Revolut Metal is the latest offering from the United Kingdom-based digital bank, Revolut. It claims to return cryptocurrency cash back on purchases, higher withdrawal limits, and even a personal concierge service. Offered initially to its 10,000 strong premium clients, Revolut intends to open the card to everyone in order to meet demand.
Revolut Metal Offers Crypto Cash Back
“Wow,” Revolut’s company blog began in a post published on Thursday, “the response to the launch of Revolut Metal has been off the charts and we’re so happy that you’re as excited about it as we are.”
Revolut Metal is the UK digital bank’s premium service offering, rolled out initially to its existing premium clientele. They “only had 10,000 cards up for grabs yesterday, and while we reserved this first batch for our existing Premium customers, the rest of you will get the chance to bag a Metal Card soon,” the company explained.
Exclusivity comes with a cost, however: £12.99 or £120 annually. The card, literally metallic in color and texture, will kick back cryptocurrency on purchases, offer concierge service, higher ATM withdrawal limits around the world, and even travel insurance.
Soon, Commission-Less Trading
The notoriously ambitious financial technology company is largely European centric, with more than 2 million users. It has the distinction of being among the UK’s first digital banks, and one of the only startups in the industry to actually turn a profit. Until its Metal card offering, premium services were £6.99 per month, and very popular. In April, Revolut gobbled up a quarter of a billion dollars in venture capital ahead of its plan to enter markets in Asia and the United States as a commission-less trading platform to compete with the likes of Robinhood.
CEO Nikolay Storonsky assured, “We are absolutely convinced that Revolut Metal will be the exclusive card of the future, and an absolute must for travelers worldwide. 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.”
Cash back for its Metal card begins at 0.1% for European transactions, at 1% outside Europe, and can be paid in one of 25 fiat currencies or 5 cryptocurrencies offered by Revolut. Company N26 was earlier to the metal/premium niche market, and its N26 Metal is slightly more expensive per month while offering exclusive discounts and the requisite concierge service.
The Revolut Metal card is contactless, and weighs about three times that of a standard card. It reportedly is indeed made from steel, complete with paint chips layering, and the user’s card information precision laser etched.
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Images via Pixabay, Revolut.