Plutus | Bank On Crypto 4+

It crashes

I used Plutus app for more than two years without any problem, but in the latest weeks it is not working anymore. Basically, is it not possible to log in, unless you cancel and reinstall the app. Even in this case, after some minutes you are logged up and then you have to reinstall the app to log in again… it needs an updated version ASAP!

Ponzi scheme - avoid

It was great collecting tokens and I diligently took them up on every special offer to ‘upgrade’ my status, spending £12k to get to a 9% reward rate. There was absolutely nothing you could do with these tokens except sell them so I did that (for way less than my cost of investment) right until they retrospectively changed the terms and insisted that not only was this abuse, not only could you only use them within the ecosystem (which had precisely nothing at the time), but that the points earned weren’t actually yours and could be taken away at any time. They blocked all my transfers to my external wallet - which is permitted by their terms until they decide you are non-productive because you haven’t earned/bought thousands more tokens required to upgrade. I stopped using the card and it looks like I’ll loose the several thousand tokens in the account. They have since introduced ways of redeeming tokens but as far as i can tell they all involve parting with cash. It has cost me a fortune and I totally believe it is a scam intent on parting users with as much cash as possible. Certainly, the reward rate cannot be compared to a cashback card because they go to great pains to avoid you ever getting any cash out or indeed using the points without putting more cash in. I’m disappointed Apple let this app remain in the App Store to be honest.

Developer Response ,

Hi, I’d like to clarify that Plutus has been actively delivering innovative financial solutions for nearly a decade. With a dedicated team of 60+ employees and a growing community of over 125,000 customers, we are committed to providing real value to our users. We take claims like these seriously, as they do not reflect the experience of the vast majority of our customers. If there’s been any misunderstanding or specific concern about your account, please don’t hesitate to reach out to our support team so we can address it promptly. To clarify, PLU payouts were temporarily restricted for a very small number of accounts that significantly breached our Terms & Conditions. These measures were necessary to uphold the fairness and integrity of our rewards programme. However, we’re pleased to confirm that any temporary restrictions on PLU payouts have now been lifted, and you are free to request a payout at your convenience. We kindly request that moving forward, you adhere to our Terms & Conditions. If you have any questions on this topic, please contact Support and we’ll help guide you.

Unprofessional. Pretty much a scam

All looks great on the surface. Decent rewards advertised. But wait until you actually want to benefit from those rewards. A series of ever changing rules and fees magically appear, all designed to prevent you from actually benefiting. Take their £10 gift cards as an example. Advertised as ‘you can exchange 1 PLU for a £10 gift card’. Wow - what a deal, until you actually try and find out you have to pay an additional £8 fee! Their latest scam is to charge you 33% in fiat to withdraw their token from the platform. People are leaving this platform so fast the token price is crashing and you’ll be lucky if it’s worth anything by the time they actually process your withdrawal s several weeks later. And don’t get me started on their customer service. You can’t talk to a human; you have to raise a support ticket, to which you either get no response or an automated bot response that doesn’t answer your query. What a joke!