Why Use the Plasma Card? Features, Benefits Explained

You’ve already set up your Plasma account, so you get it.

Self-custody stablecoin wallet, Visa card that can be used anywhere in the world, yield on your balance, no more getting fleeced by banks on fees, cashback in XPL, and much more. 

Since you’ve already done the main bit, you probably don’t need the whole pitch twice; instead, we’re simply going to show you why getting active and using the card will simply make your life better. 

The math on doing nothing

Every dollar sitting in your regular bank or exchange while your Plasma One account sits empty is a dollar earning less than it could.

Fund the account, and idle stablecoins start compounding in the Earn vault, currently running close to 4-5% APY (variable, so treat it as a moving target). 

Spend from the card, and every tap kicks back 2-4% in XPL, depending on your tier.

None of that switches on until there's a balance. Right now, you're just holding a very well-designed wallet with nothing in it.

Step 1: Getting the money in 

Look, you don’t need to worry about where the money is. If you’re already an active crypto user, you are likely going to have funds on one of the major chains. 

All you need to do is simply hit ‘send’ to your Plasma wallet, whether it's USDC or USDT, and get your money active. 

If you currently don't have an active crypto setup, don’t worry; there are ACH and wire deposits available, allowing you to seamlessly get your money onboarded into stablecoins. 

Whichever way you pick, there’s a free and simple route to get your funds up and running on Plasma. 

Step 2: Getting the card

You have two options here: the virtual card and the physical card. 

While you wait for the physical card to arrive, you can get your virtual card in your pocket today. All you have to do is activate it and add it to your Apple Wallet, and voilà, you’re good to go. 

However, the physical is the better option primarily because of the cashback and rewards you get with it. We’ll dive into the details shortly, but there’s no harm in a setup that consists of both. 

Step 3: Spending 

I know it’s probably a completely foreign setup, so it’s hard to trust whether the thing is actually legit or not. 

Start small, go to your local coffee shop and pick up a $5 latte, take a $20 Uber to your local pub, and spend another $5 on a pint. 

Just test the waters and get familiar with the system. Once you get the physical card, try an ATM withdrawal. 

There’s no better way to learn than actually doing, so test the waters and see the mechanism actually work in real time. 

See how you’ve actually been playing yourself, keeping everything idle in a bank account all this time. 

Things get taken even further. 

- If you are an active AI junkie and spend a ton across the different AI products, Plasma offers you up to 10% cashback on AI spend. 

- Even if you’re an avid traveler, one of the Plasma physical cards offers 10% cashback on eligible travel spend. So all your flight bookings and hotel bookings become cheaper with the Plasma card.

- You also get healthy cahsbacks on general spending. So if you’re thinking about buying the upcoming GTA 6, use your Plasma card and get some money back.  

Once you’re familiar and comfortable with the product, start looking at your rewards. Cashback pays out weekly, every Thursday, straight into your Rewards tab. 

Spend once this week, and you'll have a real number to look at by the weekend instead of a hypothetical one. 

Just before we move on, I’m going to leave you with some key information about each tier so you're best equipped to make your final decision.

Lite (free)

• 2% base cashback
• No AI cashback
• 0.25% referral rewards, for 3 months
• Standard fees, standard support
• 1 free virtual card

Core ($199 per year, or lock 20,000 XPL for 12 months)

• 3% base cashback (steps down: 3% on the first $1,000 monthly spend, 2% on the next $1,000, 1% on the next $1,000, 0.25% after that)
• 5% cashback on AI spend, up to $500 a month
• Free ChatGPT Go subscription (worth $100 a year)
• 1% referral rewards, for 3 months
• Reduced fees, priority support, up to 2 free virtual cards

Platinum (lock 100,000 XPL for 12 months, no cash option)

• 4% base cashback (steps down: 4% on the first $3,000 monthly spend, 3% on the next $7,000, 2% on the next $5,000, 1% after that)
• 10% cashback on AI spend
• 10% cashback on flights with eligible airlines (Emirates, Singapore, Cathay, Qatar, Delta, and others)
• Claude Pro and ChatGPT Plus included ($250 value each, so $500 total)
• 1% referral rewards, for 6 months
• No added fees, VIP support, up to 3 free virtual cards, lounge access, Visa concierge, travel/baggage insurance, global eSIM

Is your money safe with Plasma? 

Fair question. Plasma One is self-custodial, meaning the keys live on your device, not in Plasma's back office. That's a genuinely different setup from a normal neobank, and it's worth understanding rather than just trusting. 

It also means stablecoin balances aren't FDIC insured the way a bank deposit would be, so don't park your entire net worth there on day one. Fund what you're comfortable spending and earning on, not your whole balance sheet. 

So now that you’re all caught up, don’t waste any more time; get your funds active and live smarter with your Plasma account. 

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‍Thanks to the Plasma team for unlocking this article. All of our research and references are based on public information available in documents, etc., and are presented by blocmates for constructive discussion and analysis. To read more about our editorial policy and disclosures at blocmates, head here.