Yotta launched as a lottery savings account. Today it was announced that the Yotta debit card would begin offering the following rewards:
- Earn one ticket for every $10 you spend
- 1 in 1,000 chance to get the item you purchased for free
- Premium metal card after 10+ referrals
Some interesting analysis (from reader Brandon L):
- Expected value of 1 ticket is $.007, per $10 of spending is .07% expected return
- Expected value of the reimbursed item is .1%
- Total expected return on spending for Yotta debit is ~.17%
That’s not exactly competitive, especially compared to a rewards credit card. But if it’s truly uncapped and Yotta doesn’t put in place any limitations for what types of purchases qualifies I can see this being easily abused and amended fairly quickly.
Update: We know this post doesn’t show on mobile properly, no idea why.
View Comments (22)
Just keep in mind that with Yotta customer service is almost nonexistent. If you ever need to withdraw your own money, they can keep it hostage for very long time. Nobody answers the Customer Service number and it takes days somebody to reply to text messages.
@will @chucksithe I'm new to Yotta but their debit card apparently has a spending bonus of spend $2,000 in your first 4 months and get 1,000 bonus tickets. Has anyone done this with a money order?
Do NOT use Yotta. They claimed it’s no fee, but they begin charging small balance fee since July.
Just keep in mind that with Yotta customer service is almost nonexistent. If you ever need to withdraw your own money, they can keep it hostage for very long time. Nobody answers the Customer Service number and it takes days somebody to reply to text messages.
They don't care about anything when they take your money. But when you try to initiate withdrawal from Yotta to the original source of funding, out of a sudden they need to start verifications that can take long time. Initiating a withdrawal from an externa account is not an option with Yotta.
I think this needs to be updated it says on the app 1 in 500 chance to get the item you just bought for free.
After the Beam fiasco, no thanks to fintechs like this.
Can u open again a thread for referral
How could one recycle $10 purchases through this card? Everything I think up has a big delay and is, of course, fraught with a bit of risk. Certainly nothing that the meager rewards from Yotta's reward scheme can make up fo.
I feel like there should be a large spinner wheel or balloons you throw darts at for this.
The debit card doesn't exist yet, right? They're just saying that in the future they plan to launch it?
So far there is just a waitlist
You can sign up for the waitlist in the App
Where in the app do you sign up for the waitlist? I don't see anything about it in my app on Android; maybe it's only in the iOS app?
Today a new version of the Yotta app on Android is available, and it mentions the debit card on the main page, and let me join the waitlist.
The site is broken on iOS now, can’t read the posts anymore (main page works fine). @chucksithe @will
When did that start happening? Can you take a pic?
I noticed for these messed up posts, on the “table of contents” lists for these posts, there is no green bar below the post that separates them from the other post. All other posts have a green bar separating them.
Yeah not sure why that happens either haha
Yes, same here.
I realized I probably shouldn’t have used the term table of contents. Replace that term for “homepage” instead.
Huh, only this post :/
Yeah, it's just this post that's lopsided. Others seem fine. I'll message you an image @will