I've been using this U card for almost 3 years. Simply put, it's about applying for an overseas card, which can be recharged using USDT and then linked to WeChat or Alipay for payments. Now, I also use the U card for my daily expenses because I was working in the virtual card industry before I left my job.
Today I saw that the Solayer's jade card has a decent rate, with a 4% yield on US Treasury bonds for deposits, and expectations for future airdrops.
I can tell at a glance that the project party is losing money on this business.
Let's talk about a concept that might seem counterintuitive: every transaction or card binding with an overseas card is equivalent to an authorization, and each authorization incurs a fee to the account, with a total cost around $0.1 to $0.2. Even if the payment fails, this fee will still be deducted.
For cross-border transactions, for example, using a USD card to pay in RMB also incurs an additional fee of a few cents. As long as the project party does not charge you this fee, or the fee is lower than this amount, they are losing money on the transaction.
This is not even the most outrageous thing.
If you open a card on the platform and then decide to cancel it, but continue to use that card for payments, the payment will obviously fail. However, the card issuer will still charge the parent account for the authorization fee.
Those who can still do this business now are either industry giants with influence who can secure quality card resources and lower the rates, or they are in the black or gray market, opening cards without KYC and relying on high fees to cover costs.
🫡 Card Payment Tips:
Alipay and WeChat charge a 3% cross-border fee for transactions over 200 yuan, so try to keep the payment amount under 200.
You can cash out by paying yourself through a payment code.
😺 Card Binding Issues:
When binding a card on Alipay, a verification window may pop up asking you to submit a photo of the card; at this point, you can take a screenshot and submit it directly.