Mobile banking startup Revolut has launched a new debit card that gives users up to one percent cashback in cryptocurrencies, dubbed ‘Revolut Metal.’ The news comes a few months after the Fintech unicorn fully launched cryptocurrency services for its pre-paid cards.
Revolut’s latest foray into the space involves a metallic card that carries a fee of £12.99 a month, or £120 a year, and offers services such as travel insurance, and booking flights and festival tickets, among others. It offers the same perks that the Premium card gives but then on top of it allows users to get cashback in cryptocurrencies.
This service doesn’t come cheap, however, as Revolut’s regular premium card costs only £6.99 a month and also provides its holders with concierge services.
The step will further tempt young, tech-minded customers, but it is likely to appeal to more to affluent spenders who travel outside the old continent. Users who participate in the program but make purchases within Europe will get only 0.1 percent cashback.
In addition to receiving the cashback on purchases made with their Revolut Metal, users will also be rewarded with up to £600 per month in free international ATM withdrawals.
Exceptional Performance Subsidies
Since launching the new version of its app in January, Revolut has seen a tremendous amount of interest, but it has since trailed off as the prices have fallen. The company revealed that 20 percent of the App users have now unlocked cryptocurrency trading, and are currently conducting 100,000 crypto exchanges every day.
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Earlier in May, the financial technology firm allowed its more than 1.8 million customers to buy, sell, and hold Bitcoin Cash and Ripple XRP alongside the previously installed Bitcoin, Litecoin, and Ethereum.
The European digital banking outfit appoints Bitcoin exchange Bitstamp to facilitate cryptocurrency purchases for its users.
Revolut, which allows people to transfer money cross-border and spend abroad in 120 currencies with no fees, also offers competitive rates on crypto transactions, charging only a flat, up-front 1.5 percent without other hidden fees. This is compared with higher fees on other platforms that the company claims can add up to five to nine percent of the transaction value.
Commenting on the news, Nik Storonsky, CEO of Revolut, 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 continued: “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.”