I think if Revolut get a full banking licence then it’s likely that the cards will convert to full Debit cards and not just prepaid cards.
Full debit cards are more widely accepted than prepaid. And full debit cards don’t necessarily have to be linked to a registered bank account.
In fact Curve fintech (not a bank) recently launched their consumer cards by providing full Proper Debit cards, replacing the previous prepaid cards. I’m finding this more widely accepted than the previous offering. And checking with various BIN checker sites show it to be a fully fledged Debit card.
Please, define “bank account” in that case. The fact that Revolut does not have a banking licence is a different issue, but the account is a fully functioning account - otherwise SEPA, direct debit and other things would not work - and that is only for the euro account.
That does not refer to “bank accounts” but wants to describe the difference between a prepaid card and something relatively vaguely defined. And if you actually read their description of a debit card you will think of Revolut
No need to be condescening. No offence, but so far it was you who made an incorrect statement about what is printed, provided a non-working site, and posted a link to a page that is technically describing Revolut cards as proper debit cards ;).
Again, I have never been saying that Revolut’s cards might not have a prepaid flag set. Please read what I wrote.
That is different. The personal account numbers have nothing to do with the cards. They are used to find the transfers and credit them to your Revolut Account (electronic ledger). When you interact with your Revolut account you are not actually moving money from one account to another just editing the ledger.
Bottom line, there is virtually no difference between the cards issued by Revolut and those issued by high street banks. The difference is Revolut’s might have a prepaid flag set (even though they are not any more prepaid than any debit card from a high street bank) and thats why certain merchants freak out, as initially mentioned.
Please read and understand what I just wrote. There is virtually no difference, it is a flag. And based on that flag some merchants seem to automatically assume you are a fraudster ;). Otherwise please be kind enough to explain how a Revolut card is any different in use to a retail bank debit card.
Your funds are not protected basically, and they do not have a license YET. You can receive salary on it, but otherwise you need to top it up with another card.
I dont know what a debit dard is but the right column applies to Revolut, not the left.
That is not card related, but account and banking licence related. Can we please please please please not mix up a million unrelated things? That would make the discussion so much easier
There are two legal differences on both ends, owner and merchant:
Except few european fintech which tries to do their best for their image, a prepaid card can’t apply for chargeback and except those fintech which plays like banks (or their on the way to become a bank) no one will even care about you if you lost money due to fraudulent transactions.
In case of you made a payment or subscription and you don’t pay it (buying something in an aircraft, subscription for something abroad) the merchant can’t get their money back at all in any way if you used a prepaid card. This is not the case with a debit card and especially a credit card. Even in a debit card, a merchant can still ask the bank which holds your card account to collect the money.
Thanks, though that seems to be somewhat contradictive. You claim you cant request a chargeback in case of a prepaid card, but obviously in Revolut’s case you can.
Then you are saying, when that impossible chargeback actually goes through the merchant does not have any way to reclaim the money. Well, he never has, specifically with a credit card you have several weeks to claim back the money, after which the merchant has the legal course to make his claim. Banks are not collection agencies.
This discussion is currently a bit circuitous :). The bottom line is that certain merchants, especially online ones, frequently do a BIN check on the card used. And if the BIN check shows the card to be Prepaid/gift card, then it’s sometimes less likely to be accepted than if it’s shown as a standard Debit Card.
Revolut cards (all of them, standard or premium, MasterCard or Visa, plastic or virtual) currently show up in BIN checkers as Prepaid cards. (Interestingly the new disposable virtual card shows as a Gift Card…even less likely to be acceptable everywhere).
Agreed, that is what I have been attempting to say earlier. Interestingly enough, the site mentioned earlier now eventually did load and does not recognise my card at all
- and that is only for the euro account.
