additionally, you get 3 perks. The amount of cashback and perks of all levels can be further increased by staking crypto.
Google and Apple Pay Support
Plutus Visa does not support Google or Apple Pay, but this is not a major problem. By adding and choosing Plutus as your payment method with a free Curve card, you get Google and Apple Pay support and in addition, almost no-cost currency conversions. This way you don't have to carry the physical Plutus card with you.
Traveller and Plutus
Plutus is a great option also for travellers. The card does not have direct travel-related perks but together with a Curve Card, they give significant value. Curve Black and Metal provide travel insurance and lounge access and Plutus 3% cashback. In addition, a traveller can choose booking.com as a Plutus perk to get extra 10 euros cashback as plutons. We recommend concentrating your spending on the Plutus card while travelling to get a few per cent of your travel expenses back.
Disadvantages of Plutus
The features of Plutus are attractive, but the product has also weaknesses. Certain procedures are unnecessarily complicated and the application still has minor bugs. With a Visa card, you cannot spend cryptocurrency directly, but the cryptocurrency must be sold to euros before the payment transaction. Luckily, selling crypto is easy through Plutus' DEX portal. Transferring money to Plutus is slow. According to our experience, making a transfer from Finland to your Plutus account takes even more than a day. After this, the funds in the Plutus account cannot be used directly with the Visa card but must the money must still be transferred separately within Plutus to your card account, which fortunately only takes a few clicks. The overall process is still surprisingly multi-step. A diligent user can have the money transferred for use in about one banking day.
Plutons earned as cashback can only be sold after 45 days. Their value may increase or decrease during the waiting period. In addition, Plutus' service has many types of additional fees. Depositing money and paying for purchases in euros with a Visa card is free of charge. Almost everything else costs money, so you shouldn't use the Plutus account to pay bills, for example. We recommend that you familiarize yourself with Plutus' price list.
Our Plutus Experiences
We have been using Curve cards every day for many years already. As soon as we knew that Curve started cooperating with Plutus, we decided to open Plutus accounts.
Ordering a Plutus Card
A Plutus card was ordered by first installing the Plutus application on the phone. You have to fill in your personal information in the mobile application and then send a selfie and photos of your ID. This is the usual operating model for the introduction of similar services. The checking of personal information was quite fast taking just a few minutes. After which, it was possible to order a Plutus Visa card. The order was made by paying a deposit of 20€ to our Plutus account. This became available in the Plutus account after the card activation. The delivery time of the card took four months.
Opening a Metamask Wallet
Metamask is a browser-based crypto wallet recommended by Plutus. The wallet information is in the user's possession, so in a data breach targeting Plutus, the attacker cannot access the users' cryptocurrencies. The solution is therefore safe but leaves the user with a lot of responsibility for keeping the data in the crypto wallet.
The Metamask add-on must be installed in the Chrome browser. Installation is just a few clicks away and it's ready in less than a minute. After installation, the wallet is available almost immediately. The user must create a username and password in Metamask. When the wallet is created, he also receives a recovery phrase. This series of English words can be used to reset the wallet if the password is forgotten or the wallet data has otherwise been destroyed. The phrase must be kept safe because it can be used to access the cryptocurrency in the wallet. On the other hand, the phrase is also the only way to reset the password in case of forgetting it.
If the data in the crypto-wallet has been destroyed on the computer for one reason or another or the user has forgotten the password and does not know the recovery phrase, it is almost impossible to return the crypto-money in the wallet. For this reason, this information (recovery phrase) should be saved somewhere else safe. For example, writing it on a piece of paper and keeping it in a safe place. If the information in the crypto wallet is forgotten, the traditional money in your Plutus account is still available as usual.
Card Activation
We received the card in my mail in the promised time and the activation of the card went smoothly with the help of the included instructions. The card was loaded with plutons for 10 euros as a welcome gift, and we also got automatically upgraded to the Premium level for one month free of charge. Thus, we could immediately activate three perks of our choice: Lidl, Shell and Curve.
Our Plutus account also had the earlier made 20-euro deposit ready for use.
Cashback and Perks
We have received 3 per cent cashback in plutons for almost all purchases. Exceptions not entitled to earning cashback include transactions like money transfers and spending related to gambling. Plutons cashback cannot be sold until the 45-day waiting period has expired. We have also received the promised monthly additional perks of 10 euros in plutons from Lidl, Shell and Starbucks. To benefit from these additional perks, you must use the services of the stores of your choice for at least 10 euros and pay for your purchases with a Plutus card.
Visa Card Usage and Crypto Marketplace
To use the Plutus DEX crypto-marketplace, the user must install the Metamask add-on in the browser or phone, and a crypto wallet must be created in Metamask. After this, connecting the wallet to the Plutus marketplace can be done with a few clicks through the Plutus user interface. In addition to plutons, ETH cryptocurrency can be traded on the marketplace. Immediately after activating the card, we tried Plutus' DEX marketplace. We sold the plutons we received as a welcome gift, which was a simple procedure. The money came in euros to our card account in a few hours.
Common Questions
- What is Plutus?
- Plutus is not a bank, but it offers an IBAN account in euros or pounds and a Visa debit card for it. For purchases made with the card, you get cashback in pluton cryptocurrency. On PlutusDEX marketplace, you can trade with cryptocurrency and convert the cashback into euros.
- What is pluton?
- Pluton is Pluto's cryptocurrency. Cashback and bonuses are paid in this currency.
- Can you pay directly with cryptocurrencies by using a Plutus Visa card?
- You can't. Cryptos must first be sold and then converted into euros.
- Can plutons earned as cashback be converted into euros?
- Yes, they can. They can be sold on Plutus' PlutusDEX marketplace.
- Do you need a crypto wallet to use Plutus?
- Yes. To be able to transfer crypto money to yourself, you must have a crypto wallet. Plutus recommends a Metamask wallet which is easy to install.
- What are the benefits of a free Plutus account?
- The account includes 3 per cent cashback on purchases and one additional perk from the options provided by Plutus.
- Is depositing money and using a Visa card cost-free?
- Depositing money is free of charge. Using a euro-denominated Visa card is also free of charge if you pay in euros.
Rating
Plutus is a valuable debit card. It is also safe because you can't spend more than you have transferred money onto your Plutus account. The best thing is that Plutus gives you good cashback almost on your all spending. Paid subscription levels cost less than the values of Plutus' perks.
A Plutus Visa card is also suitable for those people who don't understand cryptocurrencies. It is simple to sell earned plutons and convert cashback to euros. We recommend using Plutus as a cashback card instead of a crypto platform.
Bottom Line
Plutus is an interesting service combining cryptocurrency and regular money, which includes a debit card. Money is mainly spent in euros, but bonuses are paid in plutons. You can sell plutons in the Plutus service portal or, if you wish, buy more of them from other users. The value of plutons varies daily.
Even the free level of Plutus offers good cashback and one free perk. At paid levels or by staking cryptocurrency, the benefits are even better. However, it is not a good idea to own a lot of cryptocurrencies, as their value is uncertain. Since the Starter level of Plutus is free, trying out the service is easy. If you find the service useful, switching to the paid Everyday level may be worthwhile. Until now new Plutus customers can have a 1-month Premium subscription and so we recommend giving it a try. We think that 3 % cashback is free money you don't easily get using other payment cards.
Are you already using Plutus ? Comment on your experiences below.
About Authors
We have been following the travel industry for years, while travelling in Finland, in various regions of Europe and Asia. Our multicultural background with the extensive travel experience gives us a diverse perspective. We encourage individuals embark on high-quality yet sustainable journeys. Furthermore, we are thrilled to introduce the captivating beauty of our homeland, Finland.
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