Revolut launches metal card with cryptocurrency cashback

Revolut launches metal card with cryptocurrency cashback

Digital banking startup Revolut is targeting the millennial jet set through the launch of a new metal card that comes with a host of benefits, including cashback in Bitcoin and other cryptocurrencies.

Crafted from a single sheet of reinforced steel and weighing three times as much as a plastic card, Revolut Metal costs £12.99 a month, or £120 a year, nearly double the £6.99 a month cost of the firm's basic premium subscription.

Aside from the unusual physical card, the main perk this extra cost secures is cash back in fiat and crypto currencies. However, this benefit is likely to appeal mainly to those who travel outside of Europe: within the continent users will get 0.1% cashback, outside they will receive one per cent.

Meanwhile, customers will get up to £600 per month in free international ATM withdrawals and a dedicated concierge service for booking things like flights and festival tickets. Unlimited foreign exchange, free international money transfers, 24/7 priority customer support and overseas travel insurance are all also included.

Nik Storonsky, CEO, Revolut, says: "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.

"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."

Comments: (4)

A Finextra member
A Finextra member 22 August, 2018, 22:122 likes 2 likes

Interesting to see how this plays out.

Monzo got lots of airtime recently for simply twisting its card design from landscape to portrait.

But making a brand statement through hard core design and metal packaging might not outweigh the cost.

All the millennials I know are looking for a great deal first and foremost. They are the indebted, coupon using generation.

A Finextra member
A Finextra member 23 August, 2018, 10:08Be the first to give this comment the thumbs up 0 likes

How does a metal card work in magstripe and chipcard readers with and without motorized card reading? And what about static electricity? A few years ago plastic cards with a metal sheet coating caused static electricity outburst. How do you destroy a cancelled metal card, with a welding torch since you cannot easily cut it into pieces? Does the card corrode? What if it gets a dent - metal does not easily retake its original shape when damaged? What about airport security - do you need to put it in the screening tray (like with fluids...)separately since it may look like a blade?

Paul Vieros
Paul Vieros - Real ID - Melbourne 29 August, 2018, 00:24Be the first to give this comment the thumbs up 0 likes

While it is a great talking point...........Contactless capability is lost with a metal card so you lose the practical aspects of quick frequent small transactions! With this card you will have to think hommus, it’s about "dipping" it every time!

Matthew Gaunt
Matthew Gaunt - Infraxis AG - Leeds 25 September, 2018, 15:30Be the first to give this comment the thumbs up 0 likes

Paul - the Revolut card does indeed have a Contactless radio and runs PayPass.

From their ad: "Fully metal contactless card".  

 

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