WEBVTT
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Okay, welcome back to another episode of Banking Without Borders.
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So what about 10% cashback, or 8%, or 9%, or what about 555% APR?
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These are real numbers on real cards and accounts that real companies mostly are advertising.
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And by the end of this video, you're gonna understand why we'd recommend approximately none of them.
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And I'm gonna be clear up front.
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This is not a recommendation video.
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This is us pulling five of the strangest cards or accounts on the market to see what's actually going on underneath the hood.
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We've lined up five in order, the least mad to the most mad.
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And just to warn you up front, every single one of these has plan tiers, right?
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And they've got tiers on top of tiers.
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One of them has three plans with three levels per plan.
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I'll do the mass, that's nine combinations.
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So if this episode gets a bit weird or a bit tangled, please don't blame us.
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That's entirely their fault.
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So Jan, should we just begin the episode with some crack?
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Yeah, Johnny, the crack card, which is arguably the most boring, um, but also the most legitimate card on this um on this ranking.
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The headline rate is up to 2% of cashback, which you can get, um, and it varies depending on how much money you deposit with them.
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Under 1,000 pounds, you're getting half a percent.
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Above a thousand pounds, you're getting 1%, above 10,000 pounds, you're getting 1.5%, and above 50,000 pounds, you're getting 2%.
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That cashback is uncapped.
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Um, so you'd be earning these 2% on whatever you spent with that card.
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Sounds not too bad, right?
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Okay, so yeah, yeah.
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So the basics here are deposit 50k, get 2% cash back on everyday spending.
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That's right, Johnny.
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Um, and you might be might be thinking, why?
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Why would you do that?
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Why would you deposit 50k into this this account?
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Um, you've opened up an account of them already, you've shown it um to me in the app.
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Basically, they want to funnel you into their crypto platform.
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They want you to encourage, they want to encourage you to trade on their platform.
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Um, they're definitely, I mean, there would be a moment, right?
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You have that money deposited, there would be a moment where you think, oh, um, how do I get interest on that, right?
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How do I make get a return on investment?
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And obviously, you know, the the closest feature you can access that's close to interest is investing that into some kind of stablecoin, potentially into some um some other crypto coin, you know, um various options, but that's their whole incentive, and that's the only way they uh this this works, even right?
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Because why would they do that, Else?
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Yeah, it does sound like that.
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It's essentially just a marketing play, isn't it?
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They've decided that they're gonna offset the cost of providing you with cashback as a marketing trust.
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That's fine, that's normal.
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Um the card itself, I mean, there are there are some nice little benefits to this account.
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The cashback, I think, is expensive, and by that I mean it's quite a big ask to deposit 50k for 2%.
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I mean, let's just compare that for a moment to Chase UK and their 2% cashback.
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Yeah, and you're depositing your money in an FSCS protected account, first of all, with Chase UK, and this Crack account is it's an e-money institution through something called PSL.
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So there is some protection, and we should go as far as saying this is the only account out of the ones we're going to talk about today that has a level of protection to it.
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But with Crack, your money, if you deposit, if you decide to go with this, your money is deposited with Payward Service Limited, who are authorized by the FCA, and they are an EMI, which means any money you deposited into Crack would be ring-fenced.
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So it would technically be secure.
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But I I wanted to talk about comparatively to Chase UK for a moment.
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I mean, Chase UK are also offering 2%, and in return, they're not asking for£50,000.
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They're asking for you to deposit how much money per month.
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Let's just double check that to qualify.
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It's main you have to maintain a balance yan of just a thousand pounds across your Chase Saver accounts to qualify for 2%.
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That's not on every day spending, that's not on every possible merchant cart code available.
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But it's not£50,000 in a somewhat unprotected or it's not unprotected, but in arguably a less protected account.
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That immediately makes you wonder.
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I mean, this is yeah, this is quite clearly.
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I mean, Chase UK are doing it as well.
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They're offering cash back in return for your deposits.
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It's technically marketing as well.
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But it's such a big ask.
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They've got to have something else there.
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Salary match, and that's definitely worth mentioning.
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Salary match, the headline rate here is up to 1%.
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They basically um put on top of your salary um under the condition that you receive it into your crack account directly from your employer.
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Yeah.
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Um, in order to get the full 1%, again, you have to have a minimum balance of£50,000 of them.
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And um yeah.
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So I have to so I have to I have to show my employer that I'm using crack.
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Yeah.
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Is that right?
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Now that you're saying it, Johnny, that sounds sort of wrong.
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They'll see that I'm on crack.
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But that's that's interesting.
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Okay.
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Up to 1%.
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That's interesting, right?
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That seems quite unique as well.
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Find me a product like that elsewhere.
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That someone in the comments, by all means, jump in if it's some if it's somewhere else available.
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Um, you can all you can almost envisage maybe Revolute doing that like pre-2021, like in the earlier days, to encourage like salary deposits.
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Everybody's trying to do something like that, aren't they?
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All the banks, the fintechs, they're all interested in getting that salary deposit win.
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Like that's like gold dust, isn't it?
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Because it's recurring, reliable income that they can put on their balance sheet.
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And make no mistake about it, cracker trying to do it here as well.
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They're interested in getting that.
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If you have a minimum balance of a thousand pounds, you're still getting half a percent, which is not too bad, right?
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Um, but yeah, below that it starts being being unattractive.
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But a thousand pounds, it's that's accessible, that should be available to everyone.
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So that might actually be something worth thinking about.
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Yeah.
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Um, it's not terrible.
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It's not something to mention.
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Um, it requires two and a half thousand pounds a month of payroll, so this might not even be available to everyone.
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Um, if you're earning less than that, then um you cannot use that feature.
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Yeah.
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You know, there are pros and cons everywhere.
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But I think that's not terrible, it's actually quite a useful feature.
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And it's a travel car.
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It is a good one.
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Who'd have thought, right?
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It's a good one.
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It's a good one.
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And I want to use that word good loosely here.
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That doesn't mean that I'm recommending this account.
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Um, but if you were to put it up against, say, Starling, for example, from just a travel perspective, it basically matches it.
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You've got no fee on like no fixed fee on transactions, you've got no fixed ATM withdrawal fee.
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There's no ATM withdrawal limits either, apart from like daily limits on how much you can withdraw, which is pretty significant.
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Interestingly, the app displays the limits, even though my account is set to GBP in USD.
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Classic.
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Which stuff like that is always a bit of a red flag for me.
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Yeah, but I think it's a thousand USD per day in ATM withdrawal, somewhere around that.
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I'll pop it on the screen for those that are watching.
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And it uses MasterCard's FX rates just like Starling Yan.
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So we've stumbled across a pretty competitive travel card with this one.
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That's right.
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If you were to compare this Yan to Revolut pre-banking license, you could argue that this was a better travel card because they were, they're both, they both have EMI protections.
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Prior to getting fully licensed, but prior to getting that FSCS deposit protection, Revolut was an EMI, which meant that if you deposited money into a Revolu account, it was ring fenced at like Barclays or JP Morgan's.
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So your money was technically safe.
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You could argue, I know I'm hanging on this, I'm lingering on this, you could argue that this crack card is a better travel card than Revolut was back in like 2021, 2022.
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I think that's quite interesting.
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And out of all the providers we've got today, right, Jan, this is arguably the safest.
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So strap in everybody, because it gets a lot worse from here.
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That's right, John.
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Should we talk about a Nexo card, which has a very interesting concept, by the way?
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Yeah.
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Um, because that's a card that works in a dual mode, um, essentially.
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You can use it as a credit card, but you could also use it as a debit card.
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So I think that's quite innovative in itself.
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Definitely worth mentioning here.
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The headline rate is up to 2% of cashback that you could possibly get.
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In order to get that, though, now the conditions, um, definitely worth looking into.
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You need to deposit at least 10% of your portfolio into the user's own coin.
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What's the coin code?
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The Nexo coin.
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Of course it is.
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And there's a minimum balance of$5,000.
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Um, so you need to have at least$500 worth of Nexo coins in your portfolio, and then you need to have four and a half thousand dollars of other things in there potentially, and then you can earn these two percent.
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Okay, but how much is Nex how much is Nexo worth?
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That's a good question.
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What is Nexo in in in USD?
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What is a Nexo coin worth?
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Yeah, well, Nexo coin is worth 71 cents today, um, but it was worth at its peak in 2021 almost 4.
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Oh, excellent.
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So it's doing really well.
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Probably can't get any worse.
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What if you buy in right now and that coin is worth 20 cents in a few months or in a year?
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You know, then all these two per the the the all the cashback that you're receiving, you know, what does it matter?
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I'm always skeptical with these kind of concepts when you have to buy into some sort of crypto coin or you know, in maybe even subscribe to subscription, funnel money into a platform in order to get a reward.
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That's always a always a red flag, always something definitely worth being being mindful of.
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Yeah, you are putting your money in harm's way potentially.
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I think Nexo deserves some credit because it is quite a unique idea in the sense that you can use your crypto as leverage, essentially borrow against it to spend in, say, fiat currency like GBP or USD, right?
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That's an interesting part of this, so you don't have to sell your assets on spending, like, for example, with that Doge card that we recently talked about, where like every transaction is a capital gains tax.
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That's interesting.
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FX as well, Jan, from a foreign exchange perspective.
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It's not a bad card to use, is it?
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0.2% on weekdays.
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Oh, I think it is.
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Damn it.
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It absolutely is, Johnny.
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You didn't read the whole thing here.
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It's not.
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Because you're paying 0.2% on weekdays and you're paying 0.25% on weekends, but that's only within the EEA, UK, and Switzerland.
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So it's 2%.
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Yes.
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Or 2.5% outside of that.
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So let's say you're planning a trip to the US, you want to use your Nexo card, um, and it's converting money for you, then you'd be paying 2% on weekdays and 2.5% on weekends.
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And that's that's not good at all.
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It's it's still better than Revolut on the weekends in Europe.
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In Europe, absolutely.
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Absolutely agree.
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Revolute standard.
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And ATM withdrawals are better, no fees up to 1800 pounds a month.
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With the platinum here.
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That's the equivalent to Revolut Ultra.
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Oh, that's the Platinum tier.
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How many tiers are there?
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So there are four tiers in total, and it depends on how much money you have with Nexo.
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Okay.
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Basically, the base tier is available to everyone.
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No Nexo tokens required.
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In order to qualify for that, you're getting half a percent of cash back, and I think 180 pounds of ATM allowance.
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Silver requires 1% of Nexo tokens against the rest of your portfolio.
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Um, that gives you 0.7% of cash back.
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Okay.
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And in order to get 1% of cash back, you gotta have at least 5% of Nexo tokens against your portfolio.
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And Platinum, as I already said, 10% of Nexo tokens against your portfolio.
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They're not really selling much here, are they?
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This isn't really that encouraging.
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Oh, they're definitely trying to sell their token, Johnny.
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That's what they're trying to do.
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You know, you know what's even what's even you know more alarming, at least on on paper?
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Y Rex.
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I think Y Rex is definitely uh definitely seems quite sketchy.
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Maybe sketchy is the wrong word.
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Um, you know, don't want to talk anyone down.
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You know, maybe they're all all legitimate and we just get the wrong impression.
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But looking at their website already, um, I don't know, that doesn't seem very professional.
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So the headline rate is up to 8% crypto back that you can get with Y-rex.
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Um in order to get that.
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Oh, there are many conditions um involved, Johnny.
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Um so basically, let's start.
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Let's start like that.
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There are three plans standard, premium, elite.
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And in each of these three plans, there are three tiers.
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There's an entry tier, there's an enhanced tier, and then there's an ultimate tier.
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Excluding standard.
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Standard only has the enhanced tier, it doesn't have an ultimate tier.
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In order to get the full 8%, you need to be part of the elite ultimate tier.
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And in order to be part of the elite ultimate tier, you need to first of all get a subscription.
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The subscription is uh 30 euros a month, and then lock 7.5 million WXT coins.
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So you need to have um 7.5 million WXT coins locked for 180 days in order to take advantage of this.
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What is one WXT is that right?
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WXT is a WXT token worth.
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0.1 cent.
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USD cent, sorry.
00:12:53.759 --> 00:13:04.159
So 0.1 USD cent, which means 7.5 million WXT coins still requires 8,250 USD in investment, more or less.
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Okay, so it's a big upfront investment for a coin worth.
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Yeah, and also like we can we can show this chart on a screen really quick.
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Um if you've done that in the past, I don't think it has worked out really well for you.
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Um token value went down pretty pretty significantly.
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Um I think down 90 96% all time.
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96%.
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Oh you know, yeah, it's not looking too much.
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You want to compensate for that?
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They should have should have paid you should should be paying 800% of uh crypto back.
00:13:35.360 --> 00:13:43.679
Um then we could argue it might be worth it, but um at 8%, you know, now imagine you buy in and then in six months the WXT coin is worthless.
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It's worth even less than right now.
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There could be bad investment.
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The website is very shady as well.
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It looks very, yeah, like these AI pictures.
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Oh, and this there's an AI photo of an old an uh bloke holding two cards in his hand.
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I'll pull that up for people that are that are watching this.
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He's got two cards in his hand, but he's looking, but it's like he should only have one.
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That's yeah, this is oh god, why how hasn't someone not noticed that like at Yrex and fix that?
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Okay, let's try to play devil's advocate here, okay?
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So they're they're offering you cash back.
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Crypto bank, crypto bank.
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Uh they're asking, yeah, they're crypto back, sorry.
00:14:23.759 --> 00:14:28.240
Um what is the FX?
00:14:28.320 --> 00:14:30.240
Okay, can I use it as a travel card, Jan?
00:14:30.480 --> 00:14:31.120
Kind of.
00:14:31.279 --> 00:14:38.480
Um 0% of X fee, but um there's a conversion spread that applies when crypto is converted to feat at a point of sale.
00:14:39.039 --> 00:14:40.480
So that's what it is.
00:14:40.639 --> 00:14:43.039
And I think you can't use the card um as a feat card.
00:14:43.120 --> 00:14:49.360
So you can't use um like let's say uh deposit British pounds and then just spend the British pounds within the card.
00:14:49.519 --> 00:14:51.279
That's not possible from my understanding.
00:14:51.440 --> 00:14:57.360
Could be could be slightly wrong, but to be also fair, it's it's very confusing looking at all these benefits, looking at all these tiers.
00:14:57.440 --> 00:14:59.360
I mean, how many different tiers do we have here, even?
00:14:59.840 --> 00:15:04.240
Um so you got three, nine tiers, nine different tiers.
00:15:04.879 --> 00:15:05.519
Hmm.
00:15:06.399 --> 00:15:07.679
You see what I mean, right?
00:15:07.840 --> 00:15:13.279
They have a 2.5 on trustpilot from 17,000 reviews.
00:15:13.440 --> 00:15:15.120
That's that's not bad.
00:15:15.200 --> 00:15:17.440
And for context, the crack card.
00:15:17.600 --> 00:15:21.679
A 1.9 from 130 reviews.
00:15:21.919 --> 00:15:28.720
So Yrex is better on the trust pilot score, doing better in terms of customer satisfaction.
00:15:28.879 --> 00:15:33.279
Um, I I mean, while we're here, while we're at it, we may as well also do the Nexo card.
00:15:33.440 --> 00:15:34.879
Let's check their trust pilot.
00:15:35.120 --> 00:15:36.960
They actually have a really good score, I believe.
00:15:37.200 --> 00:15:40.879
And I I can I can actually speak higher of that crypto platform.
00:15:40.960 --> 00:15:42.000
I think it's pretty intuitive.
00:15:42.080 --> 00:15:49.679
I've used it in the past um to make certain crypto investments, very calculated crypto investments in a in a very moderate scale, to be honest.
00:15:49.759 --> 00:15:50.720
And it was good for that.
00:15:50.879 --> 00:15:53.039
Did a good job, was intuitive, easy to open up.
00:15:53.279 --> 00:15:54.559
Did you did you come out ahead?
00:15:54.720 --> 00:15:59.840
No, I lost a lot of money with a stable coin, actually, um, which turned out not to be stable.
00:16:00.080 --> 00:16:04.320
I'm pretty sure anyone anyone in crypto knows the story, but um what was that?
00:16:04.399 --> 00:16:04.960
Um Terra.
00:16:05.200 --> 00:16:11.519
Terra USD, um, or the Korean guy um also went to jail, I believe.
00:16:11.759 --> 00:16:13.840
And then it was a it was a disaster.
00:16:13.919 --> 00:16:27.600
But one day I looked into my account and I was just just trying to to calculate the interest I was I received from the day before, and yeah, it turned out that the that the stable coin wasn't stable anymore, and um then I had to sell it, and I think I sold it for 30 cents on the dollar.
00:16:27.759 --> 00:16:28.399
Plutus.
00:16:28.559 --> 00:16:31.759
Plutus leads with a headline rate of up to nine percent.
00:16:31.919 --> 00:16:35.279
Um sounds extraordinary on paper, nine percent.
00:16:35.440 --> 00:16:38.480
Um, but you gotta be skeptical with this one, absolutely.
00:16:38.639 --> 00:16:44.799
Um again, we got um we got well, we got three tiers, and then we got nine levels.
00:16:45.039 --> 00:16:54.000
I mean, I think we should probably say straight away with this before we go any further that Plutus, I think, looks the most shady of the five that we have to talk about today.
00:16:54.240 --> 00:16:58.399
If you skip through Reddit, if you skip through Trustpilot, it doesn't even look like it's active anymore.
00:16:58.639 --> 00:17:00.720
Last post on Instagram was almost a year ago.
00:17:00.879 --> 00:17:11.200
I downloaded it as well, and the app is like just not functioning in any shape besides anything that requires you to upgrade or to pay for a plan.
00:17:11.519 --> 00:17:15.440
So it doesn't really work unless you want to send them money.
00:17:15.599 --> 00:17:17.680
So just I wanted to get that in there early.
00:17:17.839 --> 00:17:19.119
Let's talk about Plutus now.
00:17:19.200 --> 00:17:19.359
Sorry.
00:17:19.599 --> 00:17:21.200
Plutus has three different plans.
00:17:21.359 --> 00:17:24.240
They're subscription only, so you have to pay a monthly fee.
00:17:24.559 --> 00:17:34.319
Cheapest plan is starter, starts at uh 699 British pounds, um, gives you uh a spend cap of 250 pounds that's eligible for the cashback.
00:17:34.480 --> 00:17:44.960
Um so you'd be earning 3%, depending on which level you're on, um, which means maximum cashback in the base level is£7.50 every single month.
00:17:45.039 --> 00:17:51.920
Um, and that goes up with the premium plan, which costs£20, um, to£30.
00:17:52.720 --> 00:17:56.400
Where you'd be basically getting the cash back on a thousand.
00:17:56.640 --> 00:17:58.000
Oh wait, this is so confusing, John.
00:17:58.319 --> 00:18:00.799
Let me start again because this is not even half the story.
00:18:01.039 --> 00:18:02.640
Okay, but I'm I'm not gonna cut that out.
00:18:02.720 --> 00:18:04.160
You can just start again if you want.
00:18:04.400 --> 00:18:08.480
Alright, so there are three different plans starter everyday and premium.
00:18:08.640 --> 00:18:19.519
Starter plan costs 699 British pounds, premium plan costs uh close to 20 pounds, and then there are several different levels.
00:18:19.759 --> 00:18:30.319
The the levels determine your cashback rate, so that can be between three and nine percent, and they also determine the amount of perk slots that you're receiving.
00:18:30.480 --> 00:18:32.319
Perk slots, that's something we'll talk about later.
00:18:32.480 --> 00:18:43.039
Okay, okay, that's just focus purely on the cashback right now in order to clarify this concept, which you need to be a um a scientist for in order to understand, um, or mathematician at least.
00:18:43.200 --> 00:18:46.640
The plan only determines the eligible spent cap.
00:18:46.720 --> 00:18:54.720
So that starts at 250 pounds for starter when you're only spending 6.99 every single month for the subscription.
00:18:55.279 --> 00:18:59.599
And the premium plan allows for 1,000 pounds of eligible spent cap.
00:18:59.759 --> 00:19:14.000
So the absolute maximum amount of cashback that you can receive with Pluto if you subscribe to the£19.99 plan, and your honey badger, which is their absolute maximum level.
00:19:14.160 --> 00:19:18.559
In order to quali what you need to do in order to qualify that, I'm gonna talk about that in a in a second.
00:19:18.720 --> 00:19:25.680
Um, so the absolute maximum amount of cashback that you you can receive is 90 pounds per month, which sounds great on paper.
00:19:25.839 --> 00:19:29.039
Um, and in addition to that, you can get nine perk slots.
00:19:29.119 --> 00:19:30.079
What are perk slots?
00:19:30.240 --> 00:19:32.559
Perk slots are actually very interesting concepts.
00:19:32.799 --> 00:19:46.000
Um, you can pick between subscriptions that are available, and then basically Pluto's gives you the first 10 pounds that you spend with each of these subscriptions back to you in full.
00:19:46.160 --> 00:19:47.839
So it's like a refund that's happening.
00:19:48.000 --> 00:19:52.079
Um, it's paid in Plutos, their own coin, but um that's another story.
00:19:52.240 --> 00:20:02.480
So you'd be getting idea you could be technically, at least on paper, getting 90 pounds of cashback and 90 pounds worth of subscription refunds um into your account.
00:20:02.559 --> 00:20:04.000
That's 180 pounds, right?
00:20:04.079 --> 00:20:08.559
That sounds good in theory, but now let's talk about what you need to do in order to actually make that happen.
00:20:08.640 --> 00:20:17.680
So you don't just have to um subscribe to the the premium tier, which is 20 pounds a month in itself, but you also need to need to invest into their own coin.
00:20:17.839 --> 00:20:20.319
The PLU coin, as it's called.
00:20:20.480 --> 00:20:28.000
Um, and in order to get the get advanced to the highest level to become a honey badger, as they call it, which is a very resilient animal as well.
00:20:28.079 --> 00:20:42.319
We're gonna show one on the screen, you need to hold at least 40,000 PLU coins, which is worth 4,800 dollars or about 4,000 pounds.
00:20:42.400 --> 00:20:48.079
I think it's it's um one PLU coin is 10 pennies or 10 pence.
00:20:48.319 --> 00:20:50.480
One PLU coin is ten pence.
00:20:50.799 --> 00:20:57.920
So you need to hold at least four thousand British pounds in Pil U coins in order to become a honey badger with Pluto.
00:20:59.599 --> 00:21:02.480
Pluto's are you following me, Johnny?
00:21:02.640 --> 00:21:03.279
Are you following me?
00:21:04.480 --> 00:21:06.880
It is fascinatingly complicated, and you know what?
00:21:07.039 --> 00:21:08.799
I think that's part of the sale here.
00:21:08.960 --> 00:21:15.200
They try to confuse you as much as possible in order to make you think this is legitimate.
00:21:15.599 --> 00:21:17.759
I'm just trying to validate the company as well.
00:21:17.920 --> 00:21:18.799
Just going on.
00:21:19.039 --> 00:21:23.519
They're associated with block code limited in the UK as a registered company.
00:21:23.759 --> 00:21:32.319
Their confirmation statement is overdue, which is basically a way of you know you have to do it yearly, you just basically confirm with Company's House that you're still alive and functioning.
00:21:32.400 --> 00:21:33.440
That's overdue.
00:21:33.519 --> 00:21:35.200
Um, but only by about a month.
00:21:35.599 --> 00:21:35.839
Oh god.
00:21:36.079 --> 00:21:36.480
That's okay.
00:21:36.559 --> 00:21:38.160
It's only by about a month and it happens.
00:21:38.319 --> 00:21:44.720
Um and also five months ago, they apparently raised this is just how crazy venture capitalist or investment is.
00:21:44.799 --> 00:21:47.200
Like it they raised$2.3 million.
00:21:47.759 --> 00:21:59.519
You know, they might actually be fully legitimate, but uh uh looking at the website, trying to understand Yan, what you just described in terms of their plan structure, to me, it feels it it feels it.
00:22:00.079 --> 00:22:02.000
It feels f almost not real.
00:22:03.839 --> 00:22:10.480
Who in their right mind would design this in the first place and think that like a sentient being would be able to follow along with what they do.
00:22:10.640 --> 00:22:13.440
Then again, you have to buy into an existing crypto token, right?
00:22:13.519 --> 00:22:15.279
And that's that's the red flag again here.
00:22:15.359 --> 00:22:16.720
Um it's it's right there, Johnny.
00:22:16.880 --> 00:22:17.279
It's visible.
00:22:17.359 --> 00:22:20.559
It sounds too good to be true, and trust me, it is then, in most cases at least.
00:22:20.960 --> 00:22:25.200
Every swipe earned three percent at a minimum, every single swipe.
00:22:25.359 --> 00:22:26.640
But what if I swipe?
00:22:26.799 --> 00:22:33.119
What is the cost to me in terms of the um the crypto fees that I will have to pay when I swipe?
00:22:33.359 --> 00:22:37.359
I think there's a two and a half percent uh fee on non-domestic transaction.
00:22:37.759 --> 00:22:39.279
Definitely not a travel card then.
00:22:39.680 --> 00:22:39.920
No.
00:22:40.559 --> 00:22:44.240
Although you'd probably be better off using it instead of American Express.
00:22:44.559 --> 00:22:47.359
That's not that's not a recommendation.
00:22:47.519 --> 00:22:48.400
Um neither.
00:22:48.559 --> 00:22:49.839
I wouldn't use either.
00:22:50.079 --> 00:22:56.240
Um It's a 1% trading fee on starter and 0% on everyday and uh premium tiers.
00:22:56.799 --> 00:22:59.920
But am I um am I holding any fiat currency?
00:23:00.079 --> 00:23:07.599
So I am depositing, I can deposit fiat and I just have to trade fiat and buy their coin to get the cash back.
00:23:07.920 --> 00:23:14.640
But I could technically spend money with this card if I had GBP and you could you could have feat spending.
00:23:14.720 --> 00:23:15.759
That's my understanding at least.
00:23:15.920 --> 00:23:19.039
But the rewards they're credited in in PLU coins.
00:23:19.279 --> 00:23:21.279
In in in PLU coins, is that right?
00:23:21.519 --> 00:23:27.519
And if you want to earn more than three per 3%, you also need to hold PLU in the in the account, as I mentioned.
00:23:27.839 --> 00:23:31.279
I have to hold the Pilou to get m to get the cash back.
00:23:31.599 --> 00:23:35.279
Well, you need to have one Pilou in order to qualify for the 3%.
00:23:35.680 --> 00:23:38.079
That's basically um yeah how they make you.
00:23:38.640 --> 00:23:39.519
So you have to invest.
00:23:39.759 --> 00:23:45.920
One Power One P Lou you have to have in order to get uh to become part of the noob level, right?
00:23:46.079 --> 00:23:46.960
And then you can advance.
00:23:47.039 --> 00:23:54.640
And if you want to get the full 9% of the advertising, you need to become a honey badger, which means you need to hold at least 4,000 pounds worth of Pilou.
00:23:55.039 --> 00:23:56.960
What's the market cap of Pilou?
00:23:57.119 --> 00:23:58.480
Whoa, that's a good question.
00:23:58.640 --> 00:23:59.599
Um, one Pilou.
00:23:59.759 --> 00:24:02.240
Let's say Pilou coin, Plutuscoin, Pluton.
00:24:02.720 --> 00:24:05.599
$2,000 of volume traded in the last day.
00:24:05.759 --> 00:24:07.279
It's not very busy coin.
00:24:07.519 --> 00:24:08.240
Uh 2 million.
00:24:08.400 --> 00:24:10.720
2 million USD is the market cap on this one.
00:24:11.119 --> 00:24:11.279
Yes.
00:24:11.599 --> 00:24:14.960
And it's down all time, 96.13%.
00:24:16.799 --> 00:24:20.799
None of this, none of this could be validated by good cashback.
00:24:20.880 --> 00:24:25.519
You you you're not gonna convince me with three, eight, ten, a hundred percent cashback.
00:24:25.759 --> 00:24:27.119
Let's talk about a Bybit card.
00:24:27.200 --> 00:24:28.480
It becomes even crazier, Johnny.
00:24:28.640 --> 00:24:32.960
Day lead with a headline of up to ten percent, which is which sounds extraordinary.
00:24:33.119 --> 00:24:38.079
Literally, it says it's it says that in the headline of the website, up to ten percent that you can receive.
00:24:38.160 --> 00:24:38.960
Um, it's fascinating.
00:24:39.039 --> 00:24:43.839
In order to to get these ten percent, um, you need to be a freaking billionaire.
00:24:44.079 --> 00:24:44.480
What?
00:24:44.720 --> 00:24:48.559
Potentially, or at least um at least be very, very, very well.
00:24:49.200 --> 00:24:50.559
What do you mean you need to be a billionaire?
00:24:50.799 --> 00:25:04.160
So the conditions that are tied to the to the top tier, that's tier six in their card, yeah is that you need to spend at least$25,500 per month with their card or be a Bybit Supreme VIP member.
00:25:04.319 --> 00:25:29.279
To become a Bybit Supreme VIP member, you need to at least handle hundred million dollars of spot trading or five hundred million dollars of derivates trading within 30 days on their platform, half a billion dollars in derivates trading in order to qualify for this for this tier, which is by the way, um also comes with a cashback that's kept at 600 USDT per month.
00:25:29.599 --> 00:25:30.319
So it's not even unlimited.
00:25:32.160 --> 00:25:33.359
No, it's not unlimited.
00:25:33.519 --> 00:25:41.200
So you you you in order to get these, basically you can you can earn 10% on up to 6,000 US dollars in spending.
00:25:41.440 --> 00:25:42.559
Oh, wow.
00:25:42.880 --> 00:25:54.640
So imagine spending these$25,500 per month with the card in order to qualify for tier six, and then only six on you're you're only being rewarded on six thousand of these twenty-five thousand five hundred dollars?
00:25:54.799 --> 00:25:55.519
That's fascinating.
00:25:55.680 --> 00:25:56.480
It doesn't make sense.
00:25:56.640 --> 00:25:57.519
No, it can't be real.
00:25:57.680 --> 00:26:01.200
Look, if I I I I I've I've not experienced this.
00:26:01.440 --> 00:26:03.839
Okay, I'm not speaking from experience, I'm just speculating.
00:26:03.920 --> 00:26:10.240
But if I go to Wall Street with half a billion dollars to trade, I'm probably gonna get a Rolex.
00:26:10.640 --> 00:26:12.799
Or I'm probably gonna get showered with gifts.
00:26:13.039 --> 00:26:14.000
It's a pure speculation.
00:26:14.400 --> 00:26:15.359
I'm not getting six hundred dollars.
00:26:15.519 --> 00:26:16.000
Oh, if you don't.
00:26:16.240 --> 00:26:23.039
I mean, this is insane that they're offering No, well, I'm I I I mean, uh it may be in my dreams, but no, I've not had that opportunity.
00:26:23.119 --> 00:26:24.000
I'm just speculating.
00:26:24.079 --> 00:26:29.759
But I think if you took half a billion dollars to a hedge fund, they would try to impress you and try to win your business.
00:26:30.000 --> 00:26:30.480
Kind of, right?
00:26:30.640 --> 00:26:34.960
Like if you you know you found five hedge funds and you said I've got half a billion dollars, who wants it?
00:26:35.119 --> 00:26:42.079
They're gonna be like, oh, okay, we'll wine and dine you, maybe give you a gift, a kitchen, maybe they'll give you a new kitchen.
00:26:43.759 --> 00:26:45.440
Six hundred dollars?
00:26:45.839 --> 00:26:46.559
That's a joke.
00:26:46.720 --> 00:26:47.440
Yeah, it kind of is.
00:26:47.599 --> 00:26:48.880
That's a they've did they forget the zeros?
00:26:50.640 --> 00:26:52.160
It's not not all terrible.
00:26:52.480 --> 00:26:54.240
Tier one comes without conditions.
00:26:54.559 --> 00:26:57.200
And it pays two percent, which is good on paper still.
00:26:57.359 --> 00:26:59.200
Two percent on paper without conditions.
00:26:59.279 --> 00:27:00.319
Hey, why not?
00:27:00.559 --> 00:27:00.880
Right?
00:27:01.039 --> 00:27:04.079
Um, but the cashback is kept at five USDT per month.
00:27:04.480 --> 00:27:15.200
I just found a figure on the landing page that says new user exclusive up to five hundred and fifty-five percent APR.
00:27:15.359 --> 00:27:16.640
That is insane.
00:27:16.960 --> 00:27:18.559
500, what is that though?
00:27:18.720 --> 00:27:22.880
It's next to BTC savings and Ethereum offering 0.4% and 0.8%.
00:27:24.799 --> 00:27:28.400
You got 555% up new user exclusive.
00:27:28.559 --> 00:27:29.680
What is this nonsense?
00:27:29.920 --> 00:27:31.279
Anyway, where were we?
00:27:31.359 --> 00:27:33.680
Sorry, I got sidetracked by that ridiculous number.
00:27:33.839 --> 00:27:35.359
You're talking about cashback rates.
00:27:35.519 --> 00:27:36.640
Yeah, cashback rates.
00:27:36.720 --> 00:27:45.440
Um, if you handle$500 of spending with that card, um you can increase that cashback limit to 50 USDT per month and uh the 2% still apply.
00:27:45.599 --> 00:27:46.640
So it's not terrible.
00:27:46.799 --> 00:27:48.720
I think it can be quite useful actually.
00:27:48.880 --> 00:27:55.759
Um, but yeah, excluding like anything above tier two, I think I'd be I'd be very, very skeptical.
00:27:55.839 --> 00:28:02.160
And tier six is so far out of reach for most people that I think it's even it's not right that they're advertising it.
00:28:02.240 --> 00:28:03.839
You know, I would not advertise that.
00:28:03.920 --> 00:28:09.519
If it needs half a billion dollar derivatives trading, potentially, um why would you put that on the home page?
00:28:09.759 --> 00:28:16.799
Knowing that 99.99% of the people will not have these these funds available in order to qualify for this.
00:28:17.039 --> 00:28:18.960
So it's it's fascinating, Johnny.
00:28:19.200 --> 00:28:19.680
It's fascinating.
00:28:19.920 --> 00:28:24.640
That's what's strange, that's what's strange about this whole website is it's all very extravagant.
00:28:24.880 --> 00:28:41.039
These numbers, like this 555% savings account, this half a billion dollars in derivative trading to qualify for 600 uh a maximum sorry limit of 600 pounds or dollars, whatever currency it is in cashback, it's it's very odd.
00:28:41.119 --> 00:28:46.400
It's it doesn't make sense, it doesn't add up, which I guess is probably why we listed this as the last one.
00:28:47.039 --> 00:28:49.440
Um it's confusing, it's weird.
00:28:49.599 --> 00:28:56.079
But in this in the defense of Bybit, let's have a look at their trust pilot for a moment because it's a platform 2.7.
00:28:56.640 --> 00:28:56.960
Ah.
00:28:59.599 --> 00:29:03.759
From 7,479 reviews, I was hoping for something more impressive.
00:29:03.920 --> 00:29:09.519
If you're reading this review, I strongly recommend withdrawing your fronts from Bybit as soon as possible.
00:29:09.839 --> 00:29:13.279
Oh um they do respond though.
00:29:13.440 --> 00:29:15.920
They do respond to bad reviews.
00:29:16.079 --> 00:29:20.160
They are legitimate, but I just don't know if they are sane.
00:29:20.480 --> 00:29:22.319
You know what's very fascinating, Jenny?
00:29:22.640 --> 00:29:28.240
Now that we've talked about all of these five providers, which are which sound very compelling on the first look at least.
00:29:28.480 --> 00:29:28.960
Really?
00:29:29.440 --> 00:29:31.519
There's always a condition tied to it, right?
00:29:31.680 --> 00:29:42.240
Um and there are three kinds of things either you pay a subscription, you pay them money on a monthly basis, or you buy the coin, or you park a lot of money with them, or a combination of of all of these.
00:29:42.400 --> 00:29:50.240
You know, it makes me uh it makes me think it's it's really important to be skeptical nowadays because these these numbers they do sound very, very tempting.
00:29:50.400 --> 00:29:53.680
But um, in many cases, if something seems too good to be true, it is.
00:29:53.920 --> 00:29:55.440
It's just what it is, right?
00:29:55.759 --> 00:30:05.920
Because logically speaking, a card transaction, you know, um there's a ceiling on the fees that the that the card provider can charge the merchant, right?
00:30:06.079 --> 00:30:08.559
So is there room for 10% of cashback?
00:30:08.640 --> 00:30:12.240
No, there's not, because else no one would be offering accepting card payments anymore.
00:30:12.319 --> 00:30:23.359
If every card payment would cost the merchant um 11% or so, um so they the the um the card provider can give 10% back to the user, then you know no one would be offering card payments anymore.
00:30:23.440 --> 00:30:25.599
It's just not in there, it's not not part of the margin.
00:30:25.680 --> 00:30:26.240
It's not possible.
00:30:26.400 --> 00:30:36.319
Don't let yourself be impressed by the numbers and really try to look for for serious options that are legitimate, ideally with as many users as possible.
00:30:36.720 --> 00:30:38.799
And with some sort of deposit protection as well.
00:30:39.039 --> 00:30:39.359
Ideally.
00:30:39.599 --> 00:30:44.559
I'm not even sure if that's I I think that might be non-negotiable.
00:30:44.720 --> 00:30:52.960
I I'm curious to hear from anyone in the comments if they're willing to deposit money or lease large sums of money into an account which doesn't have some sort of protection.
00:30:53.680 --> 00:30:55.119
Um I'm certainly not.
00:30:55.279 --> 00:31:03.440
FSCS protection is solid for me or an EMI, which to be fair, Jan, if you're on crack, you get that level of protection.
00:31:03.680 --> 00:31:04.640
What's this name?
00:31:06.559 --> 00:31:09.200
Every time you say this, Johnny, I I think of something else.
00:31:09.359 --> 00:31:12.000
And that's uh yeah, I don't know.
00:31:12.319 --> 00:31:13.200
Not idea.
00:31:13.599 --> 00:31:14.720
I don't know what you're talking about.
00:31:14.960 --> 00:31:21.839
Yeah, I think there is a level of protection, at least with the crack card, that could somewhat justify taking a punt with it.
00:31:22.079 --> 00:31:28.799
And there are certainly people out there, like a lot of the products that we talk about day in, day out, there are certainly some people out there that could benefit from it.
00:31:29.039 --> 00:31:32.559
Like you said, like they're already investing crypto.
00:31:32.720 --> 00:31:41.200
Possibly they have 50,000 US dollars worth of Bitcoin, for example, they can put to work in there and then they can also generate cash back on their everyday spending.
00:31:41.519 --> 00:31:42.400
Fair enough.
00:31:42.640 --> 00:31:47.039
But besides that, Jan, I'm struggling to see any use case for any of the others.
00:31:47.200 --> 00:31:50.799
I mean, I'm not even sure one of them is real, uh, Plutus.
00:31:51.039 --> 00:31:58.160
And the other one, I mean, the other one's got the audacity to ask for half a billion dollars in trading for$600 in return.
00:31:58.400 --> 00:32:01.680
Jump in the Discord as well if you haven't already and you want to become a founding member.
00:32:01.839 --> 00:32:02.880
We'd love to see you over there.
00:32:02.960 --> 00:32:04.960
These are the sort of funny conversations that we're having.
00:32:05.119 --> 00:32:12.559
People are always sort of not necessarily recommending, but sharing and showing cards that you should probably be aware of in case you were fooled by them.
00:32:12.720 --> 00:32:14.400
I like that aspect of the Discord.
00:32:14.559 --> 00:32:16.160
I like the discovery aspect.
00:32:16.319 --> 00:32:19.279
I also love the fact that we can share or ask advice.
00:32:19.359 --> 00:32:23.200
Like I can I can seek out advice on what printer to buy, for example.
00:32:23.359 --> 00:32:25.279
Someone had a great recommendation the other day.
00:32:25.359 --> 00:32:28.880
It was Dan actually from the channel who recommended brother printers, Jan.
00:32:28.960 --> 00:32:32.799
I thought that was a really nice little thing, little aspect, little part of the Discord.
00:32:32.960 --> 00:32:41.119
Um, and one reason why I'd love to invite more people in selfishly, because then I could pick your brains for advice on stuff like what printer to buy.
00:32:41.279 --> 00:32:45.279
And on that note, Jan, it's time to say goodbye.
00:32:45.440 --> 00:32:46.640
Or I'll I'll be the same.
00:32:46.960 --> 00:32:48.160
See you in the next episode, everyone.
00:32:48.319 --> 00:32:49.839
It's been a pleasure, as always.
00:32:50.640 --> 00:32:51.039
Goodbye.
00:00:00.080 --> 00:00:02.640
Okay, welcome back to another episode of Banking Without Borders.
00:00:02.799 --> 00:00:10.000
So what about 10% cashback, or 8%, or 9%, or what about 555% APR?
00:00:10.160 --> 00:00:16.320
These are real numbers on real cards and accounts that real companies mostly are advertising.
00:00:16.559 --> 00:00:22.399
And by the end of this video, you're gonna understand why we'd recommend approximately none of them.
00:00:22.559 --> 00:00:24.079
And I'm gonna be clear up front.
00:00:24.239 --> 00:00:25.920
This is not a recommendation video.
00:00:26.079 --> 00:00:32.640
This is us pulling five of the strangest cards or accounts on the market to see what's actually going on underneath the hood.
00:00:32.719 --> 00:00:37.359
We've lined up five in order, the least mad to the most mad.
00:00:37.439 --> 00:00:42.000
And just to warn you up front, every single one of these has plan tiers, right?
00:00:42.240 --> 00:00:44.880
And they've got tiers on top of tiers.
00:00:45.039 --> 00:00:49.119
One of them has three plans with three levels per plan.
00:00:50.479 --> 00:00:53.359
I'll do the mass, that's nine combinations.
00:00:53.520 --> 00:00:57.119
So if this episode gets a bit weird or a bit tangled, please don't blame us.
00:00:57.200 --> 00:00:58.479
That's entirely their fault.
00:00:58.640 --> 00:01:03.439
So Jan, should we just begin the episode with some crack?
00:01:03.600 --> 00:01:11.840
Yeah, Johnny, the crack card, which is arguably the most boring, um, but also the most legitimate card on this um on this ranking.
00:01:11.920 --> 00:01:18.959
The headline rate is up to 2% of cashback, which you can get, um, and it varies depending on how much money you deposit with them.
00:01:19.120 --> 00:01:21.280
Under 1,000 pounds, you're getting half a percent.
00:01:21.439 --> 00:01:29.120
Above a thousand pounds, you're getting 1%, above 10,000 pounds, you're getting 1.5%, and above 50,000 pounds, you're getting 2%.
00:01:29.519 --> 00:01:31.040
That cashback is uncapped.
00:01:31.120 --> 00:01:34.159
Um, so you'd be earning these 2% on whatever you spent with that card.
00:01:34.319 --> 00:01:35.519
Sounds not too bad, right?
00:01:35.760 --> 00:01:38.079
Okay, so yeah, yeah.
00:01:38.159 --> 00:01:43.200
So the basics here are deposit 50k, get 2% cash back on everyday spending.
00:01:43.439 --> 00:01:44.319
That's right, Johnny.
00:01:44.400 --> 00:01:46.640
Um, and you might be might be thinking, why?
00:01:46.799 --> 00:01:47.599
Why would you do that?
00:01:47.760 --> 00:01:50.319
Why would you deposit 50k into this this account?
00:01:50.480 --> 00:01:55.680
Um, you've opened up an account of them already, you've shown it um to me in the app.
00:01:55.920 --> 00:02:00.640
Basically, they want to funnel you into their crypto platform.
00:02:00.799 --> 00:02:04.879
They want you to encourage, they want to encourage you to trade on their platform.
00:02:05.040 --> 00:02:07.840
Um, they're definitely, I mean, there would be a moment, right?
00:02:07.920 --> 00:02:13.199
You have that money deposited, there would be a moment where you think, oh, um, how do I get interest on that, right?
00:02:13.280 --> 00:02:15.199
How do I make get a return on investment?
00:02:15.280 --> 00:02:34.400
And obviously, you know, the the closest feature you can access that's close to interest is investing that into some kind of stablecoin, potentially into some um some other crypto coin, you know, um various options, but that's their whole incentive, and that's the only way they uh this this works, even right?
00:02:34.560 --> 00:02:36.240
Because why would they do that, Else?
00:02:36.639 --> 00:02:37.759
Yeah, it does sound like that.
00:02:37.840 --> 00:02:39.840
It's essentially just a marketing play, isn't it?
00:02:39.919 --> 00:02:45.280
They've decided that they're gonna offset the cost of providing you with cashback as a marketing trust.
00:02:45.759 --> 00:02:47.039
That's fine, that's normal.
00:02:47.199 --> 00:02:52.800
Um the card itself, I mean, there are there are some nice little benefits to this account.
00:02:52.960 --> 00:03:01.599
The cashback, I think, is expensive, and by that I mean it's quite a big ask to deposit 50k for 2%.
00:03:02.319 --> 00:03:07.280
I mean, let's just compare that for a moment to Chase UK and their 2% cashback.
00:03:07.360 --> 00:03:19.199
Yeah, and you're depositing your money in an FSCS protected account, first of all, with Chase UK, and this Crack account is it's an e-money institution through something called PSL.
00:03:19.520 --> 00:03:27.759
So there is some protection, and we should go as far as saying this is the only account out of the ones we're going to talk about today that has a level of protection to it.
00:03:27.919 --> 00:03:40.319
But with Crack, your money, if you deposit, if you decide to go with this, your money is deposited with Payward Service Limited, who are authorized by the FCA, and they are an EMI, which means any money you deposited into Crack would be ring-fenced.
00:03:40.400 --> 00:03:42.080
So it would technically be secure.
00:03:42.319 --> 00:03:45.599
But I I wanted to talk about comparatively to Chase UK for a moment.
00:03:45.680 --> 00:03:50.319
I mean, Chase UK are also offering 2%, and in return, they're not asking for£50,000.
00:03:50.800 --> 00:03:53.439
They're asking for you to deposit how much money per month.
00:03:53.599 --> 00:03:55.520
Let's just double check that to qualify.
00:03:55.759 --> 00:04:01.599
It's main you have to maintain a balance yan of just a thousand pounds across your Chase Saver accounts to qualify for 2%.
00:04:02.240 --> 00:04:07.599
That's not on every day spending, that's not on every possible merchant cart code available.
00:04:08.000 --> 00:04:15.840
But it's not£50,000 in a somewhat unprotected or it's not unprotected, but in arguably a less protected account.
00:04:16.399 --> 00:04:18.000
That immediately makes you wonder.
00:04:18.079 --> 00:04:19.439
I mean, this is yeah, this is quite clearly.
00:04:19.519 --> 00:04:20.879
I mean, Chase UK are doing it as well.
00:04:20.959 --> 00:04:23.120
They're offering cash back in return for your deposits.
00:04:23.199 --> 00:04:24.879
It's technically marketing as well.
00:04:25.040 --> 00:04:26.720
But it's such a big ask.
00:04:26.800 --> 00:04:28.399
They've got to have something else there.
00:04:28.639 --> 00:04:30.720
Salary match, and that's definitely worth mentioning.
00:04:30.879 --> 00:04:33.519
Salary match, the headline rate here is up to 1%.
00:04:34.000 --> 00:04:41.759
They basically um put on top of your salary um under the condition that you receive it into your crack account directly from your employer.
00:04:41.920 --> 00:04:42.079
Yeah.
00:04:42.240 --> 00:04:48.319
Um, in order to get the full 1%, again, you have to have a minimum balance of£50,000 of them.
00:04:48.480 --> 00:04:49.439
And um yeah.
00:04:49.920 --> 00:04:54.000
So I have to so I have to I have to show my employer that I'm using crack.
00:04:54.240 --> 00:04:54.560
Yeah.
00:04:54.800 --> 00:04:55.600
Is that right?
00:04:55.920 --> 00:04:57.920
Now that you're saying it, Johnny, that sounds sort of wrong.
00:04:58.240 --> 00:04:59.279
They'll see that I'm on crack.
00:04:59.519 --> 00:05:00.639
But that's that's interesting.
00:05:00.720 --> 00:05:00.959
Okay.
00:05:01.120 --> 00:05:01.680
Up to 1%.
00:05:02.079 --> 00:05:02.959
That's interesting, right?
00:05:03.040 --> 00:05:04.240
That seems quite unique as well.
00:05:04.399 --> 00:05:05.920
Find me a product like that elsewhere.
00:05:06.000 --> 00:05:10.079
That someone in the comments, by all means, jump in if it's some if it's somewhere else available.
00:05:10.240 --> 00:05:18.560
Um, you can all you can almost envisage maybe Revolute doing that like pre-2021, like in the earlier days, to encourage like salary deposits.
00:05:18.800 --> 00:05:20.879
Everybody's trying to do something like that, aren't they?
00:05:21.120 --> 00:05:26.959
All the banks, the fintechs, they're all interested in getting that salary deposit win.
00:05:27.040 --> 00:05:28.800
Like that's like gold dust, isn't it?
00:05:28.879 --> 00:05:33.439
Because it's recurring, reliable income that they can put on their balance sheet.
00:05:33.519 --> 00:05:36.399
And make no mistake about it, cracker trying to do it here as well.
00:05:36.480 --> 00:05:37.360
They're interested in getting that.
00:05:37.600 --> 00:05:42.800
If you have a minimum balance of a thousand pounds, you're still getting half a percent, which is not too bad, right?
00:05:42.959 --> 00:05:46.879
Um, but yeah, below that it starts being being unattractive.
00:05:46.959 --> 00:05:50.079
But a thousand pounds, it's that's accessible, that should be available to everyone.
00:05:50.160 --> 00:05:52.160
So that might actually be something worth thinking about.
00:05:52.319 --> 00:05:52.480
Yeah.
00:05:52.720 --> 00:05:54.720
Um, it's not terrible.
00:05:54.879 --> 00:05:56.480
It's not something to mention.
00:05:56.560 --> 00:06:02.560
Um, it requires two and a half thousand pounds a month of payroll, so this might not even be available to everyone.
00:06:02.639 --> 00:06:06.079
Um, if you're earning less than that, then um you cannot use that feature.
00:06:06.319 --> 00:06:06.639
Yeah.
00:06:06.879 --> 00:06:08.480
You know, there are pros and cons everywhere.
00:06:08.639 --> 00:06:10.879
But I think that's not terrible, it's actually quite a useful feature.
00:06:11.279 --> 00:06:12.639
And it's a travel car.
00:06:12.959 --> 00:06:13.519
It is a good one.
00:06:13.839 --> 00:06:15.120
Who'd have thought, right?
00:06:15.439 --> 00:06:16.079
It's a good one.
00:06:16.240 --> 00:06:16.720
It's a good one.
00:06:16.800 --> 00:06:18.639
And I want to use that word good loosely here.
00:06:18.720 --> 00:06:20.879
That doesn't mean that I'm recommending this account.
00:06:20.959 --> 00:06:27.839
Um, but if you were to put it up against, say, Starling, for example, from just a travel perspective, it basically matches it.
00:06:28.079 --> 00:06:32.319
You've got no fee on like no fixed fee on transactions, you've got no fixed ATM withdrawal fee.
00:06:32.399 --> 00:06:38.319
There's no ATM withdrawal limits either, apart from like daily limits on how much you can withdraw, which is pretty significant.
00:06:38.560 --> 00:06:44.399
Interestingly, the app displays the limits, even though my account is set to GBP in USD.
00:06:44.639 --> 00:06:44.959
Classic.
00:06:45.199 --> 00:06:47.920
Which stuff like that is always a bit of a red flag for me.
00:06:48.079 --> 00:06:52.319
Yeah, but I think it's a thousand USD per day in ATM withdrawal, somewhere around that.
00:06:52.399 --> 00:06:53.920
I'll pop it on the screen for those that are watching.
00:06:54.000 --> 00:06:57.199
And it uses MasterCard's FX rates just like Starling Yan.
00:06:57.279 --> 00:07:02.319
So we've stumbled across a pretty competitive travel card with this one.
00:07:02.560 --> 00:07:02.959
That's right.
00:07:03.199 --> 00:07:13.759
If you were to compare this Yan to Revolut pre-banking license, you could argue that this was a better travel card because they were, they're both, they both have EMI protections.
00:07:13.920 --> 00:07:23.519
Prior to getting fully licensed, but prior to getting that FSCS deposit protection, Revolut was an EMI, which meant that if you deposited money into a Revolu account, it was ring fenced at like Barclays or JP Morgan's.
00:07:23.600 --> 00:07:24.879
So your money was technically safe.
00:07:25.120 --> 00:07:33.600
You could argue, I know I'm hanging on this, I'm lingering on this, you could argue that this crack card is a better travel card than Revolut was back in like 2021, 2022.
00:07:33.680 --> 00:07:34.560
I think that's quite interesting.
00:07:34.639 --> 00:07:39.199
And out of all the providers we've got today, right, Jan, this is arguably the safest.
00:07:39.360 --> 00:07:43.519
So strap in everybody, because it gets a lot worse from here.
00:07:43.759 --> 00:07:44.319
That's right, John.
00:07:44.560 --> 00:07:48.240
Should we talk about a Nexo card, which has a very interesting concept, by the way?
00:07:48.399 --> 00:07:48.480
Yeah.
00:07:48.720 --> 00:07:52.240
Um, because that's a card that works in a dual mode, um, essentially.
00:07:52.399 --> 00:07:55.519
You can use it as a credit card, but you could also use it as a debit card.
00:07:55.600 --> 00:07:57.759
So I think that's quite innovative in itself.
00:07:58.000 --> 00:07:59.439
Definitely worth mentioning here.
00:07:59.600 --> 00:08:03.439
The headline rate is up to 2% of cashback that you could possibly get.
00:08:03.680 --> 00:08:08.800
In order to get that, though, now the conditions, um, definitely worth looking into.
00:08:09.040 --> 00:08:14.720
You need to deposit at least 10% of your portfolio into the user's own coin.
00:08:14.959 --> 00:08:15.680
What's the coin code?
00:08:15.920 --> 00:08:17.040
The Nexo coin.
00:08:17.519 --> 00:08:18.399
Of course it is.
00:08:18.560 --> 00:08:20.720
And there's a minimum balance of$5,000.
00:08:21.199 --> 00:08:33.759
Um, so you need to have at least$500 worth of Nexo coins in your portfolio, and then you need to have four and a half thousand dollars of other things in there potentially, and then you can earn these two percent.
00:08:34.000 --> 00:08:36.639
Okay, but how much is Nex how much is Nexo worth?
00:08:36.799 --> 00:08:38.000
That's a good question.
00:08:38.399 --> 00:08:40.960
What is Nexo in in in USD?
00:08:41.039 --> 00:08:42.399
What is a Nexo coin worth?
00:08:42.480 --> 00:08:49.279
Yeah, well, Nexo coin is worth 71 cents today, um, but it was worth at its peak in 2021 almost 4.
00:08:50.000 --> 00:08:50.480
Oh, excellent.
00:08:50.559 --> 00:08:51.840
So it's doing really well.
00:08:52.080 --> 00:08:53.039
Probably can't get any worse.
00:08:53.279 --> 00:08:58.639
What if you buy in right now and that coin is worth 20 cents in a few months or in a year?
00:08:58.799 --> 00:09:04.080
You know, then all these two per the the the all the cashback that you're receiving, you know, what does it matter?
00:09:04.240 --> 00:09:16.159
I'm always skeptical with these kind of concepts when you have to buy into some sort of crypto coin or you know, in maybe even subscribe to subscription, funnel money into a platform in order to get a reward.
00:09:16.240 --> 00:09:21.679
That's always a always a red flag, always something definitely worth being being mindful of.
00:09:21.919 --> 00:09:24.399
Yeah, you are putting your money in harm's way potentially.
00:09:24.559 --> 00:09:39.120
I think Nexo deserves some credit because it is quite a unique idea in the sense that you can use your crypto as leverage, essentially borrow against it to spend in, say, fiat currency like GBP or USD, right?
00:09:39.279 --> 00:09:50.320
That's an interesting part of this, so you don't have to sell your assets on spending, like, for example, with that Doge card that we recently talked about, where like every transaction is a capital gains tax.
00:09:50.480 --> 00:09:51.200
That's interesting.
00:09:51.440 --> 00:09:54.480
FX as well, Jan, from a foreign exchange perspective.
00:09:54.559 --> 00:09:56.639
It's not a bad card to use, is it?
00:09:56.799 --> 00:09:58.159
0.2% on weekdays.
00:09:58.399 --> 00:09:59.120
Oh, I think it is.
00:09:59.919 --> 00:10:00.399
Damn it.
00:10:00.639 --> 00:10:01.759
It absolutely is, Johnny.
00:10:01.919 --> 00:10:03.200
You didn't read the whole thing here.
00:10:03.440 --> 00:10:03.679
It's not.
00:10:04.000 --> 00:10:12.720
Because you're paying 0.2% on weekdays and you're paying 0.25% on weekends, but that's only within the EEA, UK, and Switzerland.
00:10:12.799 --> 00:10:13.440
So it's 2%.
00:10:13.840 --> 00:10:14.080
Yes.
00:10:14.240 --> 00:10:16.320
Or 2.5% outside of that.
00:10:16.480 --> 00:10:26.639
So let's say you're planning a trip to the US, you want to use your Nexo card, um, and it's converting money for you, then you'd be paying 2% on weekdays and 2.5% on weekends.
00:10:26.879 --> 00:10:28.799
And that's that's not good at all.
00:10:29.039 --> 00:10:32.080
It's it's still better than Revolut on the weekends in Europe.
00:10:32.320 --> 00:10:33.279
In Europe, absolutely.
00:10:33.440 --> 00:10:34.080
Absolutely agree.
00:10:34.159 --> 00:10:34.879
Revolute standard.
00:10:35.120 --> 00:10:38.639
And ATM withdrawals are better, no fees up to 1800 pounds a month.
00:10:38.879 --> 00:10:39.840
With the platinum here.
00:10:40.080 --> 00:10:41.759
That's the equivalent to Revolut Ultra.
00:10:42.000 --> 00:10:43.279
Oh, that's the Platinum tier.
00:10:43.360 --> 00:10:44.240
How many tiers are there?
00:10:44.399 --> 00:10:48.080
So there are four tiers in total, and it depends on how much money you have with Nexo.
00:10:48.159 --> 00:10:48.320
Okay.
00:10:48.559 --> 00:10:50.159
Basically, the base tier is available to everyone.
00:10:50.320 --> 00:10:51.519
No Nexo tokens required.
00:10:51.600 --> 00:10:58.080
In order to qualify for that, you're getting half a percent of cash back, and I think 180 pounds of ATM allowance.
00:10:58.480 --> 00:11:04.000
Silver requires 1% of Nexo tokens against the rest of your portfolio.
00:11:04.159 --> 00:11:07.279
Um, that gives you 0.7% of cash back.
00:11:07.679 --> 00:11:08.000
Okay.
00:11:08.399 --> 00:11:14.080
And in order to get 1% of cash back, you gotta have at least 5% of Nexo tokens against your portfolio.
00:11:14.240 --> 00:11:18.240
And Platinum, as I already said, 10% of Nexo tokens against your portfolio.
00:11:18.480 --> 00:11:20.320
They're not really selling much here, are they?
00:11:20.559 --> 00:11:21.840
This isn't really that encouraging.
00:11:22.080 --> 00:11:24.480
Oh, they're definitely trying to sell their token, Johnny.
00:11:25.200 --> 00:11:26.559
That's what they're trying to do.
00:11:26.799 --> 00:11:32.159
You know, you know what's even what's even you know more alarming, at least on on paper?
00:11:32.320 --> 00:11:32.799
Y Rex.
00:11:32.960 --> 00:11:37.919
I think Y Rex is definitely uh definitely seems quite sketchy.
00:11:38.080 --> 00:11:39.519
Maybe sketchy is the wrong word.
00:11:39.600 --> 00:11:41.679
Um, you know, don't want to talk anyone down.
00:11:41.919 --> 00:11:44.799
You know, maybe they're all all legitimate and we just get the wrong impression.
00:11:44.879 --> 00:11:49.200
But looking at their website already, um, I don't know, that doesn't seem very professional.
00:11:49.360 --> 00:11:53.120
So the headline rate is up to 8% crypto back that you can get with Y-rex.
00:11:53.360 --> 00:11:54.480
Um in order to get that.
00:11:54.639 --> 00:11:57.759
Oh, there are many conditions um involved, Johnny.
00:11:58.000 --> 00:11:59.360
Um so basically, let's start.
00:11:59.519 --> 00:12:00.240
Let's start like that.
00:12:00.320 --> 00:12:03.279
There are three plans standard, premium, elite.
00:12:03.919 --> 00:12:07.600
And in each of these three plans, there are three tiers.
00:12:07.919 --> 00:12:12.639
There's an entry tier, there's an enhanced tier, and then there's an ultimate tier.
00:12:12.720 --> 00:12:13.519
Excluding standard.
00:12:13.840 --> 00:12:16.799
Standard only has the enhanced tier, it doesn't have an ultimate tier.
00:12:17.120 --> 00:12:23.279
In order to get the full 8%, you need to be part of the elite ultimate tier.
00:12:23.840 --> 00:12:29.360
And in order to be part of the elite ultimate tier, you need to first of all get a subscription.
00:12:29.519 --> 00:12:37.600
The subscription is uh 30 euros a month, and then lock 7.5 million WXT coins.
00:12:38.000 --> 00:12:44.159
So you need to have um 7.5 million WXT coins locked for 180 days in order to take advantage of this.
00:12:44.480 --> 00:12:47.519
What is one WXT is that right?
00:12:48.080 --> 00:12:50.480
WXT is a WXT token worth.
00:12:50.720 --> 00:12:51.279
0.1 cent.
00:12:51.679 --> 00:12:53.200
USD cent, sorry.
00:12:53.759 --> 00:13:04.159
So 0.1 USD cent, which means 7.5 million WXT coins still requires 8,250 USD in investment, more or less.
00:13:04.480 --> 00:13:06.720
Okay, so it's a big upfront investment for a coin worth.
00:13:07.279 --> 00:13:10.879
Yeah, and also like we can we can show this chart on a screen really quick.
00:13:10.960 --> 00:13:15.519
Um if you've done that in the past, I don't think it has worked out really well for you.
00:13:15.759 --> 00:13:20.799
Um token value went down pretty pretty significantly.
00:13:21.039 --> 00:13:25.279
Um I think down 90 96% all time.
00:13:25.759 --> 00:13:26.240
96%.
00:13:27.279 --> 00:13:29.279
Oh you know, yeah, it's not looking too much.
00:13:29.519 --> 00:13:30.399
You want to compensate for that?
00:13:30.480 --> 00:13:35.120
They should have should have paid you should should be paying 800% of uh crypto back.
00:13:35.360 --> 00:13:43.679
Um then we could argue it might be worth it, but um at 8%, you know, now imagine you buy in and then in six months the WXT coin is worthless.
00:13:43.759 --> 00:13:45.279
It's worth even less than right now.
00:13:45.440 --> 00:13:48.240
There could be bad investment.
00:13:48.639 --> 00:13:50.480
The website is very shady as well.
00:13:50.559 --> 00:13:53.679
It looks very, yeah, like these AI pictures.
00:13:53.840 --> 00:13:59.679
Oh, and this there's an AI photo of an old an uh bloke holding two cards in his hand.
00:14:00.240 --> 00:14:03.519
I'll pull that up for people that are that are watching this.
00:14:03.679 --> 00:14:07.919
He's got two cards in his hand, but he's looking, but it's like he should only have one.
00:14:08.080 --> 00:14:14.080
That's yeah, this is oh god, why how hasn't someone not noticed that like at Yrex and fix that?
00:14:14.320 --> 00:14:17.279
Okay, let's try to play devil's advocate here, okay?
00:14:17.360 --> 00:14:18.720
So they're they're offering you cash back.
00:14:19.200 --> 00:14:20.639
Crypto bank, crypto bank.
00:14:20.879 --> 00:14:23.600
Uh they're asking, yeah, they're crypto back, sorry.
00:14:23.759 --> 00:14:28.240
Um what is the FX?
00:14:28.320 --> 00:14:30.240
Okay, can I use it as a travel card, Jan?
00:14:30.480 --> 00:14:31.120
Kind of.
00:14:31.279 --> 00:14:38.480
Um 0% of X fee, but um there's a conversion spread that applies when crypto is converted to feat at a point of sale.
00:14:39.039 --> 00:14:40.480
So that's what it is.
00:14:40.639 --> 00:14:43.039
And I think you can't use the card um as a feat card.
00:14:43.120 --> 00:14:49.360
So you can't use um like let's say uh deposit British pounds and then just spend the British pounds within the card.
00:14:49.519 --> 00:14:51.279
That's not possible from my understanding.
00:14:51.440 --> 00:14:57.360
Could be could be slightly wrong, but to be also fair, it's it's very confusing looking at all these benefits, looking at all these tiers.
00:14:57.440 --> 00:14:59.360
I mean, how many different tiers do we have here, even?
00:14:59.840 --> 00:15:04.240
Um so you got three, nine tiers, nine different tiers.
00:15:04.879 --> 00:15:05.519
Hmm.
00:15:06.399 --> 00:15:07.679
You see what I mean, right?
00:15:07.840 --> 00:15:13.279
They have a 2.5 on trustpilot from 17,000 reviews.
00:15:13.440 --> 00:15:15.120
That's that's not bad.
00:15:15.200 --> 00:15:17.440
And for context, the crack card.
00:15:17.600 --> 00:15:21.679
A 1.9 from 130 reviews.
00:15:21.919 --> 00:15:28.720
So Yrex is better on the trust pilot score, doing better in terms of customer satisfaction.
00:15:28.879 --> 00:15:33.279
Um, I I mean, while we're here, while we're at it, we may as well also do the Nexo card.
00:15:33.440 --> 00:15:34.879
Let's check their trust pilot.
00:15:35.120 --> 00:15:36.960
They actually have a really good score, I believe.
00:15:37.200 --> 00:15:40.879
And I I can I can actually speak higher of that crypto platform.
00:15:40.960 --> 00:15:42.000
I think it's pretty intuitive.
00:15:42.080 --> 00:15:49.679
I've used it in the past um to make certain crypto investments, very calculated crypto investments in a in a very moderate scale, to be honest.
00:15:49.759 --> 00:15:50.720
And it was good for that.
00:15:50.879 --> 00:15:53.039
Did a good job, was intuitive, easy to open up.
00:15:53.279 --> 00:15:54.559
Did you did you come out ahead?
00:15:54.720 --> 00:15:59.840
No, I lost a lot of money with a stable coin, actually, um, which turned out not to be stable.
00:16:00.080 --> 00:16:04.320
I'm pretty sure anyone anyone in crypto knows the story, but um what was that?
00:16:04.399 --> 00:16:04.960
Um Terra.
00:16:05.200 --> 00:16:11.519
Terra USD, um, or the Korean guy um also went to jail, I believe.
00:16:11.759 --> 00:16:13.840
And then it was a it was a disaster.
00:16:13.919 --> 00:16:27.600
But one day I looked into my account and I was just just trying to to calculate the interest I was I received from the day before, and yeah, it turned out that the that the stable coin wasn't stable anymore, and um then I had to sell it, and I think I sold it for 30 cents on the dollar.
00:16:27.759 --> 00:16:28.399
Plutus.
00:16:28.559 --> 00:16:31.759
Plutus leads with a headline rate of up to nine percent.
00:16:31.919 --> 00:16:35.279
Um sounds extraordinary on paper, nine percent.
00:16:35.440 --> 00:16:38.480
Um, but you gotta be skeptical with this one, absolutely.
00:16:38.639 --> 00:16:44.799
Um again, we got um we got well, we got three tiers, and then we got nine levels.
00:16:45.039 --> 00:16:54.000
I mean, I think we should probably say straight away with this before we go any further that Plutus, I think, looks the most shady of the five that we have to talk about today.
00:16:54.240 --> 00:16:58.399
If you skip through Reddit, if you skip through Trustpilot, it doesn't even look like it's active anymore.
00:16:58.639 --> 00:17:00.720
Last post on Instagram was almost a year ago.
00:17:00.879 --> 00:17:11.200
I downloaded it as well, and the app is like just not functioning in any shape besides anything that requires you to upgrade or to pay for a plan.
00:17:11.519 --> 00:17:15.440
So it doesn't really work unless you want to send them money.
00:17:15.599 --> 00:17:17.680
So just I wanted to get that in there early.
00:17:17.839 --> 00:17:19.119
Let's talk about Plutus now.
00:17:19.200 --> 00:17:19.359
Sorry.
00:17:19.599 --> 00:17:21.200
Plutus has three different plans.
00:17:21.359 --> 00:17:24.240
They're subscription only, so you have to pay a monthly fee.
00:17:24.559 --> 00:17:34.319
Cheapest plan is starter, starts at uh 699 British pounds, um, gives you uh a spend cap of 250 pounds that's eligible for the cashback.
00:17:34.480 --> 00:17:44.960
Um so you'd be earning 3%, depending on which level you're on, um, which means maximum cashback in the base level is£7.50 every single month.
00:17:45.039 --> 00:17:51.920
Um, and that goes up with the premium plan, which costs£20, um, to£30.
00:17:52.720 --> 00:17:56.400
Where you'd be basically getting the cash back on a thousand.
00:17:56.640 --> 00:17:58.000
Oh wait, this is so confusing, John.
00:17:58.319 --> 00:18:00.799
Let me start again because this is not even half the story.
00:18:01.039 --> 00:18:02.640
Okay, but I'm I'm not gonna cut that out.
00:18:02.720 --> 00:18:04.160
You can just start again if you want.
00:18:04.400 --> 00:18:08.480
Alright, so there are three different plans starter everyday and premium.
00:18:08.640 --> 00:18:19.519
Starter plan costs 699 British pounds, premium plan costs uh close to 20 pounds, and then there are several different levels.
00:18:19.759 --> 00:18:30.319
The the levels determine your cashback rate, so that can be between three and nine percent, and they also determine the amount of perk slots that you're receiving.
00:18:30.480 --> 00:18:32.319
Perk slots, that's something we'll talk about later.
00:18:32.480 --> 00:18:43.039
Okay, okay, that's just focus purely on the cashback right now in order to clarify this concept, which you need to be a um a scientist for in order to understand, um, or mathematician at least.
00:18:43.200 --> 00:18:46.640
The plan only determines the eligible spent cap.
00:18:46.720 --> 00:18:54.720
So that starts at 250 pounds for starter when you're only spending 6.99 every single month for the subscription.
00:18:55.279 --> 00:18:59.599
And the premium plan allows for 1,000 pounds of eligible spent cap.
00:18:59.759 --> 00:19:14.000
So the absolute maximum amount of cashback that you can receive with Pluto if you subscribe to the£19.99 plan, and your honey badger, which is their absolute maximum level.
00:19:14.160 --> 00:19:18.559
In order to quali what you need to do in order to qualify that, I'm gonna talk about that in a in a second.
00:19:18.720 --> 00:19:25.680
Um, so the absolute maximum amount of cashback that you you can receive is 90 pounds per month, which sounds great on paper.
00:19:25.839 --> 00:19:29.039
Um, and in addition to that, you can get nine perk slots.
00:19:29.119 --> 00:19:30.079
What are perk slots?
00:19:30.240 --> 00:19:32.559
Perk slots are actually very interesting concepts.
00:19:32.799 --> 00:19:46.000
Um, you can pick between subscriptions that are available, and then basically Pluto's gives you the first 10 pounds that you spend with each of these subscriptions back to you in full.
00:19:46.160 --> 00:19:47.839
So it's like a refund that's happening.
00:19:48.000 --> 00:19:52.079
Um, it's paid in Plutos, their own coin, but um that's another story.
00:19:52.240 --> 00:20:02.480
So you'd be getting idea you could be technically, at least on paper, getting 90 pounds of cashback and 90 pounds worth of subscription refunds um into your account.
00:20:02.559 --> 00:20:04.000
That's 180 pounds, right?
00:20:04.079 --> 00:20:08.559
That sounds good in theory, but now let's talk about what you need to do in order to actually make that happen.
00:20:08.640 --> 00:20:17.680
So you don't just have to um subscribe to the the premium tier, which is 20 pounds a month in itself, but you also need to need to invest into their own coin.
00:20:17.839 --> 00:20:20.319
The PLU coin, as it's called.
00:20:20.480 --> 00:20:28.000
Um, and in order to get the get advanced to the highest level to become a honey badger, as they call it, which is a very resilient animal as well.
00:20:28.079 --> 00:20:42.319
We're gonna show one on the screen, you need to hold at least 40,000 PLU coins, which is worth 4,800 dollars or about 4,000 pounds.
00:20:42.400 --> 00:20:48.079
I think it's it's um one PLU coin is 10 pennies or 10 pence.
00:20:48.319 --> 00:20:50.480
One PLU coin is ten pence.
00:20:50.799 --> 00:20:57.920
So you need to hold at least four thousand British pounds in Pil U coins in order to become a honey badger with Pluto.
00:20:59.599 --> 00:21:02.480
Pluto's are you following me, Johnny?
00:21:02.640 --> 00:21:03.279
Are you following me?
00:21:04.480 --> 00:21:06.880
It is fascinatingly complicated, and you know what?
00:21:07.039 --> 00:21:08.799
I think that's part of the sale here.
00:21:08.960 --> 00:21:15.200
They try to confuse you as much as possible in order to make you think this is legitimate.
00:21:15.599 --> 00:21:17.759
I'm just trying to validate the company as well.
00:21:17.920 --> 00:21:18.799
Just going on.
00:21:19.039 --> 00:21:23.519
They're associated with block code limited in the UK as a registered company.
00:21:23.759 --> 00:21:32.319
Their confirmation statement is overdue, which is basically a way of you know you have to do it yearly, you just basically confirm with Company's House that you're still alive and functioning.
00:21:32.400 --> 00:21:33.440
That's overdue.
00:21:33.519 --> 00:21:35.200
Um, but only by about a month.
00:21:35.599 --> 00:21:35.839
Oh god.
00:21:36.079 --> 00:21:36.480
That's okay.
00:21:36.559 --> 00:21:38.160
It's only by about a month and it happens.
00:21:38.319 --> 00:21:44.720
Um and also five months ago, they apparently raised this is just how crazy venture capitalist or investment is.
00:21:44.799 --> 00:21:47.200
Like it they raised$2.3 million.
00:21:47.759 --> 00:21:59.519
You know, they might actually be fully legitimate, but uh uh looking at the website, trying to understand Yan, what you just described in terms of their plan structure, to me, it feels it it feels it.
00:22:00.079 --> 00:22:02.000
It feels f almost not real.
00:22:03.839 --> 00:22:10.480
Who in their right mind would design this in the first place and think that like a sentient being would be able to follow along with what they do.
00:22:10.640 --> 00:22:13.440
Then again, you have to buy into an existing crypto token, right?
00:22:13.519 --> 00:22:15.279
And that's that's the red flag again here.
00:22:15.359 --> 00:22:16.720
Um it's it's right there, Johnny.
00:22:16.880 --> 00:22:17.279
It's visible.
00:22:17.359 --> 00:22:20.559
It sounds too good to be true, and trust me, it is then, in most cases at least.
00:22:20.960 --> 00:22:25.200
Every swipe earned three percent at a minimum, every single swipe.
00:22:25.359 --> 00:22:26.640
But what if I swipe?
00:22:26.799 --> 00:22:33.119
What is the cost to me in terms of the um the crypto fees that I will have to pay when I swipe?
00:22:33.359 --> 00:22:37.359
I think there's a two and a half percent uh fee on non-domestic transaction.
00:22:37.759 --> 00:22:39.279
Definitely not a travel card then.
00:22:39.680 --> 00:22:39.920
No.
00:22:40.559 --> 00:22:44.240
Although you'd probably be better off using it instead of American Express.
00:22:44.559 --> 00:22:47.359
That's not that's not a recommendation.
00:22:47.519 --> 00:22:48.400
Um neither.
00:22:48.559 --> 00:22:49.839
I wouldn't use either.
00:22:50.079 --> 00:22:56.240
Um It's a 1% trading fee on starter and 0% on everyday and uh premium tiers.
00:22:56.799 --> 00:22:59.920
But am I um am I holding any fiat currency?
00:23:00.079 --> 00:23:07.599
So I am depositing, I can deposit fiat and I just have to trade fiat and buy their coin to get the cash back.
00:23:07.920 --> 00:23:14.640
But I could technically spend money with this card if I had GBP and you could you could have feat spending.
00:23:14.720 --> 00:23:15.759
That's my understanding at least.
00:23:15.920 --> 00:23:19.039
But the rewards they're credited in in PLU coins.
00:23:19.279 --> 00:23:21.279
In in in PLU coins, is that right?
00:23:21.519 --> 00:23:27.519
And if you want to earn more than three per 3%, you also need to hold PLU in the in the account, as I mentioned.
00:23:27.839 --> 00:23:31.279
I have to hold the Pilou to get m to get the cash back.
00:23:31.599 --> 00:23:35.279
Well, you need to have one Pilou in order to qualify for the 3%.
00:23:35.680 --> 00:23:38.079
That's basically um yeah how they make you.
00:23:38.640 --> 00:23:39.519
So you have to invest.
00:23:39.759 --> 00:23:45.920
One Power One P Lou you have to have in order to get uh to become part of the noob level, right?
00:23:46.079 --> 00:23:46.960
And then you can advance.
00:23:47.039 --> 00:23:54.640
And if you want to get the full 9% of the advertising, you need to become a honey badger, which means you need to hold at least 4,000 pounds worth of Pilou.
00:23:55.039 --> 00:23:56.960
What's the market cap of Pilou?
00:23:57.119 --> 00:23:58.480
Whoa, that's a good question.
00:23:58.640 --> 00:23:59.599
Um, one Pilou.
00:23:59.759 --> 00:24:02.240
Let's say Pilou coin, Plutuscoin, Pluton.
00:24:02.720 --> 00:24:05.599
$2,000 of volume traded in the last day.
00:24:05.759 --> 00:24:07.279
It's not very busy coin.
00:24:07.519 --> 00:24:08.240
Uh 2 million.
00:24:08.400 --> 00:24:10.720
2 million USD is the market cap on this one.
00:24:11.119 --> 00:24:11.279
Yes.
00:24:11.599 --> 00:24:14.960
And it's down all time, 96.13%.
00:24:16.799 --> 00:24:20.799
None of this, none of this could be validated by good cashback.
00:24:20.880 --> 00:24:25.519
You you you're not gonna convince me with three, eight, ten, a hundred percent cashback.
00:24:25.759 --> 00:24:27.119
Let's talk about a Bybit card.
00:24:27.200 --> 00:24:28.480
It becomes even crazier, Johnny.
00:24:28.640 --> 00:24:32.960
Day lead with a headline of up to ten percent, which is which sounds extraordinary.
00:24:33.119 --> 00:24:38.079
Literally, it says it's it says that in the headline of the website, up to ten percent that you can receive.
00:24:38.160 --> 00:24:38.960
Um, it's fascinating.
00:24:39.039 --> 00:24:43.839
In order to to get these ten percent, um, you need to be a freaking billionaire.
00:24:44.079 --> 00:24:44.480
What?
00:24:44.720 --> 00:24:48.559
Potentially, or at least um at least be very, very, very well.
00:24:49.200 --> 00:24:50.559
What do you mean you need to be a billionaire?
00:24:50.799 --> 00:25:04.160
So the conditions that are tied to the to the top tier, that's tier six in their card, yeah is that you need to spend at least$25,500 per month with their card or be a Bybit Supreme VIP member.
00:25:04.319 --> 00:25:29.279
To become a Bybit Supreme VIP member, you need to at least handle hundred million dollars of spot trading or five hundred million dollars of derivates trading within 30 days on their platform, half a billion dollars in derivates trading in order to qualify for this for this tier, which is by the way, um also comes with a cashback that's kept at 600 USDT per month.
00:25:29.599 --> 00:25:30.319
So it's not even unlimited.
00:25:32.160 --> 00:25:33.359
No, it's not unlimited.
00:25:33.519 --> 00:25:41.200
So you you you in order to get these, basically you can you can earn 10% on up to 6,000 US dollars in spending.
00:25:41.440 --> 00:25:42.559
Oh, wow.
00:25:42.880 --> 00:25:54.640
So imagine spending these$25,500 per month with the card in order to qualify for tier six, and then only six on you're you're only being rewarded on six thousand of these twenty-five thousand five hundred dollars?
00:25:54.799 --> 00:25:55.519
That's fascinating.
00:25:55.680 --> 00:25:56.480
It doesn't make sense.
00:25:56.640 --> 00:25:57.519
No, it can't be real.
00:25:57.680 --> 00:26:01.200
Look, if I I I I I've I've not experienced this.
00:26:01.440 --> 00:26:03.839
Okay, I'm not speaking from experience, I'm just speculating.
00:26:03.920 --> 00:26:10.240
But if I go to Wall Street with half a billion dollars to trade, I'm probably gonna get a Rolex.
00:26:10.640 --> 00:26:12.799
Or I'm probably gonna get showered with gifts.
00:26:13.039 --> 00:26:14.000
It's a pure speculation.
00:26:14.400 --> 00:26:15.359
I'm not getting six hundred dollars.
00:26:15.519 --> 00:26:16.000
Oh, if you don't.
00:26:16.240 --> 00:26:23.039
I mean, this is insane that they're offering No, well, I'm I I I mean, uh it may be in my dreams, but no, I've not had that opportunity.
00:26:23.119 --> 00:26:24.000
I'm just speculating.
00:26:24.079 --> 00:26:29.759
But I think if you took half a billion dollars to a hedge fund, they would try to impress you and try to win your business.
00:26:30.000 --> 00:26:30.480
Kind of, right?
00:26:30.640 --> 00:26:34.960
Like if you you know you found five hedge funds and you said I've got half a billion dollars, who wants it?
00:26:35.119 --> 00:26:42.079
They're gonna be like, oh, okay, we'll wine and dine you, maybe give you a gift, a kitchen, maybe they'll give you a new kitchen.
00:26:43.759 --> 00:26:45.440
Six hundred dollars?
00:26:45.839 --> 00:26:46.559
That's a joke.
00:26:46.720 --> 00:26:47.440
Yeah, it kind of is.
00:26:47.599 --> 00:26:48.880
That's a they've did they forget the zeros?
00:26:50.640 --> 00:26:52.160
It's not not all terrible.
00:26:52.480 --> 00:26:54.240
Tier one comes without conditions.
00:26:54.559 --> 00:26:57.200
And it pays two percent, which is good on paper still.
00:26:57.359 --> 00:26:59.200
Two percent on paper without conditions.
00:26:59.279 --> 00:27:00.319
Hey, why not?
00:27:00.559 --> 00:27:00.880
Right?
00:27:01.039 --> 00:27:04.079
Um, but the cashback is kept at five USDT per month.
00:27:04.480 --> 00:27:15.200
I just found a figure on the landing page that says new user exclusive up to five hundred and fifty-five percent APR.
00:27:15.359 --> 00:27:16.640
That is insane.
00:27:16.960 --> 00:27:18.559
500, what is that though?
00:27:18.720 --> 00:27:22.880
It's next to BTC savings and Ethereum offering 0.4% and 0.8%.
00:27:24.799 --> 00:27:28.400
You got 555% up new user exclusive.
00:27:28.559 --> 00:27:29.680
What is this nonsense?
00:27:29.920 --> 00:27:31.279
Anyway, where were we?
00:27:31.359 --> 00:27:33.680
Sorry, I got sidetracked by that ridiculous number.
00:27:33.839 --> 00:27:35.359
You're talking about cashback rates.
00:27:35.519 --> 00:27:36.640
Yeah, cashback rates.
00:27:36.720 --> 00:27:45.440
Um, if you handle$500 of spending with that card, um you can increase that cashback limit to 50 USDT per month and uh the 2% still apply.
00:27:45.599 --> 00:27:46.640
So it's not terrible.
00:27:46.799 --> 00:27:48.720
I think it can be quite useful actually.
00:27:48.880 --> 00:27:55.759
Um, but yeah, excluding like anything above tier two, I think I'd be I'd be very, very skeptical.
00:27:55.839 --> 00:28:02.160
And tier six is so far out of reach for most people that I think it's even it's not right that they're advertising it.
00:28:02.240 --> 00:28:03.839
You know, I would not advertise that.
00:28:03.920 --> 00:28:09.519
If it needs half a billion dollar derivatives trading, potentially, um why would you put that on the home page?
00:28:09.759 --> 00:28:16.799
Knowing that 99.99% of the people will not have these these funds available in order to qualify for this.
00:28:17.039 --> 00:28:18.960
So it's it's fascinating, Johnny.
00:28:19.200 --> 00:28:19.680
It's fascinating.
00:28:19.920 --> 00:28:24.640
That's what's strange, that's what's strange about this whole website is it's all very extravagant.
00:28:24.880 --> 00:28:41.039
These numbers, like this 555% savings account, this half a billion dollars in derivative trading to qualify for 600 uh a maximum sorry limit of 600 pounds or dollars, whatever currency it is in cashback, it's it's very odd.
00:28:41.119 --> 00:28:46.400
It's it doesn't make sense, it doesn't add up, which I guess is probably why we listed this as the last one.
00:28:47.039 --> 00:28:49.440
Um it's confusing, it's weird.
00:28:49.599 --> 00:28:56.079
But in this in the defense of Bybit, let's have a look at their trust pilot for a moment because it's a platform 2.7.
00:28:56.640 --> 00:28:56.960
Ah.
00:28:59.599 --> 00:29:03.759
From 7,479 reviews, I was hoping for something more impressive.
00:29:03.920 --> 00:29:09.519
If you're reading this review, I strongly recommend withdrawing your fronts from Bybit as soon as possible.
00:29:09.839 --> 00:29:13.279
Oh um they do respond though.
00:29:13.440 --> 00:29:15.920
They do respond to bad reviews.
00:29:16.079 --> 00:29:20.160
They are legitimate, but I just don't know if they are sane.
00:29:20.480 --> 00:29:22.319
You know what's very fascinating, Jenny?
00:29:22.640 --> 00:29:28.240
Now that we've talked about all of these five providers, which are which sound very compelling on the first look at least.
00:29:28.480 --> 00:29:28.960
Really?
00:29:29.440 --> 00:29:31.519
There's always a condition tied to it, right?
00:29:31.680 --> 00:29:42.240
Um and there are three kinds of things either you pay a subscription, you pay them money on a monthly basis, or you buy the coin, or you park a lot of money with them, or a combination of of all of these.
00:29:42.400 --> 00:29:50.240
You know, it makes me uh it makes me think it's it's really important to be skeptical nowadays because these these numbers they do sound very, very tempting.
00:29:50.400 --> 00:29:53.680
But um, in many cases, if something seems too good to be true, it is.
00:29:53.920 --> 00:29:55.440
It's just what it is, right?
00:29:55.759 --> 00:30:05.920
Because logically speaking, a card transaction, you know, um there's a ceiling on the fees that the that the card provider can charge the merchant, right?
00:30:06.079 --> 00:30:08.559
So is there room for 10% of cashback?
00:30:08.640 --> 00:30:12.240
No, there's not, because else no one would be offering accepting card payments anymore.
00:30:12.319 --> 00:30:23.359
If every card payment would cost the merchant um 11% or so, um so they the the um the card provider can give 10% back to the user, then you know no one would be offering card payments anymore.
00:30:23.440 --> 00:30:25.599
It's just not in there, it's not not part of the margin.
00:30:25.680 --> 00:30:26.240
It's not possible.
00:30:26.400 --> 00:30:36.319
Don't let yourself be impressed by the numbers and really try to look for for serious options that are legitimate, ideally with as many users as possible.
00:30:36.720 --> 00:30:38.799
And with some sort of deposit protection as well.
00:30:39.039 --> 00:30:39.359
Ideally.
00:30:39.599 --> 00:30:44.559
I'm not even sure if that's I I think that might be non-negotiable.
00:30:44.720 --> 00:30:52.960
I I'm curious to hear from anyone in the comments if they're willing to deposit money or lease large sums of money into an account which doesn't have some sort of protection.
00:30:53.680 --> 00:30:55.119
Um I'm certainly not.
00:30:55.279 --> 00:31:03.440
FSCS protection is solid for me or an EMI, which to be fair, Jan, if you're on crack, you get that level of protection.
00:31:03.680 --> 00:31:04.640
What's this name?
00:31:06.559 --> 00:31:09.200
Every time you say this, Johnny, I I think of something else.
00:31:09.359 --> 00:31:12.000
And that's uh yeah, I don't know.
00:31:12.319 --> 00:31:13.200
Not idea.
00:31:13.599 --> 00:31:14.720
I don't know what you're talking about.
00:31:14.960 --> 00:31:21.839
Yeah, I think there is a level of protection, at least with the crack card, that could somewhat justify taking a punt with it.
00:31:22.079 --> 00:31:28.799
And there are certainly people out there, like a lot of the products that we talk about day in, day out, there are certainly some people out there that could benefit from it.
00:31:29.039 --> 00:31:32.559
Like you said, like they're already investing crypto.
00:31:32.720 --> 00:31:41.200
Possibly they have 50,000 US dollars worth of Bitcoin, for example, they can put to work in there and then they can also generate cash back on their everyday spending.
00:31:41.519 --> 00:31:42.400
Fair enough.
00:31:42.640 --> 00:31:47.039
But besides that, Jan, I'm struggling to see any use case for any of the others.
00:31:47.200 --> 00:31:50.799
I mean, I'm not even sure one of them is real, uh, Plutus.
00:31:51.039 --> 00:31:58.160
And the other one, I mean, the other one's got the audacity to ask for half a billion dollars in trading for$600 in return.
00:31:58.400 --> 00:32:01.680
Jump in the Discord as well if you haven't already and you want to become a founding member.
00:32:01.839 --> 00:32:02.880
We'd love to see you over there.
00:32:02.960 --> 00:32:04.960
These are the sort of funny conversations that we're having.
00:32:05.119 --> 00:32:12.559
People are always sort of not necessarily recommending, but sharing and showing cards that you should probably be aware of in case you were fooled by them.
00:32:12.720 --> 00:32:14.400
I like that aspect of the Discord.
00:32:14.559 --> 00:32:16.160
I like the discovery aspect.
00:32:16.319 --> 00:32:19.279
I also love the fact that we can share or ask advice.
00:32:19.359 --> 00:32:23.200
Like I can I can seek out advice on what printer to buy, for example.
00:32:23.359 --> 00:32:25.279
Someone had a great recommendation the other day.
00:32:25.359 --> 00:32:28.880
It was Dan actually from the channel who recommended brother printers, Jan.
00:32:28.960 --> 00:32:32.799
I thought that was a really nice little thing, little aspect, little part of the Discord.
00:32:32.960 --> 00:32:41.119
Um, and one reason why I'd love to invite more people in selfishly, because then I could pick your brains for advice on stuff like what printer to buy.
00:32:41.279 --> 00:32:45.279
And on that note, Jan, it's time to say goodbye.
00:32:45.440 --> 00:32:46.640
Or I'll I'll be the same.
00:32:46.960 --> 00:32:48.160
See you in the next episode, everyone.
00:32:48.319 --> 00:32:49.839
It's been a pleasure, as always.
00:32:50.640 --> 00:32:51.039
Goodbye.
