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Ed
Ed

I closed my account a few weeks ago, and got a check in the mail for about $2 from them with the memo “bal sweep”. Is this just additional interest that I got during the closing period?

storm

Yotta sent me an offer to be one of the first to get their credit card. No credit check it says. https://www.withyotta.com/credit-card

Kris
Kris

The sub is 2000 bonus tickets for 2000 spend in 4 months. Chuck

Jay - ⒿⒶⓨ 🙈 🙉 🙊
Jay - ⒿⒶⓨ 🙈 🙉 🙊

So is everyone a millionaire yet using this method
http://travelinpoints.com/make-money-with-yotta/
to generate free money?

Also, am I correct to assume that you constantly cycle funds through Venmo and CashApp using Yottas debit card and eventually you get one of those transactions reimbursed via their “lottery”?
Or what is the actual play here…?

Chuck Davis sg77

Andy
Andy

I haven’t been doing this, but it looks like it’s just what you said. There’s a 1 in 150 chance of your transaction being free.

So assuming you have average luck and are doing $5k transactions, you might cycle through $750,000 to win once.

Technically could still be worth it (if things go smoothly), as each transaction would have an EV of $33.33. STD DEV would be high though, and some people might churn a bunch without winning.

Obviously, I could be missing something.

Edit: You can also increase your odds to 1 in 100 with a referral.

Jay - ⒿⒶⓨ 🙈 🙉 🙊
Jay - ⒿⒶⓨ 🙈 🙉 🙊

Thanks for this Andy.
So assuming you have had a referral and get 1:100, you earn on average $50 for every $5000 you cycle through Venmo/CashApp and the likes?

Shouldn’t that be a real popular deal then?
Or is there another downside I’m still not aware of, besides some short term variance?

Andy
Andy

Jay - ⒿⒶⓨ 🙈 🙉 🙊 Here are the basic limits I’ve found:

Venmo – $5k per week (send to friend)
Cash App – $10k per week (load account)

Obviously, this doesn’t account for two things:

1. Scaling with multiple accounts
2. Whether you might see any adverse action from Venmo/Cash after repeatedly doing the same transaction(s) every week.

Anyway, you’d end up with ~150 transactions in a year before any scaling and assuming no AA, meaning on average, you’d do this for a full year and get a hit once. I’m not including the referral boost since that only lasts a month. But technically, if you can get 12 referrals, then 1.5 hits per year, on average.

Either it IS really popular and nobody is talking about it out in the open. Or it’s not popular because Venmo/Cash shut you down quickly and we only notice the lucky people who won within their first ten tries or something.

Hard to say which it is without trying first.

Christian H

Been doing it for months without issue from Cash App or Venmo. Been waiting but nothing, I do $999.99 transactions x10 w/ Cash App once a week, to up the number of transactions I’m doing to 520 per year. Cash App transactions are a 1 in 100 boost for the Yotta debit card, probably because Yotta knows people are doing this and is okay with it since it’s basically taking away money from Cash App.

Olivia
Olivia

Christian H and then from Cash app you can simply withdraw the funds you loaded with the Yotta card to your own bank account? Is that how it works with Cash app? I’m asking because I’ve only used Cash app a few times for small loads for the occasional Instacart cashback offer/

AllenW
AllenW

Wouldn’t the long term risk of Adverse Action from loosing Venmo and CashApp out weight the 1 time credit?

I kinda consider them tools necessary for bank bonuses and when I screw up pull amounts. Often times the instant deposits come in handy.

150 within a year spread across an entire year between 2 isn’t horrible (weekly transactions) just depends if those companies have an overall volume limit that cause attention and eyes. 75K of cycling a year is kinda a lot.

Morris
Morris

Would someone kindly tell me what the Taxpayer EIN number is for Yotta?
I did not get a 1099 INT or 1099 MISC from them because I received less than $600 from them.

Morris
Morris

Has anyone received a 1099 from Yotta for 2021? I may have received it but not sure which bank it showed up as.

sg77

According to the app (gear icon, Account, Tax Information): “Savings rewards and prizes on Yotta are not considered interest for tax purposes, so you will not receive form 1099-INT from us. If you won less than $600 in a calendar year, it is up to you to report this as miscellaneous income on form 1099-MISC. If you won more than $600, you will receive form 1099-MISC from us in the mail and via email.”

And that page in the app shows your total earnings in each year.

Blah
Blah

How long does it take for the Yotta offer it to go pending on Swagbucks?

Davis

Treasury Direct does not satisfy the direct deposit bonus tickets

ChannelZ28
ChannelZ28

I got a “congratulations you’re in” email, followed 5 minutes later by a “We cannot offer you a Yotta account” email.
I can’t imagine why I was rejected.

Mia
Mia

Can you churn this account for the Swagbucks bonus?

RobertL
RobertL

Yotta is now on Swagbucks/MyPoints for 2000 SB/3000 MP for a deposit of at least $10
William Charles Chuck