Revolut has announced the launch of a premium service targeting institutional and wealth investors. The new service, which will be fee-based, will have features like travel insurance and cashback.
The “metal” card
The free-to-use digital payment company, has launched the “metal” card, which according to the company, will allow easy and cheaper access to several airport lounges. The card will also be used to pay for concert tickets and book restaurants.
Revolut, which is one of the latest unicorns in Britain, has attracted more than two million subscribers. The company has been offering fee-free withdrawals and spending abroad. Revolut offers free exchange between two currencies and allows customers to hold multiple currencies at the same time.
Revolut already offers several incentives to premium members. The metal card will have all the features of Revolut’s standard card and will go for £12.99 a month. The company has an alternative model to that of a regular bank. However, it offers services offered by banks through a digital app. Since its launch, the company has grown its investment and trade support plus its foreign exchange portfolio. The exchange currently supports five cryptocurrencies in addition to several global fiat currencies.
Cashbacks on card transactions
The company pays 0.1% cashback on all card transactions made within the European Economic Area (EEA) and 1% on all transactions made outside the EEA. Customers can receive the cashback in 25 global currencies among them the Canadian and American dollars, cryptocurrency, Israeli shekels and Indian rupees. Customers will also access international money services like withdrawals for free. The fee-free services will be for all transactions up to 600 per month.
Revolut customers have been using the prepaid cards that all transactions in digital currencies for free. Customers who want to upgrade to the new metal card will pay a small fee. The Standard Revolut prepaid card is free and does not come with any extra benefits. The premium card will offer travel insurance, global ATM withdraws, free international money transfer and unlimited foreign exchange. In addition to the heavy metal card, Revolut Metal users will access concierge service when attending festivals or when traveling.