Important Update | Subscription & Reward Levels

Last week, we announced self-sustaining perks. Today, we are proud to unveil our initial plans for self-sustaining rewards, an iteration of our Subscription plans and Rewards Levels. The goal is to:

Earlier this year, Plutus revealed a proposal for its new subscription plans, and we have made some key improvements based on our customers’ feedback. Note: Plutus will announce the go-live date for the new plans in due course. Customers will receive a minimum of 30 days’ notice before any of these changes come into effect.

Note: Our introductory offer was updated in February to one month. This is intended to give new joiners a taster of the rewards, perks, and benefits Plutus has to offer!

We will be introducing a new feature that empowers customers with full control over their rewards cap! Customers will have the opportunity to boost their monthly spending eligible for rewards at any time by redeeming PLU. A single redemption will increase your rewards cap for a full year, while the redeemed PLU will re-enter the Pluton Rewards Pool, fortifying its long-term sustainability.

Note: The requirements have been determined based on our customers’ spending data and their reward levels. Plutus may adjust these requirements and benefits to ensure cost-effectiveness.

Rooted in community feedback, Plutus will be making some adjustments to our Reward Levels. Key Changes These updates combined with our new subscription plans help provide a fairer distribution of rewards while continuing to provide higher value to our customers.

Note: Requirements are non-custodial and provide uninterrupted access to a Reward Level for as many years as customers participate, meaning you retain both your rewards, and your stack. These requirements are dynamic and can be lowered to remain cost-effective. Our upcoming redemption features will play a significant role in creating a self-sufficient Rewards Pool, further enhancing the longevity of PLU Rewards.

The team has several new utilities planned for PLU, including incremental rewards for those who redeem their earnings. This redeem feature enables our customers to access their preferred reward level at a fraction of the stacking requirements and enjoy all benefits for a limited period. All this, without the need to learn Web3 features, increasing the overall participation. PLU requirements for this feature will be dynamic to ensure fair value and remain cost-effective. To avoid confusion with Subscription Plan and Reward Level updates mentioned above, details of the redeem feature for incremental Reward Levels will be in a separate blog, available in due course.

All customers on a subscription plan or a Reward Level will receive a Premium Plan worth (£/€19.99) free for 3 months if they meet the requirements to unlock a new Reward Level. The new lower requirements shared above will take effect after November 29th (the promo end date). This means you’ll need to stack the additional amount to meet the new requirements before November 29th to be eligible. Soon after the promo end date (once the new requirements are in effect), your reward level will be adjusted according to your new stack, granting you access to your new benefits.

Please see the complete terms on the helpdesk article. Note: The date mentioned above does not constitute a feature launch date. The date provided is solely the promo end date. The feature will be launched with a 30-day notice via email.

Plutus introduced its first subscription plan back in 2019 when our user base was significantly smaller. Over the years, we’ve grown to over 100k customers and distributed rewards valued at $10+ million during this period. As we set our sights on scaling to over a million customers, it’s important we iterate and improve our service, incorporating feedback provided by our loyal community. We conduct a thorough review of the data before any of the announcements are made and are confident that our new proposal strikes a fair balance between sustainable rewards and delivering exceptional value to our customers. We understand that embracing change can be a challenge, but we encourage our customers to take a close look at the substantial value they will continue to receive from our new subscription plans. We hope our customers recognise that these are indeed fair and well-considered business decisions that have a long-lasting positive impact.

Plutus has identified alternative solutions, such as the redemption-based incremental Reward Levels mentioned above, to encourage users with less PLU to access the Reward Level benefits. Consequently, there is no longer a need for lower Reward Levels at this time. Details will be revealed in due course. The PLU requirements for each Reward Level have been lowered. Consequently, the need for any customers to be grandfathered due to Difficulty Adjustment is eliminated, and we will be removing this feature and adjusting your reward level according to your stack. This streamlines the platform and ensures that no customers will face downgrades.

Note: Customers who upgraded to Legend and GOAT post Q4-DA will have enough PLU to automatically be enrolled onto higher Reward Levels (Myth and Honey Badger).

Yes, to earn rewards or perks, customers must be subscribed to one of our paid plans — Starter, Everyday, or Premium. Rewards and perks are not available on the free Standard plan, regardless of your Reward Level or redemption passes. We’ve designed our rewards to greatly surpass the modest monthly fee, ensuring you get amazing value for money from your subscription.

Customers on the Starter plan (at the time the new subscription plans go live) will receive one free month of it before being downgraded onto the new Standard plan. Customers on the Standard plan will not receive any rewards and will be unable to withdraw PLU. All bank-like features will remain active. Plutus may make adjustments to the PLU requirements and benefits to remain cost-effective and beneficial for customers.

No, all customers will be migrated to our new subscription plans. If you choose to upgrade your Reward Level between 20th October, 14:00 UTC — 29th November, 11:59 UTC, you will receive a special promotion. You’ll enjoy a free 3-month subscription to our new Premium plan. For complete details on how to take advantage of this exclusive offer, please review the promotional terms and conditions here. Don’t miss out on this limited-time opportunity to experience all the benefits of our Premium plan for free!

In our new subscription model, every plan is designed to provide exceptional value to our customers. Subscription Plans For instance, the Premium plan, priced at £24.99 (£19.99 for the first 6 months), allows customers to earn: Customers are earning a total of £/€60 in PLU every month, which equates to 3x more in rewards than the monthly fee.

Boosting Rewards Cap Customers can increase the soft cap on spending eligible for rewards by redeeming PLU back into the Rewards Pool. For example, by redeeming 20 PLU, customers can increase their monthly rewards cap by £1,000 for an entire year. This results in an additional £/€360 worth of PLU per year. In essence, customers can, again, enjoy rewards that are three times the amount redeemed.

Note: Minor changes to the rewards cap can have a significant impact on emissions at scale. The redemption feature is being introduced to help manage emissions, whilst empowering customers with an avenue to increase this rewards cap should they wish.

To withdraw PLU, customers must be on a paid subscription plan. This means customers on a Standard plan can upgrade to a paid plan to withdraw their PLU. The subscription plan fees help contribute to improving your favourite app. The yearly spending limit of £/€100,000 attached to the Solaris-issued Plutus Card will be discontinued with our new subscription plan, enabling customers to maximise their rewards cap. For example, a Premium subscription combined with a 500 PLU redemption, gives you a total of £/€11,000 spending limit a month, and a £132,000 total yearly cap eligible for rewards. This enables customers on a Premium plan to earn up to £/€4,320 per year, and Honey Badgers to earn a colossal £/€12,960 in PLU Rewards.

Customers will be able to redeem PLU from both internal and external balance. Exact details on the product flow will be revealed in due course. Customers can increase their Rewards Cap multiple times, but they cannot redeem PLU for the same cap twice. These increases are not cumulative; if a customer has already raised their cap, they can only increase it to a higher cap, replacing their previous spending limit eligible for reward. All account plans are designed to ensure the rewards outweigh the costs, both via Perks and the rewards earned on spending. Moreover, you gain access to a bank-like app with extra rewards on spending. For example, Everyday accounts earn £35 and Premium accounts £60 if maximised, these rewards can be boosted as much as £/€540 per month (Premium, Honey Badger, Rewards Cap).

You can boost your monthly Rewards Cap on your subscription plans by redeeming PLU using the upcoming redeem feature, which means if you unlock a reward level, you can boost your rewards even higher. For example, the £1000 monthly spending cap enables you to earn a maximum of £/€360 (3%) value back in rewards per year, whereas Legends with 6% can earn £/€720, and Honey Badger, a colossal £/€1080 (9%) every year as they continue to stack. PLU redeemed on the app is to be recycled back to the Rewards Pool in its entirety. Plutus will provide details in the quarterly Pluton Reconciliation, verified against our internal data and the blockchain by the UK accredited accountancy firm, Haggards & Crowther.

There is no pause in redeemed benefits, customers must utilise their rewards cap each month, and earn PLU using one of the Subscription Plans and/or Reward Levels. The rewards cap on spending does not impact metal card benefits. Yes, to avoid confusion, this feature will be released separately after the above updates have been released. More details to follow in due course.

The PLU requirements for redeeming a Rewards Cap outweigh the benefits when combined with a subscription plan or a Reward Level, especially for those on higher levels. For example, £360 a year in rewards (3% value) for 20 PLU, or £10,800 a year in rewards (9% value) for 500 PLU, which = £10,000 monthly spending cap eligible for rewards.

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