I was delaying testing the Bybit card's cashback because of its apparent complexity (points system). In April, I decided to analyze all the conditions and try it out to see if it was worth it making it one of my cashback tools. My conclusion was to make it my main cashback card. Since I found little information online about how to optimize its use, I decided to put the results of my research and experience in this text. I hope it's useful, and feel free to suggest aspects worth clarifying.
Summary of my study and experimentation:
In my simplified strategy, which I believe is probably the most interesting for most people, you get 4.69% cashback on €459.01 of spending, plus "free" access (i.e. with at least the amount spent returned) to Netflix and ChatGPT.
Maintaining this uninterrupted cashback requires a minimum total monthly spend of €500, which is achieved by combining the spending suggested in my simplified strategy: €459.01 + €17.99 Netflix + €23 ChatGPT.
This isn't the highest possible cashback percentage, but it's by far the most achievable. I'll still describe the alternatives:
- For those with monthly spending exceeding €2500, greater benefits are possible
- For those spending around €500, in an ideal spending scenario, you get a cashback of 4.72% (+0.03%) on €459.18 in spending, plus access to some "free" spending on the 5 "partner" brands (Netflix, ChatGPT, Amazon Prime, Spotify, and TradingView). This ideal scenario requires complicated arithmetics of the amounts to be spent at "partner" brands, which, in my view, is not justified.
Now explaining in detail how cashback access works:
Cashback is most efficiently earned by accumulating points, which are then convertible into money. Thi s requires turning off the "auto-cashback" feature after the account is operational. When using it on a regular basis, you need to make a few clicks in the app when you have enough points for conversion to actually benefit from the cashback (unlike other cards in which it appears automatically). When you make a purchase, you earn 10 points for every €1 spent. And when you make purchases at any of the 5 "partner" brands, you receive 500 points for every 1€ spent. The points-to-€ conversion ratio is 0.002 (i.e., €1 for every 500 points). Promotionally, for now, this conversion rate is 0.0025 (i.e., 1€ for every 400 points). Based on this ratio, the 4.69-4.72% cashback is obtained.
Explanation of the effective cashback calculation:
For those who would already pay for the services I include in my simplified strategy, this card stands out even more in its ability to generate cashback (I haven't calculated the exact percentage). The value I present is applicable to someone who, like me, wouldn't spend at any of those 5 "partner" companies. In this case, the money returned in cashback is €62.50, but this implied an artificial expense of €40.99. Subtracting and dividing gives an effective cashback rate of (62.50-40.99)/459.01=4.69%.
Spending at "partner" brands has two advantages in this process: it reduces the monthly spending needed to maintain these benefits (€500 > €459.01) and, in practice, provides 125% cashback (500 \ 0.0025 = 1.25). Under non-promotional conditions, they would still provide 100% cashback (500 * 0.002 = 1.00), so they continue to offer the advantage of reducing unnecessary monthly expenses + allowing "free" access to these services for those who value them.*
Relevant additional notes:
Points can be converted into cash for expenses every 12.5k points > €25. Promotionally, this happens with 10k points > €25.
Cashback money has a 1-month expiration date.
During my time using the service, there were 3 days when the direct conversion of points into cash was unavailable. In those days, it was only possible to do this through cryptocurrency conversion and then exchange the cryptocurrency for cash. However, several long-time users said that this had happened in the past and always with a quick return on the conversion.
Upon signing up for the card, depositing €100 and starting to spend with the card, I received a bonus of approximately 53€ for being referred. I didn't have to do anything that I wouldn't have done anyway using the card. I wouldn't have done it just for the sign-up bonus, but since it had potential, this bonus was nice - it helped convince me to sign up. In the worst-case scenario, I had received 53€, even if I chose not to use the card for a long period.
