On paper Plutus pays more than anyone: percentage rates several times what conventional cards offer, plus perks covering common subscriptions. The mechanism is where the number comes apart.
How the headline rate is constructed
Higher rates require staking PLU tokens, monthly caps limit the amount of spending that earns the top rate, and rewards themselves are paid in PLU rather than fiat or a major asset. Each of those reduces the realistic yield, and together they can reduce it by most of the headline figure.
The token problem
A reward paid in a thinly traded token is worth the price you can sell it at, not the price displayed when you earned it. PLU's market history has been poor, and selling meaningful amounts moves the price against you. Anyone modelling the card's value should assume they receive substantially less than the nominal reward.
What works
The base tier functions as a normal card in supported European markets, the perks programme covers real subscriptions, and the company has operated since 2015 without a major incident.
Who should use it
European users who will actually use the perks and treat token rewards as a bonus rather than income. Anyone comparing on headline cashback rates is comparing the wrong number.