Cheap and stable: A PtBi catalyst was fabricated in three consecutive electrochemical steps (see picture): electrochemical oxidation of carbon paper to form an adequate catalyst support (1), Pt electrodeposition (2), and underpotential deposition of Bi onto the as-prepared Pt (3). This process resulted in a well-dispersed and thin catalyst layer as well as a significantly enhanced power performance with a Pt loading of only 0.5 mg cm−2.