Revolut review

Overview

Revolut, offered by Revolut Ltd, is a debit card that integrates with a broader fintech ecosystem rather than serving as a dedicated crypto-spend card. While it doesn’t provide specific cashback on crypto card payments, it does offer a plan-based cashback system. For instance, the Metal plan users can earn up to 1% cashback on purchases made outside Europe and 0.1% within Europe, payable in fiat or a selection of five cryptocurrencies, including Bitcoin. This card is part of a mainstream, regulated financial technology platform that supports over 300 cryptocurrencies for buying and holding, making it a versatile option for users interested in both traditional and crypto finance.

How it works

The Revolut card operates on a debit basis, meaning users spend directly from their Revolut account balance. When using the card for crypto transactions, the platform converts the user’s chosen cryptocurrency to fiat currency at the point of sale, without charging exchange fees. This feature is particularly beneficial for users who want to spend their crypto without incurring additional costs. However, it’s important to note that Revolut operates with a custodial model, meaning the company holds the user’s cryptocurrencies. This setup may not appeal to those who prefer non-custodial solutions for greater control over their assets.

Revolut also offers high per-transaction spend limits, up to £100,000, which can be advantageous for users making large purchases. The card is available in a broad range of countries, including the US, UK, and EEA, although the exact list of supported countries is not fully confirmed on all pages.

Fees and value

One of the standout features of the Revolut card is its fee structure. There are no exchange fees on crypto card payments, which is a significant advantage for users who frequently transact in cryptocurrencies. However, fair-usage fees may apply depending on the user’s plan, so it’s essential to be aware of the specific terms of your chosen plan. Additionally, Revolut does not charge custody fees for holding cryptocurrencies, which can be a cost-saving benefit for long-term holders.

While the card does not publish specific figures for ATM fees or top-up fees, users should review the fee table on the Revolut website to understand any potential charges. The absence of a listed annual fee is a positive aspect, but users should consider the overall value based on their individual spending habits and the benefits of their chosen plan.

Who it’s for

The Revolut card is best suited for users who appreciate a mainstream, regulated fintech platform with a strong emphasis on flexibility and convenience. It is ideal for those who want to integrate crypto transactions into their daily spending without the need for a separate crypto-specific card. The ability to earn cashback in cryptocurrencies is a unique feature that appeals to users looking to accumulate digital assets over time.

However, users who prioritize non-custodial solutions or those who are looking for a card that offers specific rewards on crypto spend may find other options more aligned with their needs. Additionally, the lack of detailed information on certain fees and supported countries may require further research for potential users.

Conclusion

Revolut offers a robust and flexible solution for users who want to incorporate cryptocurrencies into their financial activities. While it may not be a dedicated crypto-spend card, its features and benefits make it a compelling option for those who value a versatile, all-round financial tool. As with any financial product, users should carefully consider their individual needs and the specific terms of the card before making a decision.

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Our take

Revolut offers a regulated, versatile platform for managing both traditional and crypto finances, though it lacks rewards on crypto spend and operates with a custodial model.