Plutus Q1 Migration FAQ

Why Plutus Changed the Old Model

Because of this, we moved to a more sustainable funded reward system. Many users benefited from this change in 2025. Our data shows around:

•  $1.4M spent on gift cards alone
• With total spending close to $5M across all utilities.

Who the New System Is For

The new system may not be for the degenz who loved our free 2015 model and can be seen in our recent 1-star reviews, or for the vocal minority on the now-dead subreddit, where passionate ex-Plutus users coped for over a year after being removed for misuse and terms violations.

It is designed for the masses. It provides a real day-to-day use-case for crypto rewards funded by merchants that can scale globally to millions of normal everyday customers.

This is the only way crypto cards can succeed in the long run. 

All the hundreds of new crypto rewards cards launching using Plutus’ 2015 model will learn this the hard way and eventually follow our 2024 Plutus whitepaper, focused on merchant-funded utilities instead of relying on an internal DEX funded by the treasury (as we did from 2015–2023 providing over $5m in swaps), or the now-common practice of relying on new users buying tokens for crypto rewards growth. 

Both approaches are unsustainable, with the latter being critical to systemic losses.

Any crypto card service offering these types of benefits labeled “crypto cashback” should be viewed with caution.

What Plutus Has Achieved So Far

We are proud to have created this industry. In 2015, we were the first to release crypto cards and tokenised loyalty rewards. Since then, hundreds of others have been inspired by our original whitepaper, which helped us grow organically to:

• Over 250,000 all-time signups
• More than $50m in rewards issued
• Over $1 billion spent using the Plutus card

While others emulate, we’ll continue to innovate and leave them behind!

Read the FAQs below for more details 👇

Why shall I pay for a subscription while the card service is in migration?

Plutus is more than just a card…

And it costs less than your daily coffee habits, starting at just £6.99 a month.

While banking features are in migration, and you cannot earn PLUS from card spending, you can still:

• Earn PLUS via CRY on your earned PLU stack
• Earn PLUS for rewards cap and perks

You will receive 100% of the PLUS you would have earned by maxing out your rewards cap and perks linked to your plan, even while card spending is not possible. All PLUS will be issued to your account at the end of each month, starting in February, until the new, better, and stronger Plutus cards are live.

Can I use the service without paying a subscription fee?

Yes, of course.

We made it really easy! You can opt out from your account settings with a single click. 

Please note: you will not be able to earn PLUS while using free mode with PlutusLite. While more features are being developed, PlutusLite now gives you access to the app and will let you redeem PLUS on merchant-funded utilities from Q1, so you can enjoy big savings!

When will I be able to redeem PLUS on utilities again?

Our team is working on a new payment method. This will allow you to pay for utilities and redeem PLUS at the same time, both internally and through a connected on-chain wallet. Our aim is to go live in Q1.

Why were the utilities stopped?

We spent over one year building key features promised in the 2024 whitepaper and scaling them.

However, we terminated our contract with Modulr in October. This was due to services not being delivered as promised in the contract. These services were also used as a key selling point and included basic banking features such as sending and receiving payments, direct debits, and Apple Pay.

After this, we faced unilateral restrictions, including restrictions on customer funds. We worked with our legal team to ensure all customer funds were returned, pending utilities were settled, and a new banking service was set up with an industry-leading service provider.

Who is the new banking partner?

To avoid any impact on service integration from malicious groups removed from the platform for misuse, the new banking partner will only be revealed once the related features are live.

We are aligning with a leading banking and payment service. The returning features will be stronger than those offered by hundreds of crypto cards copying our 2015 model.

The new banking setup includes:

• IBAN to send and receive funds, including payments to other accounts
• Top up the Plutus card using bank transfer, debit card, credit card, or crypto instantly
• Offramp crypto to your bank or to your external card

What are other new features planned?

Alongside basic banking features previously missing at Modulr, such as send and receive funds and Apple Pay, which will be live on day one of completing the migration, the team plans to deliver the following in Q1:

• New payment options for utilities in new regions, including the US and UAE
• URL-based cashback brands covering top global brands
• In-app spending credits: PUSD, PGBP, PEUR, PAED (early tokenised deposits concept)

When will my PLUS BETA chain payouts be converted to the live chain?

There is no set date or timeline for this. Payouts requested on the beta chain will remain in test mode.

How do I get PLUS on the live chain?

PLUS on the live chain is issued by PlusMore as a GWG only. It can be requested for payout in line with the terms and conditions, for use via the connected wallet on the upcoming on-chain utilities.

Full details: https://www.plutus.it/help/plus-on-chain-gift-thank-you-for-supporting-us-in-2025

Why has the customer service been slow and how will it improve?

Plutus has grown organically since 2015, and customer service has always been a big part of this growth.

We apologize for recent delays. The team has been stretched due to continued feature releases in 2025 and the banking service migration from Modulr caused by multiple service issues.

We are listening to your feedback and investing heavily in the customer services team. This will create a strong foundation during migration and help us deliver full customer satisfaction once banking features are fully live and scaling begins.

What happens to Inverse Difficulty Adjustment benefits that I unlocked via PLU stacking?

Up to 6 months may already have been used. The remaining benefits are preserved. All customers who unlocked these benefits will receive the full 12 months before they expire.

Access will return once payment features for PLUS redemption on utilities go back online. A 6-month notice will be sent, in line with our original commitment.

What happens to my metal card benefits for the remaining term?

Metal card benefits have only been live for up to 3 months. Customers have around 9 months of benefits remaining.

These benefits are preserved. They will be available again once payment features for PLUS redemption on utilities go back online. We understand this is inconvenient and will offer a discretionary additional PLUS GWG on the live chain to affected Metal card holders.

What happens to my pending utility settlements stuck at Modulr?

All pending gift card purchases stuck since November 2025 have now been settled.

Our team worked hard to recover these funds from Modulr and ensure that Premium Swaps (£/€10 per month) and Cashback earned from brands in your Available Balance were processed and released to your personal accounts.

All utility settlements are now complete. Customer funds have been repatriated, and utility earnings will be sent directly to customer bank accounts from Modulr upon request.

If you still have funds stuck at Modulr, please check your email and follow the steps to submit a claim: https://www.modulrfinance.com/plutus-customer-support

What happens to my pending cashback that has yet to be settled by merchants?

All available cashback earned during the period has already been settled to your personal account via Modulr.

Pending cashback has not yet been sent by merchants. Once received, it will be preserved and issued either as in-app credits or back to your new Plutus card once it is live with improved features this summer.

Where is Dan?

Burning out until he “fixes PLU”.
He has taken a vow not to tweet until then!