Tag: revolut

Three Ireland announces partnership with Revolut

Three, Ireland’s largest mobile telecommunications provider, has today announced a partnership with Revolut, the popular digital banking app. The collaboration will provide significant savings and added value for Three customers shopping on three.ie.

From today, Revolut customers will be rewarded 3% cash back on each purchase on three.ie when they start their journey from Revolut Shops and use their Revolut card at checkout.

Cashback is rewarded on devices, broadband, and lifestyle & accessory products on three.ie. Revolut customers who switch to Three using their Revolut card can avail of offers including the iPhone 14 for €99 on a €60 plan, for the month of July.

For more information about the partnership and savings available, visit 3.ie/Revolut.

Revolut launches Ultra: The ultimate platinum card that spearheads a redefined luxury lifestyle category in Ireland

Revolut, the global financial super app with 30 million customers worldwide, launches its new ultimate membership plan, Ultra. With over 430,000 people on the waiting list in the UK and Europe, this new top-tier plan boasts exceptional perks and aims to spearhead a new category of refined luxury.

Platinum lifestyle

When it came to designing its most precious card ever, Revolut had only one thing in mind – platinum.

The platinum-plated card speaks for itself, and it comes with an extended list of elite benefits including subscriptions with Ultra partners such as Financial Times, NordVPN, WeWork, ClassPass and more, unlimited fee-free international money transfers, 1.2% cashback on Revolut Pro, and 24/7 member support.

Ultra cards will be exclusively Mastercard, marking another milestone for the partnership, in which Mastercard is supporting Revolut’s expansion.

Ultra also offers purchase protection of up to 10,000 GBP/EUR a year on stolen or damaged items within a year of purchase, cancelled event protection of up to 5,000 GBP/EUR and refund protection of 600 GBP/EUR on eligible purchases within 90 days of purchase (Insurance T&Cs apply).

Best-in-class travel companion

Ultra is designed to be the ultimate travel companion, making every step of the journey smoother. Ultra members will have unlimited access to 1,400+ airport lounges worldwide which include food, drink and exceptional service. And if travel plans change, Ultra offers ‘Cancellation for Any Cause’ insurance. This gives customers freedom and flexibility when travelling, Regardless of their reason for cancellation, Ultra members will be refunded up to 5,000 EUR per year for flights, trains, accommodation or events (Insurance T&Cs apply).

Ultra account holders will also be able to travel the world with peace of mind knowing they have worldwide emergency medical and dental cover, including winter sports. Ultra travel insurance also includes cover for car-hire excess, lost or damaged baggage, delayed flights and personal liability (Insurance T&Cs apply).

Additionally, Ultra members that book accommodation with Revolut Stays (Revolut’s accommodation booking feature) will receive up to 10% cashback. Ultra customers can spend like locals with unlimited foreign currency exchange in 30+ currencies, and transfer unlimited amounts of money at great exchange rates, with no fees between Monday and Friday. Customers are also offered 2,000 EUR in ATM withdrawals with no extra fees charged by Revolut worldwide.

Subscription bundles for elevated lifestyle experiences

Ultra also allows customers to access an ultimate subscription package, gathering a range of brand memberships together. This offer is unique to the market, with lifestyle features and benefits that if fully used by a customer will effectively earn back the cost of the plan for customers. These include access to subscriptions from brands including Financial Times Premium, 3 entries per month with WeWork, 20 credits per month with ClassPass, a NordVPN Complete plan and more.

Unlock wealth potential

Crypto fees have also been reduced with 0.49% per crypto trade versus 1.99% on Standard (Not regulated or protected. Value can go down. Tax may be payable).

Attainable luxury

Ultra’s price is 540 EUR per year for Ireland (Ultra fees details) customers to access this incredible range of benefits in return, including exclusive lifestyle and travel benefits.

On top of this, customers joining the annual plan via the waitlist will receive 5% cashback on purchases within their first month (capped at the monthly plan price, T&Cs apply). After this initial period, Ultra members can earn up to 0.1% cashback within Europe and the UK and 1% everywhere else in the world. Last but not least, freelancers and Revolut Pro users will enjoy 1.2% cashback on their Pro card payments.

Tara Massoudi, Revolut General Manager of Premium Products, said: “An increasing number of our customers are interested in travel, lifestyle & investment products that offer top-of-the-line experiences. This growing consumer market is redefining luxury, making it more functional and present in day-to-day life. They want to build a steady passive income, but also enjoy life, keep up to date with the latest trends and travel the world.”

“In response to our customers’ demands, we’re launching this new bespoke membership that we envision as the ultimate travelling and lifestyle companion. Revolut has put together a one-of-a -kind offering, second to none in Europe. This unique card and membership plan was ultimately designed for those who enjoy the finer things in life.”

Scott Abrahams, Executive Vice President Channel Partnerships, Mastercard added: “This unique premium offering will connect Revolut customers to the travel and lifestyle benefits that they love. It’s the latest milestone in our partnership, creating innovative products and safe, secure ways for Revolut customers to pay.”

Consumers prioritise experiences and travel, new card spend data from Revolut says

The latest monthly consumer spending report by Revolut, the global financial super app with more than 2 million customers in Ireland, reveals that the average consumer in Ireland is spending 15% more, year on year, with inflation and relaxed covid restrictions contributing. Looking at the average customer, travel spending increased 20.3%, shopping spending increased 9.1%, and entertainment spending increased 9.5% year on year.

New data from Revolut shows that supermarket spending increased by 18.9% compared to last year. The data also reveals that many are looking to cut costs down by shopping at discount stores, which saw an 13.9% increase in the number of customers, and where the average customer spent 6.8% more.

Similarly, Revolut’s data shows that spending on petrol increased by 19.5%, as compared to last year. However, bus companies saw a 36.4% increase in customers and a 36.7% increase in customer spending, year on year.

Furthermore, discretionary spending was up. In travel, customers of cruise lines (+109.3%), airlines (+30.8%), hotels (+14.3%), and travel agencies (+116.5%) all increased their spending, year on year.

In retail, discretionary spending was also up. The average consumer spent more at clothing stores (+12.5%), cosmetics stores (+26.8%), department stores (+14.6%), and furniture stores (+26%).

In entertainment, spending on digital goods, including media, books, films, shows, and music, declined 15%, year on year. Furthermore, the number of customers paying for these services declined by 22.4%, suggesting that many have cancelled their subscription services.

However, physical entertainment has increased significantly. Spending at aquariums increased by 65.1% and footfall increased by 54.5%, spending at museums increased by 58.1% and footfall increased by 47%, spending at theatres increased by 50.3% and footfall increased by 37%, year on year. However, despite awards season, the number of customers going to the cinema decreased by 5.6%.

Looking at month on month data, comparing February 2023 to January 2023, Revolut data gives insight into how people stuck to their New Year’s resolutions last month. For those looking to get fitter, the number of gym customers declined by 0.7%. For those looking to read more, book shop customers declined 8.9%. However, for those looking to find a partner this year, Revolut data suggests some may have succeeded, as the number of people spending on dating apps decreased by 15.7%, month on month.

A Revolut spokesperson said: “The periods of lockdown gave many consumers a new perspective on their priorities. The new priorities include travel, where spending on hotels and airlines continue to increase, and activities for days out, such as museums and theatres.”

“These new priorities suggest a continued desire to be around others and get out of the home.”

Revolut research finds that parents with children are thought to be most impacted by inflation

New research by Revolut, the global financial super app with more than 2 million customers in Ireland, has delved into the impacts of inflation. The majority of people in Ireland think prices will continue to go up this year, with parents with children being most impacted compared to other household types.

Revolut recently reported that the average consumer in Ireland is spending 17.8% more, year on year. However, the survey of 1,000 people in Ireland found that 56% of people think prices will go up even more this year. In contrast, 15% think prices will go down in 2023, with 18-24 year olds being the most optimistic with 31% thinking prices will go down. 45-54 year olds are the most pessimistic as 63% think prices will increase further this year.

When asked which types of households those polled think are most impacted by inflation and high prices, 69% of people said parents with children. Despite some expenses such as children’s clothing only increasing by 5.8% year on year, the number of customers paying for child care services has gone up 185%, year on year, likely due to the relaxation of covid restrictions.

Other answers of which households are most affected by inflation include retired people (36%), students living with roommates (30%), and singles (24%). As supermarket spending has increased 14.3%, price rises are impacting all walks of life.

Furthermore, salaries haven’t kept up with inflation according to the research, as only 10% said they had a pay rise last year to match inflation. Overall, 37% of people said their salary didn’t increase last year. 21% said their salary wasn’t increased and don’t think it will rise this year either. Only 5% of people said that although their salary didn’t increase last year, they will negotiate it this year, and 7% think their salary will increase this year. However, 3% said their salary decreased last year.

24% of those surveyed said their salary had increased, but below the rate of inflation. 10% said their salary was raised last year above the inflation rate. But, the data also shows women have been at a disadvantage as 16% of men said their salary was raised above the rate of inflation, but only 5% of women said this was also the case for them too.

The research, carried out by Dynata in January, found that Dublin led the way with salary increases, where 12.8% said their salary was increased above the inflation rate in the last year. However, 28.7% of people in Connaught said their salary was not increased, and don’t think it will be in 2023.

The survey revealed that if those polled were given an extra 10,000 EUR, 15% would spend it on essentials before prices go up further. 15% would save it, 13% would put it aside in a current account they have easy access to, and 11% would spend it on experiences such as travelling.

The average person in Ireland is spending 20.7% more on travel overall, year on year. In January, spending on hotels (35.8%) and airlines (55.5%) increased, year on year. Spending on cruises increased by 144.5% and saw a 39.9% increase in the number of customers making bookings.

The rise of inflation has meant that 38% of people in Ireland are looking to save more money for a rainy day. 36% feel the rise of inflation has taught them how to consume less overall, 13% are looking to focus their money on experiences rather than material goods.

Despite the rise in the cost of living, Revolut recently reported that consumers in Ireland have boosted their generosity. Donations to charity increased by 14.6%, and 8.9% more people gave to charity in January 2023, compared to January the previous year. The survey suggests these figures could grow further, as 18% of people plan to donate more this year than in previous years.

A Revolut spokesperson said: “Our research gives insights into how the rise in cost of living is affecting the priorities of consumers. People in Ireland are ensuring that essentials and saving take precedence. However, travel and experiences continue to be sought after by consumers, as people look to visit new destinations after a turbulent couple of years for the travel industry. It’s also positive to see that as inflation rises, the generosity of people increases as many look to donate more to charities this year to help those less fortunate.”

Irish consumers look to jet off as new Revolut data suggests the revival of the travel agency

The latest monthly consumer spending report by Revolut, the global financial super app with more than 2 million customers in Ireland, reveals that the average consumer in Ireland is spending 17.8% more, year on year.

The relaxation of covid restrictions and a surge in holiday bookings led to strong performances across travel (67.7%), entertainment (15.8%), and shopping (22.6%). However, the rate of inflation also saw spending on utilities increase by 15%, year on year.

Despite the rise in the cost of living, consumers in Ireland have boosted their generosity. Donations to charity increased by 14.6%, and 8.9% more people gave to charity in January 2023, compared to January the previous year.

In January 2023, supermarket consumer spending increased 14.3%, year on year. The rise in supermarket consumer spending is even more significant in the context of last year’s covid restrictions. Furthermore, bakeries continue to grow in popularity, as the number of customers increased 43.3%, year on year, and consumer spending increased 47.6%.

Restaurants saw a 32.5% increase in consumer spending, as the number of transactions increased 30.4%, year on year. Fast food restaurants saw a more modest increase in consumer spending of 19.1%, year on year.

Additionally, takeaway delivery services saw a 30.9% increase in consumer spending, year on year, despite the average customer not spending more in this year in comparison to 2022. The rise in consumer spending can be attributed to the rise in the number of customers, which has increased by 33.3%, year on year.

In entertainment, museums increased their number of customers by 70.2%, year on year, and saw consumer spending increase by 120.4%. Cinemas (28.3%) and theatres (59.6%) saw increases in the number of transactions, and consumer spending increased by 35% and 45.3%, year on year.

Despite the rise in spending on entertainment outside of the home, spending on digital entertainment including films, tv and music also increased by 13.8%, year on year. However, spending at book shops decreased by 17.2%.

Revolut travel data suggests the resurgence of the travel agency. In January, the number of customers booking holidays with travel agencies increased by 178.3%, year on year, and consumer spending increased by 158.1%. Additionally, spending on hotels (35.8%) and airlines (55.5%) increased, year on year. Spending on cruises increased by 144.5% and saw a 39.9% increase in the number of customers making bookings.

The January sales helped to increase shopping, as clothing stores saw a 23.5% increase in consumer spending, and 20.5% more transactions, year on year. Similarly department stores saw a 14.9% increase in spending, and furniture stores saw a 21.5% increase. Furthermore, it was cosmetics stores that saw the biggest increase, with spending up by 40.8% and transactions up by 38.9%, year on year.

Stores that didn’t fare so well were florists which saw spending decrease by 2.5%, and sweet shops where spending decreased by 11%, year on year.

A Revolut spokesperson said: “Despite inflation boosting the rise in consumer spending, the relaxation of covid restrictions has contributed to the increased number of customers and transactions across several industries.

“From trips to the theatre, refreshing wardrobes in the January sales, and dining out, it’s encouraging to see that consumers are finding ways to budget for treats and experiences. Furthermore, January saw a huge rise in travel spending and the revival of the travel agency.”

Revolut data reveals 2022 as year of dining out and donating, saving and streaming, hairdressers and holidays

As 2022 draws to a close, Revolut, the global financial super app with more than two million customers in Ireland, has packaged up its customers’ spending habits from 2022 into personalised characteristics as part of its annual RevReview. Whether you’re ‘The Alchemist’ (earned plenty of cashback) or ‘Night Owl’ (spent mostly at night), users can find their personalised stories, revealing their money traits, and are available to view in the Revolut app from today.

But how has Ireland as a whole fared over the past year? Revolut has dived deep into the spending habits of its Irish users, and has found that although inflation has had an effect on consumer spending, post-lockdown living has amplified the biggest changes.

After being in and out of lockdown, with many consumers spending more at supermarkets and less at restaurants, Revolut reports the average user spent 7% less on groceries in 2022 compared to 2021. However, 18-24 year olds spent 10.4% more, in contrast to those aged 65-74 who spent 15.1% less on groceries this year.

As indoor dining resumed after closures and restrictions, Revolut data shows that Irish consumers have supported the industry by flocking to restaurants in 2022. The average user spent 50% more at restaurants, year-on-year. The biggest increase was by 65-74 year olds, who spent 55.6% more. At the lowest end of the spectrum, those aged 35-44 still spent 39.3% more, year on year.

During lockdown and restrictions, many consumers took to meal delivery services to scratch the restaurant food itch many were feeling in 2021. However, Revolut reports the amount spent on meal delivery has declined this year, as the average user spent 5.7% less on meal delivery, year-on-year. The biggest decrease was those aged 75 and over, who spent 13.6% less. However, 18-24 year olds spent 0.5% more than the previous year.

As the rise in the cost of living affected many aspects of life this year, Irish consumers cut back where they could. The average user spent 1.6% less at clothing stores, year-on-year. Interestingly, those aged 18-24 spent 11.1% less, year-on-year. However, those aged 75 and over spent 7.8% more. This year also saw the launch of Revolut ‘Shops’ in Ireland, enabling users to earn 3% instant cashback rewards for every purchase from shopping thousands of brands and products from hundreds of retailers.

Despite the rise of inflation, the average user spent 1% less at pharmacies, year-on-year. The biggest decrease was amongst users aged 75 and over, who spent 7.9% less. Zoomers on the other hand increased their spending, 18-24 year olds spent 6.3% more at pharmacies, year on year.

Many are thankful to be able to get back to professional grooming, and Revolut reports the average user spent 17.7% more at barbers, hair salons, and beauticians, year on year. The biggest increase was by users aged 75 and over, who spent 27.8% more. At the lowest end, 35-44 year olds still spent 12.7% more than the previous year.

Culture & Entertainment

In entertainment, Irish consumers continued to stream and subscribe, post-lockdown. Revolut data shows a 4.3% increase in spending on digital goods including media, books, video, and music. The most popular video streaming services being (starting from most popular): Netflix, Prime Video, and Disney+. The most popular music streaming services being (starting from most popular): Spotify, Apple Music, and Amazon Music.

‘The Globetrotter’

After lockdown travel restrictions affected lots of holiday plans in the previous two years, 2022 saw the return of globetrotting for many. This year also saw the launch of Revolut Homes, a new holiday home rental feature with cashback, part of Revolut’s accommodation booking service, Revolut Stays. Irish holiday-makers spent money in an average of 3 (3.83) countries over the past year, a 23.4% increase, year on year.

In the past year, the most popular countries for Irish consumers to spend money in, in order starting with the most popular, were the UK, the U.S., Spain, the Netherlands, Luxembourg, Malta, France, Lithuania, and Germany.

‘The White Knight’

2022 has been challenging for many, but Revolut data shows that the generosity of its customers has known no bounds this year. ‘Donations’ in the Revolut app allows charities to list themselves to receive donations from Revolut customers. The most popular charities donated to by customer in Ireland this year are:

  1. Irish Red Cross – €4.6 million has been donated in 2022 by Revolut customers in Ireland to the Irish Red Cross to help those impacted by Russia’s invasion of Ukraine.

  2. Toy Show Appeal – This year, Revolut teamed up with RTÉ’s Late Late Toy Show Appeal for the second year to enable viewers to donate instantly from their Revolut app, topping €2.4 million for The Community Foundation for Ireland, helping children and family members across the island.

  3. Irish Cancer Society – Over €450,000 has been donated to the Irish Cancer Society to help transform the experiences and outcomes of people affected by cancer through our advocacy, support services and research.

  4. Pieta – Revolut customers in Ireland have donated over €150,000 to Pieta, a charity working to prevent suicide and self-harm.

  5. Focus Ireland – €135,000 has been donated to Focus Ireland, a non profit organisation that provides services for people who are homeless and people at risk of homelessness in Ireland.

Revolut has just integrated a new feature within the Donations section that allows customers to suggest a charity they would like to donate to. In this way, Revolut will be able to improve the charity assortment in each country based on the causes that users feel closest to them.

To make their suggestion, customers simply need to  open Donations, tap on “All charities” and “Suggest a charity”.

‘Little By Little’

Vaults are the easiest way for Revolut customers to stash away cash and achieve financial goals faster. This year, 41% more customers in Ireland have been saving money in Revolut Vaults, and the average user in Ireland has increased their savings by 52%. Customers can customise the name of their Vaults, with ‘Christmas’, ‘Holiday’, ‘Education’, and ‘Car’ being some of the most popular names in Ireland this year.

Crypto

The total number of active people trading crypto on Revolut in Ireland has increased by 61%, year-on-year. Crypto enthusiasts and the crypto-curious continued to educate themselves and earn rewards with Revolut’s Learn & Earn courses, new to the app this year. Through bite-size lessons and quizzes, Learn & Earn breaks down complex crypto lingo into more accessible information for a broader audience. This year, the crypto tokens that have seen the largest increase in volume traded by Revolut customers in Ireland are:

  1. SHIB

  2. QNT

  3. KNC

Christopher Guttridge, General Manager of Lifestyle Products at Revolut, said: “Whatever your RevReview characteristics have been this year, whether you’re a ‘Globetrotter’ or ‘The White Knight’, 2023 offers a new start for all. As the global financial super app, our Budgeting and Analytics tools are available to our customers year-round, helping them to take control of their money.

“We are delivering ongoing product innovations aimed at meeting our customers’ everyday financial needs and aspirations, from shopping and travel, savings and insurance, subscriptions and donations, to democratising wealth and crypto.”

Revolut customers will receive a notification on December 21st 2022 when their personalised RevReview characteristics are ready.

Revolut adds Platinum and Palladium to the list of commodities that customers can trade

Revolut, the global financial super-app with more than 25 million retail customers, announced today that Standard, Plus, Premium and Metal customers in the EEA, Switzerland and the UK can now access Platinum and Palladium exposure through the Revolut app.

Revolut launched its commodity trading feature with exposure to Gold (Au) in March 2020. Three months later exposure to Silver (Ag) was added. Customers have used the opportunity to diversify their asset portfolio making gold and silver widely owned assets on the super-app. Today, Revolut decided to add two more precious metals, Platinum (XPT) and Palladium (XPD).

All precious metals are available via the Revolut app in the Commodities tab in the Wealth section. Customers can purchase and trade exposure to Gold, Silver, Platinum and Palladium, based on live market performance data which Revolut obtains through its specialized partner.

Any Platinum or Palladium exposure held by customers is backed up by real, physical XPT or XPD securely held by Revolut’s trusted precious metals services partner. Like Gold or Silver, Platinum or Palladium exposure can be transferred from one Revolut customer to another via the Revolut app, or converted instantly into cryptocurrency or e-money to make purchases.

Revolut also offers an auto-exchange feature whereby customers can set a certain price at which to trade Platinum or Palladium exposure, with super-app automatically completing the transaction when the market price matches the target set.

The addition of Platinum and Palladium to the Commodities feature is the latest step Revolut has taken to remove the barriers associated with traditionally inaccessible financial products, and follows the expansion of 30+ fiat and close to 100 crypto currencies customers can buy, hold and sell in the super-app.

Yaroslav Kravchenko, Director of Wealth & Trading at Revolut said: “We are excited to extend the Revolut Commodities feature to include exposure to two more precious metals, Platinum and Palladium. We’re taking this step to enable our EEA, Swiss and UK customers who look for alternative assets to further diversify their portfolio. We also walk the talk of our mission to democratize the financial sector.”

“Many people still feel closed off from obtaining access to alternative assets such as commodities. This is why we are stripping back the complexity and fees to make sure that getting access to Platinum and Palladium exposure is as simple and low cost as possible. Our goal is to open up as many options and financial products to customers as possible, so they can save, invest and manage their money in the way that they want.”

Revolut customers can get access to Platinum and Palladium exposure immediately by updating their Revolut app to the latest version and selecting the Commodities tab in the Wealth section of the app.

Unlike fiat money, Platinum and Palladium are not regulated in the UK by the Financial Conduct Authority or safeguarded under e-money regulations. Revolut doesn’t offer physical delivery of the metal in hand. As with all investments, capital is at risk.

Revolut Pay Later offers fee-free 45 days for Black Friday…Irish credit expert explains why ‘Pay Later’ is being used this season by savvy shoppers as a money management tool

This season is when many of us get ready for big purchases and have to dip into savings or complex credit options to make ends meet. However, some of the savvier consumers are using instalments payment products for Black Friday to make use of the cost-effective time to make a purchase.

Revolut Pay Later, designed to focus on responsible credit and affordability, is offering a 45 day fee-free promotion for new users to cover Black Friday, Christmas and January shopping. New Pay Later users will have their first 45 days free of any fees. That means customers can do their holiday purchases without paying anything on fees or charges. Additionally, every 3rd Pay Later purchase above €30 is fee-free for existing Pay Later customers.

Rob Mooney, Irish credit expert, explains that consumers who use instalments payment products for Black Friday are often the savvier shoppers. He says these products can be used as a tool to manage money more efficiently and avoid unmanageable debt. Especially in the lead up to Christmas, using Pay Later to take advantage of the discounts available on Black Friday and Cyber Monday allows customers to save money by getting discounts online, and spreading the cost over 3 instalments with Pay Later.

Rob explains that Pay Later provides a convenient way for consumers to spread the cost of purchases over several months. Paying by instalment assists consumers’ budgeting without resorting to loans, going overdrawn or putting the expense on credit cards – which all have high, often complex repayment terms, interest rates and penalty fees. Using Pay Later, consumers can also take full advantage of Black Friday – without dipping into savings.

Rob Mooney, Revolut Credit Manager, says, “Pay Later helps me navigate the most cost-effective time to make a purchase, gives me greater financial control and helps me better manage my cash flow. By enabling me to spread the cost of products at more transparent and economical repayment rates – and therefore spend wisely in more calculated ways, I can take advantage of Black Friday for Christmas shopping. For example, I can buy a new TV, and then spread that cost over several months.”

Ways that Pay Later can be used as a money management tool:

 

  • Managing Cash Flow – You can use Pay Later to manage cash flow by controlling the outflow of money. For example, if you’re looking to get yourself a new laptop this Black Friday, but you don’t get paid for another 2 weeks, Pay Later can help manage your cash flow as you can pay back your expenses over time.

 

  • Budgeting – As Pay Later communicates a transparent affordability limit, consumers know how much is available to them so they can plan and budget using this limit. Having visibility of your spending limit means you know exactly what you can spend, you won’t be rejected at point of sale and left disappointed.

 

  • Complementing Your Budget – Large purchases can throw your budget off. Pay Later can help ease this burden by spreading the load of large purchases across several months to avoid dipping into your savings. Further, it lets you hold on to your money for longer (and, in turn, maintain investments and current accounts).

 

  • Spending at the right time – Similarly to ‘large purchases’, there are some items that are cheaper to buy at certain times of the year. For example, Black Friday could be a good time to purchase toys for birthdays over the next year. Using Pay Later can help you navigate the most cost-effective time to make a purchase.

As the number of buy now, pay later companies entering the market continues to grow, consumers will be presented with an ever-increasing array of repayment options. Those who choose a robust and responsible product that provides an affordable credit limit rather than granting credit on a purchase-by-purchase basis will be better set for financial success. While some providers may be tied into specific merchant partnerships, those which use pre-approved credit limits (like Revolut Pay Later) give consumers more spend management options.

Revolut Pay Later checks customer affordability by linking to customers’ existing bank accounts through Open Banking. Revolut will assess customer suitability and affordability for ‘Pay Later’ through an underwriting process. The current maximum credit limit is €499, but each customer will have their own bespoke limit as decided by Revolut’s credit assessment.

The new product also features built-in safeguards to check that users can afford their Pay Later limit. Unlike other buy now pay later providers, Revolut performs a more robust assessment by pre-approving credit limits before transactions are made, rather than making a decision at point of sale whether to allow consumers to make a Pay Later transaction.

Revolut offers 41% discount on its annual Metal Plan this Black Friday

This Black Friday, Revolut, the global financial super app with more than 20 million customers worldwide, is helping its customers unlock their money’s potential, with a one-off 41% discount to its annual subscription to Metal plan. With a Black Friday price of €80, customers can invest in an upgrade that will bring benefits throughout the next year.

The offer, which is available to all prospective and existing customers who are on Standard, Plus or Premium plans, will be active only for a short period of time from the 15th of November until the 28th of November for new customers, and from the 18th until the 20th of November for existing customers. According to a recent study by Revolut with research company Dynata, up to 29% of customers globally say they would expect a discount of between 30-40% during Black Friday to consider a purchase. Revolut is offering a 41% discount on its annual yearly plan

Revolut Metal allows users to maximise their money all year round by including:

  • Cashback on your purchases!

  • Exclusive travel benefits, like unlimited no-fee FX in a great number of currencies Mon-Fri, increased cashback on Stays, travel medical insurance, and discounted lounge access

  • Reduced fees for investment products and higher ATM withdrawal allowance

  • Customisable Metal debit cards made from reinforced steel metal, in black, gold, lavender, silver or space grey

Antoine Le Nel, VP of Growth at Revolut said: “We’re offering customers the possibility to take advantage of our biggest offer to date and invest in a purchase that can help them get more from their money.  At  a time when people want to be really smart when spending money, investing in a Metal subscription at this reduced price will bring benefits for a whole year”.