100% Cashback with Swipe Churning

100% Cashback with Swipe Churning
Whoops again! Looks like the below update is out of date. Yotta has silently nerfed cash prizes for all boxes at the moment and the odds are reportedly very low. Given the number of changes that have lowered the benefits of Yotta; at this moment, we no longer recommend Yotta.

Updated 6/8/23
Whoops! Looks like this article is out of date. Yotta has removed the lucky swipe feature for debit boxes now. When you swipe, instead of having a chance of a lucky swipe, you will be given a debit loot box. The debit look box has cash prizes up to your transaction amount (so a $500 transaction could get a $500 cash prize). In a way, you can still get 100% cash back from swiping, but the odds are now hidden. Keep a lookout for a new post to go over the suspected new odds for swipe churning with Yotta.

Updated May 2023

Yotta's debit card offers a unique feature called lucky swipe, which allows users to potentially have their full purchase amount reimbursed every time they use their card. It is effectively a 100% cashback card based on a set of odds. While this can be a great benefit for those who make frequent purchases, it may not be as appealing to those who make fewer purchases or plan to slow down spending due to concerns about the current economic climate. That is why I want to share a way to trigger lucky swipes without having to make any purchase at all. I call this swipe churning.

I already wrote a post about how Venmo can be used to trigger lucky swipes on Yotta. But that requires another party involved in the transaction which may not be convenient or involves counterparty risk. There is another way to trigger lucky swipes with you alone as the sole party. This requires Cash App.

Cash App is a popular finance app that lets you send and receive money, pay bills, and make purchases using your phone. One of the overlooked features of Cash App is the ability to fund your account with a debit card for zero fees. Platforms typically charge about 0.65% to 1% fees for debit card transactions making it difficult to justify the cost of using a debit card unless you need instant cash. In this case, Cash App is an exception.

With zero fees, it will be easy to use your Yotta Debit Card to fund your Cash App account since it costs nothing to do so. When you fund your Cash App account with the Yotta Debit Card, there is a chance for a lucky swipe. Money from your Yotta account will land in your Cash App account and you will be notified if you triggered a lucky swipe or not. If you did not get a lucky swipe, you can just try at it again by transferring back to Yotta or another bank account (then back to Yotta) and repeat this process.

The setup is fairly simple. It just requires the following:

Once you have these setup, proceed with the following.

Step 1: Add Yotta Debit Card to Cash App

  1. Go to your profile by clicking the person icon on the top-right in the Cash App app.
  2. Click on Linked Banks.
  3. Add your Yotta Debit Card. If you already have an account with Cash App, I recommend removing any linked banks first to make sure Add Cash uses your Yotta Debit Card. You can add your bank again later after funding with your debit card successfully for the first time.

Step 2: Fund Cash App with Yotta Debit Card

  1. Go to the Money tab by tapping the icon of a bank-like building in the lower-left corner.
  2. Click on Add Cash and enter the amount you want to add to your Cash App account. Please make sure your Yotta account has enough funds.
  3. If the Add Cash succeeds, you should see a pop-up from Cash App and Yotta for it. If you triggered a lucky swipe, you will see it in your Yotta app.

Step 3: Move Money Back to Yotta

  1. Go back to your Cash App profile page and add your bank account in Linked Banks.
  2. Go to the Cash App Money tab and then click Cash Out.
  3. Enter the amount of money you want to transfer out and complete the process. Cash App should give you a date for when the money should land in your external bank account. From there, you can move the money back to Yotta (unless your external bank account is Yotta) and repeat this process as long as Cash App limits have not been hit.

After you complete this once, it should be easier to do the next time since you do not need to setup your debit card or bank account again. As you can see, all the money still belongs to you and it's simply just money transfers you are performing. It sounds too good to be true, but so far this is supported by Yotta and Cash App still continues to support Yotta as a funding source. Here are some things to look out for though:

  • Cash App has been known to suspend accounts for suspicious activity. Avoid making a high volume of transfers back to back to trigger a lucky swipe. If you want to do money transfers, space them out in-between.
  • Cash App has a low limit if you don't increase it. Increase it sooner than later to get the most out of your churns. Once you unlock the increase, it should be a rolling weekly limit of $7500 (rolling 7 days) and a monthly limit of $17,500 (rolling 30 days).
  • I recommend setting up direct deposit with Yotta to increase your odds to 1 in 150 (instead of the default 1 in 200) if you can.

Final Thoughts

Swipe churning is a great way to take advantage of Yotta's lucky swipe feature. It requires zero purchases and just a little bit of time to setup and repeat the process. It is akin to bank account churning and credit card churning if you are already doing that. As Christmas is approaching soon, I hope lucky swipes come your merry way if you do try this out!

If you are new to Yotta, you can use the referral link here or use the referral code ANDY536 when signing up for Yotta to get 500 tickets in the next contest.

If you are new to Cash App, feel free to use the referral link here and get $5 for signing up.

Thanks again for tuning in and please sign up for Pocket Finance Club to stay updated on the latest financial news and tools to improve your pocket! We plan to drop new posts every Monday (and some in between).