Plutus Visa Card Review
Plutus is a platform that has been building a connection between cryptocurrency and traditional finance since 2015. The company behind Plutus is mainly focused on their Visa card offering; however, they operate a P2P exchange for their users as well. There are a number of positive aspects of the Plutus Visa card, but there are also some drawbacks.
The card is currently only available in Europe, so potential customers in the United States, China, and other countries where cryptocurrency is popular will need to look at other options. Plutus also has no native support for Bitcoin, and it currently only works with ETH and their own proprietary token (PLU). That said, the Plutus Visa card comes with reasonable fees and plenty of cashback rewards for those who do not mind the heavy integration of the PLU token into the platform.
Pros
Convenience: The Plutus Debit Card offers a convenient way to use your cryptocurrencies for everyday transactions, just like a traditional debit card.
Flexibility: The card allows users to spend multiple cryptocurrencies, providing them with greater flexibility in managing their digital assets.
Real-time conversion: Plutus offers real-time conversion of cryptocurrencies to fiat currency, enabling users to spend their digital assets instantly.
Cashback rewards: Plutus offers a cashback rewards program that allows users to earn rewards on purchases made with the Plutus Debit Card.
Security: The Plutus Debit Card offers high levels of security, including multi-factor authentication, two-step verification, and real-time fraud monitoring.
Cons
Limited availability: The Plutus Debit Card is currently available only in certain regions and countries.
Fees: The Plutus Debit Card charges fees for transactions, which can be higher than those of traditional debit cards.
Crypto volatility: The value of cryptocurrencies can be volatile, which means that the value of your digital assets may fluctuate rapidly.
Network congestion: During periods of high network congestion, the Plutus Debit Card may experience delays in processing transactions.
Regulatory risks: Cryptocurrencies and related products and services are subject to regulatory risks, which may affect the availability and use of the Plutus Debit Card.
What is the Plutus Visa Card?
The Plutus Visa Card is a debit card that allows users to spend their cryptocurrencies at any merchant that accepts Visa. The card is linked to a user’s Plutus account, which enables real-time conversion of cryptocurrencies into fiat currency at the point of sale. This means that users can spend their digital assets anywhere in the world, just like a traditional debit card.
The Plutus Visa Card offers a range of features and benefits, including:
Multiple cryptocurrencies: The card supports multiple cryptocurrencies, including Ethereum, and Pluton.
Real-time conversion: Plutus offers real-time conversion of cryptocurrencies into fiat currency, enabling users to spend their digital assets instantly.
Contactless payments: The card supports contactless payments, which offer a fast and convenient way to make transactions.
Cashback rewards: Plutus offers a cashback rewards program that allows users to earn rewards on purchases made with the Plutus Visa Card.
Secure and reliable: The Plutus Visa Card offers high levels of security, including multi-factor authentication, two-step verification, and real-time fraud monitoring.
Overall, the Plutus Visa Card provides a convenient and secure way to use cryptocurrencies for everyday transactions. Its real-time conversion feature, multiple cryptocurrency support, and cashback rewards program make it an attractive option for cryptocurrency enthusiasts looking to make purchases using their digital assets.
What are the Benefits of the Plutus Visa Card?
There are four key benefits involved with the Plutus Via card: a non-custodial wallet, cashback rewards, Plutus Perks, and potentially-zero fees on exchanges between cryptocurrency and the cryptocurrency debit card.
The fact that the Plutus Visa card comes with a non-custodial Ethereum wallet will be overlooked by some cryptocurrency users, but the reality is this feature is critical to maintaining decentralization. If you don’t own your private keys, then the cryptocurrency attached to those private keys is actually owned by a trusted third party. Getting rid of these trusted third parties is the whole reason Bitcoin was invented in the first place.
A flashier benefit to using the Plutus Visa card is the 3% cashback rewards on all purchases. However, there are some drawbacks to this particular perk. For one, these cashback rewards are only available to Plutus Visa cardholders who are willing to pay a monthly fee for a pro or premium plan. Of course, if you use the card a lot, you will more than make your money back via the cashback rewards pretty easily. That said, another issue with these rewards is that they are paid out in PLU tokens. Of course, you can always trade these PLU tokens for a more reputable cryptocurrency, such as bitcoin, rather easily.
On top of the base 3% cashback rewards, the Plutus crypto debit card also has an additional benefits program known as Plutus Perks. This program offers additional cashback rewards at specific retailers, but the catch is that users must be willing to stake PLU tokens in order to gain access to these additional benefits. The requirement to hold PLU may be deemed too risky for some users. It should also be noted that access to Plutus Perks is only available to pro or premium cardholders.
One last benefit of the Plutus Ethereum debit card is that there are no fees associated with moving funds from your non-custodial Plutus wallet to your Plutus Visa card, as long as you have a pro or premium account. The exchange fee for those with a starter plan is 1.75%.
Potential Plutus Visa Card Dealbreakers
While the Plutus Visa card’s relatively high cashback rewards and perks may appear attractive at first, there are still some drawbacks to consider with this card. For example, those cashback rewards are all denominated in PLU. Additionally, the extra Plutus Perks program requires users to not just receive PLU tokens but also hold them. An additional membership fee is also required to access these programs. Some users may prefer to use a simpler setup, even if it means the cashback rewards are a bit lower.
Another dealbreaker for some potential Plutus Visa cardholders is that there is no native support for Bitcoin. In fact, ETH and PLU are the only tokens supported by the platform at this time. Avoiding the world’s largest and most popular cryptocurrency is quite an oversight; however, it’s possible that BTC will eventually be added to the platform via one of the many available bitcoin-backed ERC-20 tokens that have been gaining steam in 2020.
The Plutus crypto credit card also has high fees in some situations. For example, there is a 1.75% fee on moving ETH onto the card if the user is not on the pro or premium plan. Perhaps more troubling, the ATM fees involved with the Plutus Visa card are a bit high compared with some of the other options on the market. On top of the base €1.35 fee for domestic withdrawals, there is also a 1% charge on the transaction’s total value. So, if you’re withdrawing €300, you’re looking at an additional €3 charge.
A final downside of the Plutus Visa card is that it is currently only available in Europe.
PLUTUS CARD FEES AND LIMITS
The charged transaction fees and limits vary depending on your current plan, and changes to these fees and limits can take place at any time.
Starters
- 1.75% trading fee
- €5.50 for every fiat withdrawal
- €9.99 card fee
- €15 PLU withdrawal fee
- €2500 daily spending limit, €5000 monthly spending limit
Premium
- €3.50Fiat withdrawal
- 0% trading fee
- €9.99 card fee
Pro
- 0% trading fee
- €9.99 card fee
- 0% on every fiat withdrawal
- Limitless trading limits.
BENEFITS AND CASHBACK PLUTON REWARDS
The platform rewards its users with its native token. You receive 3% of your purchase every time you make a payment using the Plutus card. This coin can be exchanged to a spendable fiat value and can as well be shared from one crypto mobile wallet to another.
Have you heard about Plutus Perks? Excluding the 3% reward, there are added benefits for premium and pro users who have stored the native token. Plutus Perks is a cashback plan on the Plutus app, organized for users who patronize Plutus online affiliate partners.
They stand the chance of enjoying 0% fees on crypto to fiat exchange. Using Pluton, a user can buy goods and commodities and pay for services with the help of the Plutus perks scheme. Stake your PLU and get up to 15% rewards on online shopping.