How to earn money with the Plutus card: Is it still possible?

Èric Lluch

Dec 12, 20245 min read

Updated: Dec 14, 2024

Plutus has sparked debate recently due to some controversial management decisions. While cryptocurrencies aim to be decentralized, Plutus’s PLU token is controlled by Block Code Ltd, and many decisions have not been the best in the past 2 years. There have also been reports of users facing withdrawal issues or exorbitant fees of up to 33%. This article does not recommend using the Plutus card but instead outlines how I personally earn money with it as of December 2024.

Despite its challenges, the Plutus card remains an interesting opportunity and concept for me, offering one of the highest reward rates among crypto debit cards. Here’s how I’ve actually moved from one provider to the other until I arrived to Nexo and Plutus while searching for highest crypto rewards on my debit cards during my daily shopping to generate value on crypto. Here I want to show how do I personally earn money with the Plutus card and whether it is still possible.

If you decide to make an account after reading this article and you would like 10 € worth of Plutus giving me also 10€ worth of Plutus please use my referral link.

My Journey with Crypto Debit Cards

I started my cashback journey with the Binance card, earning 4% thanks to my BNB holdings. However, European regulations led to its discontinuation in Germany. (Check my article on Binance card alternatives.)

Next, I transitioned to the Nexo card, which complemented its lending platform’s high yields (e.g., 16% APY on USDT/USDC) with a 2% cashback on purchases. This was great, and I still use this as one of the platforms providing me with the highest % APY.

Finally, I discovered the Plutus card, drawn by its promise of 8-9% cashback with a PLU stack. Back then, I invested in 1,000 PLU, priced at about €5 each. Unfortunately, PLU’s value plummeted by over 70%, reducing the effective cashback to 2.4%. My initial €4,000 investment shrank to approximately €1,200.

Regular changes to Plutus’s ecosystem have also impacted users. For example, an August 2024 update lowered my rewards from 8% to 5%, justified as a move to promote a “healthy ecosystem” (based on an EY report). While I understand the rationale, the decision disappointed long-time users like myself. I summarized all the changes of August 2024 in this article if you want more details.

Despite these setbacks, I believe in Plutus’s potential and continue to explore ways to profit from it. Here’s how I am personally earning money as of December 2024 with Plutus. Again, I say earning, as long as Plutus value doesn’t keep decreasing like the past months.

Maximizing Earnings with Plutus: How to earn money with the Plutus card

Gift Cards

One of the most effective ways to leverage PLU is through gift cards. In Germany, Plutus users can redeem gift cards for popular retailers like Starbucks, IKEA, and local supermarkets. Each PLU (currently valued at 2$) can be used to purchase gift cards worth 10€. The gift cards are already there and I have been using them ^^ I'm happy that this is working already and getting some value back of all the Plutus accumulated.

However, there are fees to consider, starting at 30% and increasing up to 80% with frequent redemptions. Additionally, redemptions are capped at two gift cards per provider. During promotional periods (e.g., the December 2024 refund offer, which is valid until the 13th of December), fees may be reimbursed in PLU, making gift cards an appealing option.

Plutus perks

By default, in order to get any reward in Plutus you need to pay a monthly subscription fee. This subscription was not necessary when Plutus launched and it was really great! However, that was apparently not sustainable because of how easy it was to get rewards.

Nevertheless, when you pay 9.99€ per month you have access to 2 monthly perks, which are valued on 20€ worth of PLU at the moment where you buy them. If PLU is 2€, you will basically get 10 PLU back when you spend 10€ in each of these 2 shops where you have the perks.

Plutus rewards

Same with rewards. Before the changes of August 2024 (see my article where I explained what changed and how I lost money (up to that day)), you got 3% Plutus cashback in form of rewards without requiring a monthly subscription fee. That was great because it allowed you to move forward in the Plutus levels without having to invest any starting money, just by using the card.

Moreover, nowadays the amount of rewards you get for the same amount of PLU as before has been reduced considerably. Before I was getting 8% cashback on all my purchases by just holding 2000 PLU and now I need 3000 PLU to hold 5%.

Still 5% on everything I buy is quite nice but it remains only nice if the value of PLU doesn’t keep decreasing further.

%CRY (Crypto Rewards Yield)

A newer feature, %CRY, offers an annual yield for holding PLU within the Plutus ecosystem. However, be cautious: withdrawing PLU to an external wallet resets accumulated %CRY rewards. This can result in significant losses, as I learned when I lost 30 PLU by withdrawing prematurely.

Plutus Travel (they’re supposed to come until the end of 2024)

Plutus users can redeem PLU for rewards on travel bookings. Acting as a registered travel agent, Plutus provides rewards from its commission earnings (up to 25%). This feature adds utility for frequent travelers while helping maintain PLU’s intrinsic value.

Plutus Miles (they’re supposed to come until the end of 2024)

This program allows PLU holders to exchange tokens for air miles, offering savings on flights. By partnering with airlines and third-party vendors, Plutus provides additional value for those who travel often.

Key Considerations

Volatility: PLU’s fluctuating value can significantly impact the effectiveness of rewards and perks.
Fees and Restrictions: Be careful when you redeem gift cards about the fees and limits on gift cards or perks.
Ecosystem Changes: Plutus’s policies frequently evolve. Unfortunately, too often. So stay informed to maximize benefits and avoid using it when the changes are not useful anymore.

Conclusion

While Plutus has faced criticism, it still offers unique opportunities for those willing to navigate its complexities. Whether through gift cards, perks, or cashback rewards, careful planning can yield rewards. However, potential users should weigh the risks, particularly PLU’s volatility and the platform’s centralized control.