Revolut, European fin-tech unicorn just announced its most exclusive debit card till date, Revolut Metal. It includes a contactless metal card made from a single sheet of reinforced steel and weighs 18 grams. Revolut becomes the second company to offer a metal card following another fin-tech firm, N26.
The card gets a shiny black color look with a tiny Revolut logo at the top-right corner and the owner’s name at left-bottom corner.
Besides offering more perks than the company’s £6.99 ($8) Premium level subscription plan, Revolut Metal card couples debit card usage with cashback rewards. The users of this black metal card can receive up to 1 percent cashback on payments in any of the company’s supporting 25 fiat currencies including American and Canadian dollars, Indian rupees, and 3 cryptocurrencies including Bitcoin, Litecoin, and Ether.
In a way, the Metal card supporting cryptocurrency is Revolut’s tactic to woo wealthier customers.
“We are absolutely convinced that Revolut Metal will be the exclusive card of the future, and an absolute must for travelers worldwide,” Revolut CEO Nikolay Storonsky said on the launch.
😍 How does instant cashback, a personal concierge and a £600 ATM limit sound? Premium customers can now upgrade to Revolut Metal. Hurry though, we only have 10K cards in stock! https://t.co/uExfx7gfgl
— Revolut (@RevolutApp) August 22, 2018
Revolut Metal Card
With a valuation of 1.7 billion, Revolut is an app-only banking alternative serving 2 million customers and 250,000 daily active users along with handling transaction worth $2 billion on monthly basis.
Recently Storonsky recently announced to start commission-free stock trading service on its platform, similar to Robinhood in the USA. Revolut is also planning to spread its wings in North America and Asia by the end of this year. At this moment it becomes imperative for the company to generate additional income and hence the introduction of Metal.
Revolut’s new executive card pays 0.1 percent cashback on any kind of card transactions within European Economic Area (EEA) and 1 percent cashback outside the EEA. The card owners can credit the cashback at any time without any restrictions.
“The solid black card facilitates to spend, transfer or exchange an unlimited amount of money anywhere in the world at the interbank exchange rate without fees,” as mentioned on the site.
Other than card purchase, Revolut Metal will also cover free medical insurance, travel insurance, and personal concierge support.
The Revolut Metal subscriber will additionally receive a higher monthly ATM allowance of £600/€600 ($771.3) for free worldwide.
Revolut Metal card is available for £12.99 (€13.99 / $16.69) per month or £120 (€135 / $154.2)
The European fin-tech company further mentioned that Revolut Metal is presently available to its Premium subscribers only. And it has a stock of just 10,000 cards for now.
ThoughRevolut aims to position itself as master of all financial transactions, it still does not own a banking license. This means if anything goes wrong with its customers’ finance, there is little hope to get an official protection.