Revolut Metal: BTC ATM Card Offering Cash Back?
The UK digital bank, Revolut, produced a new card that can give cash back on BTC. It also raised the limits on withdrawals and offers a personal attendant that can help the holder with hotel bookings, reservations, buying tickets, and the like.
The card was initially created for premium users, which did not exceed ten thousand people. However, Revolut now aims to make this card available for everyone.
Revolut has announced on Thursday that the demand for their new bank card is “off the charts”. The team said that the first ten thousand cards would go to the premium clients, but they ensured that they are in the process of making several thousands of cards for the other consumers.
On top of that, the team revealed the price of the card; they charge a fee of £12.99 per month. Otherwise, you can pay £120 for an annual service.
Revolut team is happy to be among the few who make a profit in the digital banking field, especially considering that they are technically a startup. The bank now has more than 2M users, and dominates a position as one of the first ever digital banks in the UK. Their premium service was always for a monthly fee of £6.99.
Now, Revolut is planning to expand across Asia and the US- they will compete with the big names with their edge as a trading platform that offers the users a zero-commission policy. This will create a threat to Robinhood and other platforms. Revolut has since acquired over $250M in venture capital.
On top of this project that has earned Revolut a large sum of revenue, Nikolay Storonsky says the vision for this card is to become a necessity in the future, with Revolut producing it exclusively. The CEO imagines that over time, people will not be able to travel without Revolut Metal. He also announces their plans to expand in the USA and Asia as a trading platform that does not take commission.
Cash Back Feature
Transactions inside Europe will have a 0.1 percent cash back, while other international transactions will have a 1 percent cash back policy. The cash back can only be acquired in the form of the twenty-five currencies and five cryptocurrencies that Revolut allows its users to utilize.
The other company that is in competition with the Revolut Metal card is N26, whose card offers discounts on brands and the ability to pay for services through ATMs. However, it is a bit more expensive to own and does not offer the higher withdrawal limits or the cashback service.