Is This the Best Debit Card in Town? PrizePool Debit Card

Once upon a time, the PrizePool debit card was the best debit card in town as the chance of getting your entire purchase reimbursed during a promotional period was a whopping 5%. Then, it was lowered to 1.66%, which was still much higher than 0.5% (or 1% with referral promotion that existed back then) Yotta was offering. If you are thinking those odds are too low to be worthwhile, well think again, as people were making thousands of dollars spamming P2P transactions in Yotta and getting some of them reimbursed.

Anyway, the system of getting a purchase reimbursed is slightly more complicated now and I have written about it in a separate article (sidenote: if you haven’t, I suggest reading said article first). In that article, I mention that a Stacked member has an expected cashback at around 1%, however, I did not account for the value generated from the tickets themselves.

Check out PrizePool, a fintech banking app that pays out $10,000+ in cash prizes monthly! Get a cash bonus on your drawing prizes and a $10 credit if you sign up for Stacked using my referral link: https://links.getprizepool.com/1abMCSL4Ccb.
You can also use my referral code Y17LK.
You get a 10% bonus on your weekly winning for using the referral.

There was a short period of time when PrizePool allowed you to use PrizeWheel unlimited amount of time and during that time, I think it is reasonable to say that the card was generating 2+% cashback. You could even win $1, $5, $10, etc as a prize per spin. Each spin cost 2000 tickets (now 1500) but you can easily generate more tickets as each $1 spent would generate 200 tickets for Stacked users. The unlimited PrizeWheel was so good that people were spinning the wheel over and over again.

But now that there is a limit on how often you can use the PrizeWheel per day so things are a bit tricky. Why are things tricky you ask? Because your odds of winning a better weekly prize do not scale linearly with the number of tickets. For example, if you spend a few thousand dollars on a debit card, you can easily hit the 99% percentile on Prizepool (a.k.a. you have more tickets than 99% of Prizepool users). I would say, with a 99 percentile your odds of getting the mid-tier weekly prizes (say $10 and $20) are decent. However, you will find that your odds of getting a better prize won’t increase as easily after hitting the 99 percentile.

So, to summarize, there are two ideas in play:

1. money earned from tickets doesn’t linearly increase with the number of tickets you have
2. you want to max out daily spins (granted you will have “enough” tickets for the weekly drawing)

As an example, consider the second image shown below, where I have nearly 2 million tickets (I think the max allowed per drawing is still 3 million) and my odds of winning the top prize for this week is 1/444, which isn’t amazing. It is likely that I ended up with a $20 (1/4 odd) or $10 (1/3 odd) prize for that week. You could have likely obtained the same mid-tier prizes with a much lower ticket count.

Check out PrizePool, a fintech banking app that pays out $10,000+ in cash prizes monthly! Get a cash bonus on your drawing prizes and a $10 credit if you sign up for Stacked using my referral link: https://links.getprizepool.com/1abMCSL4Ccb.
You can also use my referral code Y17LK.
You get a 10% bonus on your weekly winning for using the referral.

Closing Thoughts

If you can optimize spending/ticket, then I would say this is still a very good debit card. This card certainly isn’t as scalable at a high cashback rate as it once was. The goal, for most people, should be to aim for $10-$20 weekly prizes while winning additional cash through (a) daily wheel and (b) debit card reimbursement.

PrizePool recently made a change so that certain merchants (money orders and financial institutions) are excluded from being eligible for debit reimbursements.