Fintech startup Revolut is launching a new premium card. As the name suggests, subscribing to Revolut Metal gives you a metal card as well as additional perks compared to Revolut Premium.
In addition to the new card and existing premium benefits, you can claim cash back on all spending in the currency of your choice. It can be EUR, USD, BTC or ETH, as Revolut supports fiat currencies and a handful of cryptocurrencies.
Don’t expect to break the bank, as you’ll only receive 0.1 percent in Europe. In other words, when you spend €1,000, you’ll receive €1. But if you often travel outside of Europe, it could be a good deal, as you’ll receive 1 percent in cash back outside of Europe.
Every time you use your Revolut card, the company gets a fraction of the card processing fee from MasterCard or Visa. Card processing fees are much lower in Europe, that’s why Revolut can’t give you back more money in Europe.
Revolut Metal customers also get a higher ATM limit and can withdraw up to €600/£600 without any fee. Premium users can only withdraw up to €400/£400 for free as a comparison. Finally, you can access a concierge service to book hotels, flights or restaurants if you’re a Metal subscriber.
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). You’ll need to pay many, many things with your Metal card to cover the price difference.
So it’s clear that Revolut is targeting people who want to look cool with a metal card. It has a brushed metal look, a tiny Revolut logo in the top right corner and your name in the bottom left corner. It works with contactless card readers.
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Revolut is following N26’s path and becomes the second challenger bank that offers a metal card. But the two companies have a different approach. Revolut’s card is slightly cheaper, and N26 focuses on partner offerings from WeWork, Hotels.com or Drivy.
Revolut sent an email yesterday saying that Metal is currently 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.