Revolut Issued Debit Card with Cashback in Crypto
August 24, 2018
The UK’s fintech startup Revolut has declared issuing its own debit cards Revolut Metal with crypto cashback option. Preorder was available since this May.
Revolut is a payment platform that is meant to make technical revolution in the banking sector, according to its founders. Its functionality allows for quick and easy trade operations with 20 fiat and 5 cryptocurrencies. The number of the service customers makes now approximately 2.5 million with the total number of transactions executed exceeding 150 million to the tune of around $15 billion.
Standard Revolut cards are issued for free but do not include some perks. Contrasting to them, Premium cards have a $8-monthly-fee and thus allow for extra benefits like unlimited foreign currency exchange, cross-border commission-free transfers and withdrawing funds via partners’ ATMs.
As for the users of the new cards, along with Premium options they will be offered exclusive offers like discount for air flights and festivals. In addition, Revolut Metal will enable cashback every time the card is used.
According to the company, customers are free in choosing cashback variants: in either fiat, or cryptocurrency. Note however that the cashback rate is quite insignificant: 0.1% of the purchase cost within Europe and 1% outside of it. Digital currency is claimed to be stored at cold wallet automatically.
As for Revolut Metal maintenance, the customers will have to pay either annual fee of $140 or $15-monthly one. The sum covers the cost of the card itself, its insurance, delivery and concierge services.
“We see Revolut Metal as an essential lifestyle product for people of all ages and incomes, ranging from digital nomads to everyday working professionals. We are absolutely convinced that Revolut Metal will be the exclusive card of the future, and an absolute must for travellers worldwide”, the startup members claimed.