Revolut Taps Into VIP Segment Introducing Metal Card with Cashback in Cryptocurrency

UK-based prepaid debit card service Revolut has introduced Revolut Metal — debit card that allows customers to withdraw up to 1% cashback in either fiat or cryptocurrency on transactions outside Europe, or 0.1% of any transaction within Europe.

Photo: Revolut / Twitter

Photo: Revolut / Twitter

Fintech startup Revolut has announced the launch of a new metal debit card. The product, named Revolut Metal, will allow Revolut customers to get cashback in either fiat or cryptocurrency.

Now Revolut customers can claim cashback on all spending in the currency of their choice. It can be EUR, USD, BTC or ETH, as Revolut supports fiat currencies and a number of digital currencies. Revolut Metal offers cashback in cryptocurrency on card purchases, a personal concierge, travel insurance and a higher £600 ($771.3) limit on free global ATM withdrawals per month, along with all of Revolut’s existing Premium features. Every time you use your Revolut card, the company gets a fraction of the card processing fee from MasterCard or Visa.

Customers can already get themselves prepaid cards enabling purchases with cryptocurrency, but from today they can pay extra for the privilege, style, and class that comes with solid black metal. Revolut Metal allows them to withdraw up to 1% cashback in either fiat or cryptocurrency on transactions outside Europe, or 0.1% of any transaction within Europe.

The card has a brushed metal look, a tiny Revolut logo in the top right corner and the user’s name in the bottom left corner. It works with contactless card readers. The company described its new product as follows:

“The new metal card is fully contactless and has been designed with obsessive attention to detail. At three times the weight of a regular card, Revolut Metal is crafted from a single sheet of reinforced steel using a diamond drill bit. Paint particles have then been layered to the card using a physical vapour deposition, with customers’ details etched onto the card using a high precision laser.”

Revolut Metal costs €13.99 per month or €135 per year (£12.99 per month or £120 per year). The basic premium subscription costs €7.99 per month or €82 per year (£6.99 per month or £70 per year). Currently, the number of cards is limited to existing Premium subscribers. The company only has 10,000 cards for now, so it could take a bit of time before you get your card.

Revolut CEO and Founder Nik Storonsky said:

“We are absolutely convinced that Revolut Metal will be the exclusive card of the future, and an absolute must for travellers worldwide. While the plan already comes with a bunch of new features, there is so much more to come, including commission-free trading and airport lounges.”

He added:

“The launch of Revolut Metal is also an important step towards the company generating additional revenue, especially as we prepare to launch a commission-free trading platform and expand the business into North America and Asia later this year.”

Revolut is digital banking alternative that includes a pre-paid debit card, currency exchange, cryptocurrency exchange and peer-to-peer payments. Launched in July of 2015, Revolut charges no fees for the majority of its services, and uses interbank exchange rates for its currency exchange on weekdays, and charge a markup from 0.5% to 1.5% on weekends. The company supports five cryptocurrencies: Bitcoin, Ethereum, Litecoin, Ripple, and Bitcoin Cash, allowing the in-app exchange of 25 fiat currencies and enabling travelers to spend a total of 150 fiat currencies abroad.

Revolut has become the second challenger bank that offers a metal card, following N26.Those using the Revolut Metal card can get more benefots in the future, with wholesale rates, family accounts, unlimited disposable virtual cards and other features slated to be introduced.

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