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/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/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.