PLU Rewards are distributed as crypto rewards for eligible transactions. To prevent abuse, not all transactions are eligible. This article provides information on the types of transactions that qualify for receiving PLU Rewards.
Earning PLU Rewards
All Plutus accounts have the opportunity to receive PLU rewards, which are provided as a percentage of eligible transactions in the form of crypto rewards. The specific percentage earned and the potential amount of PLU Rewards vary depending on the account's subscription plan and reward level. However, the underlying mechanics remain the same for all accounts.
Calculating the PLU Reward amount
This is the formula for the calculation:
Fiat Amount x Reward % / PLU value
- Fiat amount: The value of the transaction, representing the amount you paid.
- Reward %: The reward rate associated with your account at the time of the transaction.
- PLU value: The value of the PLU token at the time of the transaction settling.
To illustrate this with an example, let's consider Phil, who made a purchase worth 25.00 GBP. His account has a reward rate of 4%, and the PLU price on the transaction settled date is 1 PLU = 8.50 GBP. For this transaction, Phil will earn 25.00 x 4% / 8.50 = 0.1176 PLU.
The reward flow operates as follows:
- Payment Initiation: When you initiate a payment, the corresponding amount is temporarily locked in your card balance.
- The transaction appears as "Pending" in your transaction history.
- Transaction Settlement: The merchant collects the payment at a later time, finalizing the transaction.
- This stage, known as "transaction settlement," can take varying durations, typically ranging from a few minutes to up to a week, depending on the specific merchant.
- PLU Reward generation: Within one day of the transaction settlement, the reward is generated.
- In your Rewards tab, the reward will be listed as "Pending," indicating that it has been generated but is awaiting approval. This applies to both PLU Rewards and Perk rewards.
- Please note that rewards are exclusively generated for eligible transactions. Further details on eligibility are provided below.
- Reward Availability: After 45 days from the creation date of the reward, it transitions from "Pending" to "Available" status.
- Once rewards reach the "Available" status, you can choose to withdraw them to your external wallet or utilize them for a top-up.
- During this period, the Support team may contact you to verify specific transactions, ensuring security and preventing fraudulent activity.
Kindly bear in mind that the reward process may be subject to adjustments based on individual circumstances and specific requirements.
PLU Reward limits
The maximum amount of rewards that can be earned is determined by your subscription plan:
- Starter: 250 EUR/GBP
- Everyday: 2,000 EUR/GBP
- Premium: 22,500 EUR/GBP
These limits define the total spending amount eligible for earning rewards. For instance, if you have a 5% reward rate and are subscribed to the Everyday plan, the calculation would be as follows:
2,000 EUR/GBP (card spending) x 5% (Reward %) = 100 EUR/GBP (in PLU Rewards)
To keep track of your progress toward the limit, you can refer to the tracker on the website (currently unavailable in the app).
It's important to note that this limit resets on the 1st of each month, following a calendar cycle rather than your subscription cycle.
Transactions not eligible for rewards
Certain types of transactions are vulnerable to abuse for the purpose of maximizing PLU Rewards and, to safeguard the rewards pool, preventive measures are implemented to address potential abuse cases. Our aim is to prevent the creation of loops where funds are circulated and rewards are farmed without genuine spending.
To determine which transactions qualify for PLU Rewards, we employ an algorithm and conduct manual reviews through our anti-fraud team. Although we cannot disclose the exact specifics for security reasons, here is a general outline of the process:
- Automated checks: An algorithm assesses card transactions to determine if a reward should be generated.
- Factors considered include the transaction type, whether the user has reached the rewards limit, the transaction category (cross-referenced against a list of prohibited MCCs), and the transaction description (cross-referenced against a list of prohibited keywords).1
- While the list of banned MCCs is provided below, the list of prohibited keywords is not publicly available.
- Verification within the 45 days of approval: Rewards remain in the "Pending" status until the 45th day.
- During this period, a member of the Anti-Fraud team may reject a reward if it is deemed fraudulent or requires further verification.
- You can contact Support to appeal such rejections, and in some cases, Support may proactively request proof of purchase from you.
- Proof of purchase refers to the ticket or receipt of the original transaction.
- Verifications After Initial Approval: Over time, we continuously enhance our detection systems for greater accuracy.
- Any rewards that were mistakenly approved due to gaps in the detection systems can be automatically removed.
- Once identified, accounts found to have exploited these gaps in the detection systems may face suspension.
Please note that the detection and prevention mechanisms are periodically updated to strengthen the security and integrity of the rewards program.
Transactions Not Eligible for PLU Rewards
This is the list of transactions that are not eligible to earn PLU Rewards:
- Money transfers: Transfers not related to services or goods, including transfers to individuals like Paypal.
- Deposits into accounts: Card payments for account deposits, such as Revolut.
- Third-party services with deposits/withdrawals: Services allowing deposits and/or withdrawals.
- Services hiding payment information: Transactions through services concealing payment information (transaction description and/or MCC), like Billhop or Wise.
- Refunded transactions: Refunding a previously rewarded transaction will make it eligible for Reward removal.
- Financial services: Transactions involving money movement services like mortgages, loans, or currency exchange.
- Investments: Stock, bonds, collectible items, precious metals, and other investments.
- Stored value products: Transactions involving gift cards, prepaid cards, reloadable cards, or vouchers/coupons.
- Crypto-related transactions: Transactions involving cryptocurrencies, NFTs, or services from crypto companies.
- Gambling and lotteries: Transactions involving betting, gambling, or lotteries, including the national lottery.
These transaction types can often be identified by their Merchant Category Code (MCC), which identifies the nature of a merchant's business. You can refer to the Visa guide [here] for further information. Here is a list of MCCs that indicate non-eligible transactions:
- 4829 - Money transfers
- 6010 - Manual cash
- 6011 - Automated cash
- 6012 - Financial Institutions
- 6211 - Brokers, stocks, bonds
- 6540 - Cards/Wallets top-ups
- 7012 - Timeshares
- 7995 - Gambling
While certain MCCs cover various types of transactions that are generally acceptable, there are specific scenarios where the transaction may not be eligible for rewards. Therefore, relying solely on the MCC is insufficient to determine transaction eligibility, and additional consideration is given to the transaction description. Here are some examples:
- 5094/5944 - Precious Stones and Metals, Watches, and Jewelry: Purchasing watches and jewelry for personal use is permissible, but investing in precious metals like gold or silver is not eligible for rewards.
- 5734 - Computer software: Transactions involving computer software are generally allowed, but this MCC can also encompass certain investment and crypto services.
- 5999 - Miscellaneous outlets: This catch-all category includes various items, such as gift cards.
- 6051 - Non-Financial Institutions: While most transactions within this category do not earn rewards, certain specific cases, like utility bill payments, may be eligible for rewards.
- 8999 - Other professional services: This MCC covers a range of professional services, and while most are eligible for rewards, certain entities may use it for investments, which are not rewarded.
- 9399 - Other government services: This MCC encompasses government services, and while most qualify for rewards, specific services related to account deposits and investments are not rewarded.
The majority of remaining MCCs are typically eligible for rewards, with only occasional and uncommon exceptions due to merchants misclassifying their services.
Please be aware that this list is provided as general guidance and may be subject to updates without prior notice as we continuously improve our algorithms and address new use cases or discrepancies. If you have any inquiries regarding the eligibility of a particular transaction, our Support team is available to assist you.
Missing PLU Rewards?
If your rewards have been rejected by our Fraud team, please consider the following:
- Review the eligibility of the rewards based on the type of product or service purchased.
- Refer to the lists provided in the previous section for a better understanding of eligibility.
- Check for any notifications from Plutus Support regarding the rejection.
- We may contact you via email@example.com to request proof of purchase or additional transaction details.
- If you still believe the rewards should have been granted, contact our Support team for further review.
If you are not receiving rewards for a transaction, please consider the following:
- Ensure that the transaction has been settled with the merchant.
- Settlement may take up to a week, excluding weekends. Transactions made on Saturdays are typically settled on the following Monday.
- Verify the eligibility of the transaction for rewards.
- Refer to our provided guide to understanding transaction eligibility.
- Allow sufficient time for the rewards to be generated.
- Rewards are generated once daily, in the early morning. Please wait until the day after the transaction is settled to check for the reward
If you still believe you are missing a reward after considering these factors, please reach out to our Support team. We will manually reward the transaction for you and investigate any potential reasons why it was not automatically granted.
Incorrect reward amount
If you have received a reward but question the accuracy of the reward amount, the calculation is as follows:
Amount x Reward % / PLU value
- Amount: The value of the transaction, i.e., the amount paid.
- Reward %: Your account's reward rate at the time of the transaction.
- PLU value: The value of the PLU token at the time of the transaction.
If you suspect any discrepancies, please inform our Support team, and we will review the calculation for you.
Can I earn PLU Rewards for paying my rent or mortgage?
Mortgage payments to financial institutions are not eligible for rewards. However, rent payments can earn rewards when made as point-of-sale transactions. Please note that paying rent directly to a landlord through a bank account usually does not qualify, unless the landlord has a point-of-sale system set up for payments. This is more common for landlords with multiple properties or when a real estate agent is involved. Point-of-sale transactions can be made through a physical terminal or online.
Can I earn PLU Rewards for paying taxes or utilities?
Yes, you can earn rewards for personal income tax payments made as card payments into a point-of-sale (POS) system. For example, payments of the UK's HMRC taxes can qualify for rewards. However, please note that this only applies to personal payments. Paying taxes on behalf of others, such as spouses, parents, friends, business, or employer's taxes (PAYE), is not eligible for rewards.
I used to receive rewards for certain transactions but not anymore. What happened?
We regularly update our rewards algorithm to ensure accuracy and eligibility. If transactions that were previously rewarded are now classified as ineligible, you will no longer receive rewards for them. If you believe this is a mistake and the transactions should be eligible, please contact our Support team. They will investigate the issue and address it accordingly.
Can I earn rewards for gifts or shared purchases? I want to take my wife to dinner!
The Plutus Card is intended for personal, non-commercial use. However, this does not mean you cannot make purchases for others. Our aim is to prevent the misuse of the Plutus Card as a shared card among a group, where large expenses for multiple people are paid through the card. Small purchases involving friends and family, such as meals or grocery shopping, are allowed and eligible for rewards, but large transactions to invite or gift other people will see the amount of the rewards reduced to the personal use amount (e.g. you buy 10 concert tickets for you and your friends, you only get 1/10 of the Rewards, the proportional amount to your personal use).