The U card is a versatile good thing - if you can accept fees comparable to those at airport duty-free shops, then it's practically perfect.
Its emergence has completely resolved the pain of being banned from using black cards or having accounts frozen when selling USDT. But don’t celebrate too early; there are some things you need to clarify.
What exactly is the U card?
In simple terms, the U card is where you load USDT onto the card, and you can use it to withdraw cash from ATMs or shop at supermarkets, spending however you like. You can use it for purchases worldwide and experience the charm of 'digital currency life'.
However, with the U card's popularity, some 'monsters' have started to emerge in the market, aiming to 'cut some leeks' in this new market. Let's talk about a few traps you absolutely must avoid!
1. Small scammers posing as U card agents.
These people are the 'clowns' on the street, lacking formal authority to act as U card agents but seeing market demand, they start scheming - posting ads to sell U cards on various social platforms. After customers transfer money to them, they end up not seeing the card, losing their money, and often there's not even a trace left! To make matters worse, the police won't even file a case, leaving victims to simply 'accept their misfortune'.
The price of a U card usually ranges from two to three thousand yuan. Unlucky customers are too embarrassed to report it, as it is considered a small fraud, so we just have to rely on ourselves.
2. Applying for a U card yourself, only to be deceived.
Some 'smart ones' see the price difference among agents in the market and think, 'I can do it myself', so they apply for a U card. But after waiting ten days or half a month, they finally receive the card, only to find that it has been banned. After topping up, withdrawals are restricted, which is incredibly frustrating. The most infuriating part? Contacting customer service? The official response is extremely polite, with a few English phrases to brush off the issue, and the problem is never resolved.
You see, the rules of this society are like this: if you can handle it yourself, there’s no need for agents to exist - isn't this the truth of 'the survival of the fittest'?
3. Using the U card for Ponzi schemes - the classic 'cutting leeks' model.
This kind of 'trap' is simple - project parties attract people to join with grand slogans like 'new era of blockchain payment' and 'digital encrypted funds'. Doesn't that sound impressive? In reality, it's just an old Ponzi scheme.
They will pull you into an app, ask you to load U into it, promising daily dividends and referral bonuses, and when the funding chain breaks and they run away, you will have nothing left. Even more ridiculous, there is no physical U card; you are just playing a digital game online - once the funds peak, the app shuts down and runs away.
By the time you realize it, your wallet is already empty. In the end, you face a real problem - most of these project parties are based overseas, and you can't even find a trace to report to the police. It's undoubtedly 'high IQ crime'.
4. Virtual U cards, buyers suffer.
The U card comes in two types: physical cards and virtual cards. The former can be linked to Alipay for online purchases and cash withdrawals offline, while the virtual card can only be used for purchases on designated platforms and has relatively limited functionality.
However, some 'virtual U cards' cannot be linked to apps like VX or Alipay at all, they are just shells - after loading, you find you can't do anything with them; you can't spend online at all. In the end, the buyer is frustrated and realizes - this is just a 'trap'.
5. Is using the U card really illegal?
A lawyer once said that using a U card might be 'indirect illegal currency exchange'. This is no joke - even if the issuer of the U card is not in the country, according to the 'principle of personal jurisdiction', domestic law enforcement has the right to exercise jurisdiction. Does this mean that as long as you convert virtual coins to cash, you might violate the law?
Using the U card for personal use is relatively safe; the only risk is that if you get a U card involved in black market transactions, it may be banned by the issuer.
For retail investors looking to safely cash out USDT, the U card remains the most convenient choice - as long as you can accept its somewhat 'luxurious' fees.
The U card is indeed a magical solution to cash flow issues, but it is also fraught with risks. While enjoying the convenience, don't forget about these potential pitfalls.
Smart users either choose to purchase through legitimate channels or apply for it themselves, but in any case, make sure to keep your eyes open and be wary of 'cutting leeks' traps.