Q1: Why are there changes to the subscription plans?
A: We are updating our subscription plans to be suitable for scaling whilst ensuring continued fair and excellent value-for-money.
Q2: What specific changes are happening to the subscription plans?
A: Details on new pricing and benefits can be found here.
Q3: What is the pricing/discounts of your new subscription plan?
A: Upon the release of our new subscription plans, we are offering various discounts to both new and existing customers:
- Starter: New customers get 3 months free, existing customers get 1 month free before being automatically downgraded to Standard (see question below).
- Everyday: Discounted to £9.99 until 22nd July (usually £14.99).
- Premium: Discounted to £19.99 until 22nd July (usually £24.99).
Plutus will reassess the continuation of these discounts over the next months and adjust if necessary.
Q4: What happens if I’m not subscribed to a paid plan?
A: If you're not on a paid subscription plan, you will automatically be downgraded to our Standard plan. The Standard plan provides basic bank-like features without rewards or perks.
Q5: When will these changes take effect?
A: Changes will go into effect on 22nd January. Please refer to the questions below for specific details on how the transition might impact you.
Q6: When will the new fee take effect?
A: The new fee will take effect on your next billing cycle on/after 22nd January. For example, if your fee is deducted on the 25th of every month, the new pricing structure will apply to your account on the 25th.
Q7: When will the perks from my Reward Level be added to my subscription plan perks?
A: Previously, Reward Level perks replaced subscription plan perks. Now the perks from your Reward Level and your subscription plans will be combined for maximum benefits starting immediately on 22nd January. For instance, if you have an active Premium subscription plan with 3 perks and also maintain an active HoneyBadger Reward Level with 9 perks, you will receive a total of 12 perks (3 + 9) on 22nd January, irrespective of your billing cycle.
Q8: When will the new rewards cap take effect?
On 22nd January, your subscription plan's rewards cap will automatically update. For instance, if you're an Everyday user, your rewards cap will change from £2,000 to £500.
Q9: Will my card spend also reset or only my rewards cap?
While your rewards cap updates immediately on 22nd January, your card spend resets on monthly on the 1st (i.e. 1st February). For example, if you're an Everyday user and have spent £1,500/£2,000 rewards cap, on 22nd January, this updates to £1,500/£500 rewards cap.
Note: Whilst the example’s card spend is 1,500, it will appear on your dashboard as 500/500, as you cannot exceed a rewards cap.
Q10: What happens to rewards I've earned if my card spend exceeds my rewards cap after the update?
No worries! You'll still receive rewards earned on historical transactions, as long as they are eligible. For instance, if you used £1,500/£2,000 of your rewards cap on 21st January, and on 22nd January, your cap reduces to £500, you won't lose previously earned rewards. However, you won't earn more rewards until your card spend refreshes on 1st February.
Q11: What happens if I make a transaction prior to the subscription plan update but it is yet to settle?
The time it takes for a transaction to settle can vary from minutes to weeks depending on the merchant. If your account is showing that you have reached your rewards cap, and a transaction is yet to settle, then you will not receive rewards on that transaction. Rewards are generated within one day of the transaction settlement.
Q12: I've earned an enhanced rewards cap via a promotional offer, when will this take effect?
If you're eligible for a boosted rewards cap through a promotional offer, expect this addition to your account between 22-24th January.
Q13: How do I boost my rewards cap?
A: Boosting your rewards cap is easy! Simply redeem PLU. Detailed instructions will be available in the app starting from the release on 22nd January. The process involves transferring PLU from an external wallet to an address displayed on screen. Follow the in-app instructions carefully to avoid scams, loss of funds, and generally ensure a smooth experience.
Please note that you must have a MetaMask wallet connected to the Plutus app to redeem PLU. A video guide on how to connect your wallet can be found here.
Note: The redemption requirements for PLU are dynamic and will be periodically aligned with emission metrics.
Q14: Where can I find more information or get support for these changes?
A: For more information on our rewards caps, check out this article. For general support or inquiries, open a support ticket.