By Daniel Lanyon on Wednesday 16 December 2020
As one of the first neo banks to launch paid-for cards, Revolut has had to adapt features to suit better a lower travel environment during the pandemic.
Fintech banking apps want you to pay for them. With customers, already paying for many other digital services the likes of Monzo and Revolut are betting part of their future success that consumers will do so for them. Crucial to the success of this will be bundling attractive features.
Revolut, which was the first UK banking app to launch a range of premium accounts - complete with luxurious metal cards - has now launched a new cheaper option called Revolut Plus priced at £2.99 per month.
While its original features for its Premium and Metal (the more expensive) centred on travel insurance, cash back and higher cash withdrawal limits, the pandemic’s blockade of global travel plans means Revolut has focused on a new suite of benefits as well as a lower price point.
The benefits include comprehensive purchase protection cover, if purchases are accidentally damaged or stolen, up to £1,000 for Plus, £2,500 for Premium customers and £10,000 for Metal customers.
In addition, it offers extended 90-day refunds “for eligible purchases”, instant event ticket refunds.
Revolut Plus customers will also get virtual cards, priority customer support through the Revolut app, with access to stock trading, cryptocurrencies and commodities, up to two junior accounts and daily interest (0.30% AER) from Savings Vaults.
Nik Storonsky, CEO and Founder at Revolut, said: “We’re excited to launch our upgraded plans for our customers across Europe, providing them with great value for money while protecting them from out of pocket expenses. We want to help our customers shop safely, knowing their purchases are protected by Revolut from theft, damage, or no-returns policies.”
The new and improved plans will be available to Revolut’s customers in the UK today, and will be available to customers in the European Economic Area (EEA) from next week. Revolut plans to introduce Revolut Plus and the revamped plans to other global markets in the near future.