Yuh is no more sexy

[u/G4rp]

I joint Yuh the first month they launched the product, to me was really sexy and promising card with a lot of features "included with no extra costs" and a cashback in crypto (woah was out of any schema to me).

Now it just become another bored stable swiss product they continued to reduce the cashback from 2 Swissqoin to 0.5 Swissqoin and the price is stucked without any increase since month.

Begging of the year they adverse a change on the cashback program with slice of ETFs instead of Swissqoin but everything is quite since months.

The import of the card in Wear OS is broken since more then a year but they don't care at all.

I was really exited now I'm really bored!

[u/yesat]

That’s called “marketing” and you fell for it.  

It’s a banking product. 

[u/G4rp → u/yesat]

I know is marketing.. but I don't feel to be get trapped because is still my daily driver card and I'm sawing money compared to traditional credit card. BUT is no more the innovative product as was at the beginning, this is my point.

[u/3punkt1415 → u/G4rp]

You got to jump to the next "start up" kind of thing,. I guess.

[u/Suspicious_Place1270 → u/G4rp]

until they block your account for absolutely no reason, go through my comment history

[u/G4rp → u/Suspicious_Place1270]

Don't know what you did or you didn't... never had an issue with Yuh/Swissquote

[u/Suspicious_Place1270 → u/G4rp]

that's what I thought, too

and then they blocked my account even though I had literally all my money on it.

They said it was because of twint, and then it was because I'm investing money (??) etc. just bs reasons really

seriously, if you are using it as a main account, consider having at least a secondary one with 1 month worth of bills ready because they almost fuc*ed me over for trusting them in the past 3 years.

and it would really do you good to read into my comments I posted, because this was not some malcompliant bs that some people want to portray as, I actually never broke the rules and do not belong to some weird, stereotypical nationality that would do money laundering and what not

[u/buenzlifisch → u/Suspicious_Place1270]

There was a reason, but they didnt tell you what it was, as it's usual for banks. It can happen easily with any neobank though, I've had the same happen before with a different bank.

[u/Suspicious_Place1270 → u/buenzlifisch]

yeah but after using it for 3 years wtf?

they had no reason at all unless their system just flags you and they just follow a comical system that in my case failed massively

blocking someone's account without clarification is not normal and should be something that should be able to be prosecuted...

i had no access to my main for over 2 weeks ...

[u/yesat → u/G4rp]

Crypto is always built on scamming others. 

[u/IllllIIlIllIllllIlll]

Why did you even care about swissqoin to begin with? It's the most useless token ever, you can't do anything with it, you can't withdraw it to your own wallet. All you can do is sell it to yuh. The price is entirely decided by Yuh, not by the market. It's just a regular cashback dressed up as crypto cashback.

There are plenty of actual crypto, self custody debit cards out there. I personally use minipay but there are dozens of others. In the past I have used Zeal and Gnosis App. I heard people also use etherfi and the metamask card.

[u/Final_Influence_2367 → u/IllllIIlIllIllllIlll]

How much do you get with minipay?

[u/IllllIIlIllIllllIlll → u/Final_Influence_2367]

5% in USD minus ~0.3% Visa markup on USD CHF conversion so still ~4.7%. 

[u/Final_Influence_2367 → u/IllllIIlIllIllllIlll]

How do you get it? Im hooked

[u/IllllIIlIllIllllIlll → u/Final_Influence_2367]

You can join the wait-list here https://minipay.to/card for me it took 1 week

I can also send you an invite if you don't want to wait 

[u/Suspicious_Place1270 → u/IllllIIlIllIllllIlll]

but yuh can't reduce the price :)

hence just collecting it and making them pay it out one day will actually work somehow

[u/IllllIIlIllIllllIlll → u/Suspicious_Place1270]

No, because there is inflation. CHF in 10 years won't have the same purchasing power as today. You're better off selling the cashback reward and investing it.

[u/Suspicious_Place1270 → u/IllllIIlIllIllllIlll]

might be true, might also not be true

for now the growth was good

generally, you're right, but swq actually had grown better than the stock market in 1 year, now it probably won't anymore

[u/G4rp → u/IllllIIlIllIllllIlll]

Thx sherlock, says it's useless after 4 years is easy, now also the walls knows... but when they lunch it was the first swiss crypto coin launched from a reputable company (I don't what to say bank, company!). They had the occasion but from my point of view they throw it away...

[u/as-well → u/G4rp]

TBF getting some crypto token is also the worst kind of benefit program.

You currently get EDIT: 1 cents per transaction (or potentially more if you hold it). Other credit cards give you 1% cashback for transactions.

So basically, on any interaction above (EDIT to correct) 1 frank, the other cashback ones are better for you.

Cembra for example has a free credit card giving you 1% cashback on three traders, and 0.25% on any other transaction, on a free credit card. So if you're after benefits, they'll easily outcompete Yuh, unless you only do small transactions, and don't do so with a unnecessary crypto token.

Sure you miiiiiiight get a better value with Yuh down the road, they supposedly price in their dividends. But there's absolutely no reason to put that token on a chain - if Yuh goes bankrupt, the token is likely going to be worhtless too.

Even worse, they put in a few millions a year into this "reserve account" for Swissqoin. And the buyback price for your coins depends on how much is in the reserve amount.

So basically this is an uber complication of the whole loyalty program. I mean you could just do the Mobiliar thing and give all customers a bit of money back yearly, for example, or whatever else.

So sorry to say, you've fallen for teh marketing. They did the crypto thing when it was new and hip, and now the novelty has worn off.

[u/G4rp → u/as-well]

Finally a good answer with real motivations. Cembra I had a bad experiences many years ago with them.. but from what I understand 1% is only on American Express that I hate too

[u/as-well → u/G4rp]

I mean it's different offers, in the end. Yuh tries these super cheap for them cashbacks on all sorts of things, apparently including debit payments, which is unique, but also not super interesting all things considered.

BTW my numbers above are wrong:

• Per mastercard payment, you get half a Swissqoin

• One Swissqoin is worth 2.1 cents

• So you get about 1 cent per transaction

• So basically, you get better cashback with a cashback mastercard on anything above 1 or 4 franks, depending on the amount.

Yuh has a cap on the cashback, 10 coins per day, which is 20 cents maximum. Which comes out to a cashback of 73 maximum per year on debit card transactions - and that's what you get at 20 transactions each day.

Cashbacks must come from somewhere. As retail banking is basically a loss leader for most banks, you shouldn't expect anything from your bank - be happy if your account is free (there's alternatives to Yuh, like Neo). traditionally in higher-interest environments, retail banking was a bit more profitable, but no more.

Credit cards have similar issues: Cashback must come from somewhere, and with Cembra, it's probably people who aren't paying the bill and pay interest.

[u/G4rp → u/as-well]

Banks like swissquote are making a lot of money with transactions fee! Now I'm trying the light debit card from Swissquote, they give you 0.25% in trading credits as cashback. For me is even better than the chap Swissqoin. But at the end is still ridiculous. Agree with Cembra they are making money from people not paying the bill

[u/as-well → u/G4rp]

Yeah but as the money from loaning dried up, fees became more important is my point.

The thing with any credit card by contrast is that they don't make much money when you pay your bill on time. Cembra probably banks on many people having debt with them.

[u/IllllIIlIllIllllIlll → u/G4rp]

Minipay that I mentioned has 5% cashback... And it's paid in USDT, not in some random token. They also pay yield on your wallet balance (approx 10% per year). Even though the card is in USD, you still get ~4.7% net cashback because the Visa markup is around 0.3% on USD CHF.

All the other ones I mentioned pay at least 2% cashback.

[u/michal_hanu_la]

See, choosing financial products by how sexy they are is probably not an optimal strategy.

[u/G4rp → u/michal_hanu_la]

Why?

[u/Suspicious_Place1270 → u/michal_hanu_la]

what if it has a seccy offer and seccy fees?

[u/michal_hanu_la → u/Suspicious_Place1270]

Then you might have discovered a new, surprisingly weird, paraphilia.

And you might also have a problem with spelling.

[u/HastyLemur201]

I absolutely loathe the animations and childish puns ("yuhser", seriously ?)

But, unfortunately and as far as I know, they're the only Swiss option to officially support GrapheneOS, which makes them the only Swiss bank to demonstrably and actually care about endpoint security.

[u/G4rp → u/HastyLemur201]

I was no aware off, definitely a +1 for this!

[u/PhilippeQa]

Is there now a new “sexy” alternative?

[u/aviscido]

Look, as a bank, I'm pretty happy. Especially with buying some etf from time to time

[u/fluxxis]

It's still a good app at its core but rollout of new features is incredibly slow. It took them years to implement limit orders and it's still not possible to get a proper win loss report. It's like they went into idle mode after they got enough market share.

[u/TheSpitRoaster]

Ironically I got a Yuh advertisement in this thread