The revolutionary banking alternative Revolut launched its exclusive card in the body of a solid metal card that provides you with cashback with every purchase you make with cryptocurrency.
Revolut works like an alternative bank that caters to its customers all the regular services provided by a traditional bank digitally through its application. The firm has expanded and has incorporated trading and investment, including prompt and easy foreign exchange. As of now, the platform supports five cryptocurrencies and scores of international fiat currencies.
The standard Revolut cards can be obtained for free but these won’t come packed with special benefits as does Revolut Metal. A monthly subscription fee of £6.99 ($8) can give access to other ancillary services such as travel insurance, free ATM withdrawals of an amount higher than £600 ($771.3) per month, including all of Revolut’s premium features.
Revolut described their product as, “The new metal card is fully contactless and has been designed with obsessive attention to detail. At three times the weight of a regular card, Revolut Metal is crafted from a single sheet of reinforced steel using a diamond drill bit. Paint particles have then been layered to the card using a physical vapour deposition, with customers’ details etched onto the card using a high precision laser.”
In addition to the above-mentioned facilities, Metal users will also enjoy the services of a concierge to carry out purchases for experiences like travelling or festivals. The main attraction of the card, cashback works differently for purchases made inside and outside of Europe. Usage of card outside of Europe will earn the customer cashback of 1%, however, purchases made inside of Europe will result in just 0.1% of cashback.
When it comes to cryptocurrency, arrangement regarding security and privacy of the customers is often questioned. To which a Revolut spokesperson retorted that all digital currencies belonging to the customers will be kept in “cold storage.”
The necessity of such a card is highly debatable as the ‘attractive’ cashback offer is good as long as the card is swiped off the bounds of Europe. Nevertheless, initiatives like these do lend a hand in popularising cryptocurrencies and push the wagon of their mass adoption.