What is a rewards cap?
Your “rewards cap” refers to the portion of your monthly card spending that qualifies for rewards. To illustrate, let’s break it down with an example:
- You earn 3% rewards.
- You have a £1,000 rewards cap.
Now, suppose you spent £3,000 in a month. You would earn rewards on the first £1,000, as that's within your rewards cap. In this example, you would receive up to £30 worth of rewards for the month (£1,000 x 3%).
How does this differ to my spending limit?
It's important to understand that your rewards cap is different from your spending limit. If your rewards cap is £1,000, you can still spend beyond this amount each month. However, you will not earn rewards on any spend exceeding this £1,000 rewards cap. Spending amounts exceeding the cap are not eligible for rewards.
What is my rewards cap?
Your rewards cap is determined by your subscription plan. Refer to the image provided below to determine how your subscription plan influences your rewards cap. Based on your personal spending habits, you can select a subscription plan that suits you best.
How do I upgrade my subscription plan to unlock a rewards cap?
To select a subscription plan that aligns with your personal spending habits, follow these steps on the web app:
- Log in to the web app
- Navigate to Settings -> Account Manager
- Choose a subscription plan with the rewards cap you desire
Can I boost my rewards cap further?
Yes, you have the opportunity to boost your rewards cap by redeeming PLU. Choose from different options tailored to your preferences:
For example, if you're on a Premium plan with a £1,000 rewards cap, redeeming 50 PLU will add an extra £2,000 to your cap. This cumulative approach allows you to reach a substantial £3,000 rewards cap. Explore your options and maximize your rewards!
Note: Redemption requirements for PLU are dynamic and will be periodically aligned with emission metrics.
How do I boost my rewards cap?
Boosting your rewards cap is easy! To redeem PLU for a boosted rewards cap, simply:
- Log in to the Plutus web app
- Navigate to “Redeem PLU” on the dashboard
- Select the Rewards Cap you want to boost and follow the instructions on screen.
The summary will show your current rewards cap, new rewards cap, total PLU cost, and the effective date of the new rewards cap. The process involves transferring PLU from an external wallet to an address displayed on screen.
Important: Please ensure you follow the in-app instructions carefully to avoid scams, loss of funds, and generally ensure a smooth experience. Please note that redeeming PLU for a boosted rewards cap is non-refundable.
If I participate in a promotional offer, can I unlock a higher rewards cap?
Potentially! We offer a variety of ongoing promotions. Explore our diverse promotional offers, both old and new, by visiting the Promotions article on our HelpDesk.
Can I use my internal balance instead of an external balance for redeeming PLU for an enhanced rewards cap?
Currently, this feature is not available. However, rest assured, we are actively working on incorporating this functionality in the future. Stay tuned for updates!
Have a question about reward caps related to the recent subscription plan transition?
For all questions related to the recent subscription plan transition, please refer to our dedicated FAQ here.