Revolut Introduces an Upmarket Payment Card
Following in the footsteps of the German neo-bank N26, whose premium card saw the day in June this year, the British FinTech Revolut unveils a high-end offer for their corporate customers and for travellers. The new service includes a payment card made of metal, with both cashback and concierge services.
This solution, called Metal, is meant to enhance their existing premium offer. This metal-made Mastercard card is charged €13.99/month; it comes with companion overseas travel insurance, compensations in case of flight delays or loss of luggage, as well as with free and unlimited foreign exchange. The limit for ATM withdrawals has been set up to €600 per month.
Also, this prepaid Revolut card embeds a cashback feature. The cardholder earns up to 1% for transactions outside of Europe, and 0.1% for transactions carried out in Europe. This cashback may add up crypto-currency based amounts (Bitcoin, Bitcoin Cash, XRP, Ether and Litecoin) or fiat from any of the 25 currencies handled by this FinTech.
The offer comes with a 24/7 concierge service helping the users book hotels or flights, for instance. Cardholders also have early access to new products likely to hit the market in the months to come, including the possibility to open accounts for members of their families.
Comments – Fighting to win the market for high-end payment cards
After launching their commission-free trading platform and location-based travel insurance for €1 per day, this British FinTech keeps making progress as a leading neo-banking player. This card is introduced short after they rolled out Revolut Wealth and as they get ready to reach out for Asia and North America. Revolut may rely on this high-end offer to secure their customers’ loyalty and draw in additional revenue.
The idea can be compared to a concept also selected by the German FinTech N26 for their N26 Metal. Yet, the offer introduced by Revolut seems more attractive as extra high-end services are included, and it is less expensive (€13.99 vs €16.90 for N26). Revolut also allows customers to withdraw higher amounts, at no extra cost. This considered, N26 still stands out as their service is already compatible with Apple Pay, however, Revolut may soon integrate with this wallet as well.