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Yotta’s Credit Card Has Arrived… But Is It Any Good?

Considering how often I see FinTech products announced yet never launched, I do always find it exciting to see one of these offerings actually make it to market. This week, I got to experience that feeling when I checked my Yotta app and I noticed that I could apply for one of the platform’s new credit cards. While a part of me automatically wants to take advantage of such offers and get a jump on doing a review, I do like to pause and consider whether the product is actually right for me. So, is the Yotta Credit Card a good option?

First, I will say that the thing that surprised me about the Yotta Credit Card is that it’s basically a secured card. As they note, you can apply for the card without any credit check. Instead, your Yotta balance doubles as your credit limit. According to the FAQ, when you make purchases with your Yotta Credit Card, they will automatically be paid off using your cash balance on the 15th of the following month. Plus, Yotta will report these payments to credit bureaus, which can help you build credit and increase your scores.

Part of the reason why I found this surprising is that Yotta also offers a Credit Builder account as well as a debit card. Thus, combining the two (minus the fees of the former) seems like a weird move. But, I’m not complaining as I do think on the whole it is a better option than the Credit Builder account.

Anyway, what else does the Yotta Credit Card boast? Well, users will have “at least a 1 in 100 chance” of getting the item they purchased with their card for free. Plus, for every $5 spent with the card, a user will earn 1 additional ticket for the following week’s contests (and won’t lose tickets for the current week’s ticket despite their balance decreasing). Yotta is also currently offering a welcome bonus, allowing customers to earn 2,000 bonus tickets when they spend at least $2,000 on the card in their first four months.

So, with all that, is the Yotta Credit Card a good deal? It’s actually pretty hard to tell. Personally, while the idea of earning extra tickets is fun and could be lucrative, that element of luck makes it impossible to calculate the value. Of course, there’s also the “free purchase” aspect to consider, but that’s equally as complicated as your odds of winning depend on various factors, such as having direct deposit. In other words, it’d be cool if you win, but who’s to say whether that will happen?

On the other hand, I do appreciate that Yotta’s card could potentially be a way for people to build and establish credit without needing to pay for the privilege. While there are a growing number of similar options, I’m in favor of seeing more emerge — especially if they actually help people.

With all things considered, I think I’ll be passing on the Yotta Credit Card for now. Admittedly, a big reason for that is because, at a certain point, I find the offering and the whole platform to be a bit confusing. Plus, although it may sound cool that you can earn more tickets, this also just means that more people may be winning larger prizes, which means you’ll then need to split said prizes (Yotta splits prizes of $2,500 or more if they’re won by more than one person in a given contest). But, if you’re a fan of Yotta’s platform, are feeling lucky, and/or want to build credit, then perhaps this intriguing card will work for you.

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