Plutus is a fintech company that offers a collection of crypto-related tools for UK and European investors. Its flagship feature is the Plutus Card, which is a Visa debit card that you can use to earn crypto rewards.
But is Plutus worth signing up for? What are the fees and limits on the Plutus Card? What else do you need to know about it?
In this Plutus review, I’m going to walk you through everything that the platform offers to crypto fans. I’ll discuss how the Plutus Card works, what features it offers, and compare it to other top crypto debit cards so you can decide which option is best for your needs.
Advantages & Disadvantages
- London-based company with support for UK and EEA residents.
- User-friendly interface that’s streamlined for beginners.
- Opportunity to earn up to 8% cashback in crypto when you use the Plutus Card.
- Can top up Plutus Card with both GBP and EUR.
- Free subscription plan available to account holders.
- Confusing fee schedule with high withdrawal and transaction fees.
- Very restrictive account limits unless you pay for a subscription plan.
- Some features aren’t available in the UK (e.g., Plutus DEX).
- Plutus Card doesn’t let you spend crypto – only GBP and EUR.
- Only supports Ethereum (ETH) and Pluton token (PLU).
What is Plutus?
Founded in 2015 by entrepreneur Danial Daychopan, Plutus is a London-based fintech company that operates in the UK and the EEA. According to Plutus, its mission is to “integrate crypto into everyday lives” by providing a user-friendly platform where anyone can buy, sell, and spend crypto alongside their fiat assets.
Plutus offers a range of services for investors, such as the Plutus Card, which is a debit card that lets you earn crypto rewards. Investors in some countries can also use the Plutus DEX to trade crypto with other users of the app.
Key Features of Plutus
Plutus has a number of useful features for crypto investors, including:
- Plutus Card: The Plutus Card is a co-branded Visa debit card that you can use to make purchases wherever Visa is accepted. With this card, you can also earn cashback in the form of Pluton Rewards.
- Plutus DEX: The Plutus DEX is a decentralised exchange that lets you buy and sell crypto without giving up custody of your crypto. This DEX works with non-custodial MetaMask wallets and you can use it to buy or sell Ethereum (ETH) or Pluton (PLU) using GBP or EUR. You can also use the DEX to swap ETH and PLU.
- Pluton Rewards: To encourage people to use the platform, Plutus has a rewards program that provides you with up to 8% back in crypto for every purchase you make with the Plutus Card. Your rewards are paid in Pluton tokens (PLU) and you can either stake your tokens, withdraw them to your external wallet, or sell them on the Plutus DEX (not available in the UK).
- Plutus Perks: In addition to crypto rewards, Plutus provides perks to each account holder. These perks include free Netflix and Spotify subscriptions as well as up to £10 back in PLU each month when you use your card to pay for goods and services at participating retailers like Tesco.
How Does the Plutus Card Work?
The Plutus Card is a Visa debit card that you can use to make purchases online and in stores. It’s available as a physical plastic card and as a digital card on Google Pay (Apple Pay isn’t supported yet).
But the Plutus Card is not a true crypto-backed debit card.
While you can technically sell your crypto to pay for your Plutus Card transactions, this feature is currently only available in the EEA. However, even for EEA residents, using the Plutus Card to pay for purchases in crypto isn’t simple. That’s because the platform won’t automatically convert your crypto balance into fiat on your behalf whenever you swipe your card.
Rather, when you want to top up your Plutus Card, you first need to manually sell crypto from your MetaMask wallet for fiat on the Plutus DEX. Only then can you deposit fiat into your Plutus account to top up your card balance.
This isn’t as streamlined of a process as it is with the CoinJar Card, which automatically converts your crypto on your behalf to pay for your purchases. As a result, it’s hard to see the real utility of the Plutus Card for many crypto users, since you need to sell your tokens in advance in order to top up your card with fiat anyway.
For UK cardholders, there’s only one way to top up your Plutus Card: fiat bank transfers.
Residents of any of Plutus’ supported countries, including the UK, can top up their account with either GBP or EUR through SWIFT or SEPA bank transfers. You can then spend your fiat wherever Visa is accepted and earn crypto rewards in the form of Pluton tokens (PLU) in the process.
If you want to get the Plutus Card, you first need to create a Plutus account.
To create a Plutus account, do the following:
- Go to the Plutus website and click the button to sign up for an account.
- Enter your email address and create a password.
- Provide your personal information, such as your physical address and phone number.
- Upload your passport, driving licence, or national ID card for identity verification.
- Take a selfie to complete the identity verification process.
After you take a selfie and upload a copy of your photo ID, you’ll need to wait until your account passes Plutus’ KYC (know your customer) checks. This normally happens within a few minutes, but it can take up to 4 hours in some situations.
Once you have an active Plutus Account, you can select your subscription plan and order a Plutus Card. Your card will then be sent to the address associated with your account. Note that if you choose a paid Plutus subscription plan (Everyday or Premium), you’ll need to provide your credit card details to cover the cost of your subscription.
Plutus is available in the UK and in all countries within the European Economic Area (EEA). This includes all EU countries, plus Switzerland, Iceland, Liechtenstein, and Norway.
But while the Plutus Card is available in the UK, it is not available in all EEA countries. Head to the Plutus website for the complete list of countries where you can order the debit card.
UK residents can open a Plutus account, get a Plutus Card, and take advantage of the Plutus rewards and perks programmes.
However, if you live in the UK, you can’t use the Plutus DEX. That means the only way to top up your Plutus Card is via SEPA or SWIFT transfers—not by selling crypto on the DEX.
Plutus only supports two cryptocurrencies: Ethereum (ETH) and Pluton token (PLU).
Account fees for using Plutus vary based on your chosen subscription plan.
These account fees are as follows:
|DEX Trading Fees||1%||0%||0%|
|Fiat Withdrawal Fees||€5.50 / £5.50||€3.50 / £3.50||Free|
|PLU Withdrawal Fees||€15 / £15||€15 / £15||€15 / £15|
In addition to account fees, Plutus charges fees whenever you use your Plutus Card to make a purchase. These fees are extensive and complex, so I won’t list them all here.
The most important ones to note include:
|Transaction Fee (Visa UK GBP)||Free||€0.57 + 1.5%|
|Transaction Fee (Visa Europe EUR)||£0.50 + 1.5%||Free|
|Transaction Fee (Visa Europe Non-EUR)||£0.50 + 1.5%||€0.57 + 1.5%|
|International Transaction Fee||£1.00 + 1.5%||€1.00 + 1.5%|
|Declined Transaction Fee (UK & Europe)||£0.15||€0.15|
|Declined Transaction Fee (International)||£0.25||€0.25|
If that wasn’t enough, Plutus also has a series of ATM withdrawal fees whenever you get cash using your Plutus Card. These fees include:
|Visa ATM Withdrawal (UK)||£0.70||€1.35 + 1%|
|Visa ATM Withdrawal (Europe)||£1.20 + 1%||€1.35 + 1%|
|Visa ATM Withdrawal (International)||£1.70 + 1.5%||€1.70 + 1.5%|
|ATM Decline (UK)||£0.35||€0.35|
|ATM Decline (Europe)||£0.50||€0.50|
|ATM Decline (International)||£0.75||€0.75|
Check out the Plutus fee schedule for more information.
Plutus has one of the most complex and extensive series of limits on its accounts that I’ve ever seen.
There’s too much to list here, but here are some of the most important Plutus limits that are worth highlighting:
|Maximum Card Balance||£7,500 / €7,500||£7,500 / €7,500||£7,500 / €7,500|
|Daily Spend Limit||£2,500 / €2,500||£5,500 / €5,500||£7,500 / €7,500|
|Daily Contactless Spend Limit||£90 / €90||£90 / €90||£90 / €90|
|Monthly Spend Limit||£5,000 / €5,000||£15,500 / €15,500||£22,500 / €22,500|
|Daily ATM Limit||£300 / €300||£300 / €300||£300 / €300|
|Monthly ATM Limit||£1,000 / €1,000||£1,500 / €1,500||£2,500 / €2,500|
Check out Plutus’ list of limits for the most up-to-date information.
Plutus Card Alternatives
The CoinJar Card is my top Plutus Card alternative.
I like the CoinJar Card because it has a simple fee structure (1% per transaction) and because it supports 50+ cryptocurrencies.
The CoinJar Card also automatically sells your crypto on your behalf to pay for your purchases so you don’t have to mess around with crypto trades whenever you want to buy something. In my opinion, this makes the CoinJar Card much more useful and versatile than the Plutus Card.
You can find out more about in my CoinJar Card review.
If crypto rewards are what you seek, check out the Crypto.com Visa Card instead.
Like the Plutus Card, you have to manually top up the Crypto.com Visa Card with cash or a (limited number) of cryptocurrencies to fund your transactions. But the process for doing so is super straightforward with Crypto.com.
The Crypto.com Visa Card also lets you earn up to 8% cashback. You do have to stake a lot of Cronos (CRO) to unlock these high rewards rates, but you can get 1% cashback without staking anything, which isn’t half bad.
Find out more about this card in my full Crypto.com review.
The Bottom Line: Plutus Card Review
Plutus is an interesting platform with a sleek interface and a lot of innovative features.
But I struggle to see the utility of many of its services – including the Plutus Card.
Some of the biggest drawbacks I see to Plutus include:
- Confusing Fees & Limits: Plutus has a confusing system of fees and limits that’s enough to make anyone’s head spin. You also have to pay for a subscription plan to unlock some of the platform’s best perks.
- Not a Real Crypto-Backed Debit Card: Plutus markets the Plutus Card as a way to spend both fiat and crypto when you make purchases. But it doesn’t really work that way, especially for UK residents. Even if you live in the EEA where the Plutus DEX is available, you still have to manually sell your ETH or PLU in order to top up your card with fiat, which is a hassle to say the least.
- Limited Crypto Support: The only two cryptocurrencies that Plutus supports are Ethereum (ETH) and Pluton token (PLU). Support for ETH is fair enough, but PLU doesn’t have much utility outside the Plutus platform. Plutus’ lack of support for other major cryptocurrencies like Bitcoin (BTC) is a major bummer.
There are certainly some cool aspects to Plutus, including the platform’s user-friendly dashboard.
However, until Plutus makes their debit card more functional and practical, it’s hard to see the advantages of it over other crypto-backed debit cards.
Thanks for checking out this Plutus review!
Got a question? Or want to share what you think of this crypto debit card?
Let me know in the comments below!