As Revolut is offering free cards to anyone, I think existing customers should be able to get a duplicate physical card for free, for use be their partners. Especially since we have already paid for the first card. Does anyone agree? And more importantly, has anyone managed to obtain a duplicate card for free yet?
True. Every purchase made with Revolut card means they get commission from MasterCard or Visa. Merchants pay fees for accepting cards, goods we buy and services we pay for are probably little more expensive as a result. Paying for your card, or even for a delivery to the UK, seems unreasonable, especially now when they announced they broke even.
I know it is not very academic to quote Wikipedia, but hey!
“Imagine a consumer making a $100 purchase with a credit card. For that $100 item, the retailer would get approximately $98. The remaining $2, known as the merchant discount and fees, gets divided up. About $1.75 would go to the card issuing bank [Revolut], $0.18 would go to Visa or MasterCard association, and the remaining $0.07 would go to the retailer’s merchant account provider. If a credit card displays a Visa logo, Visa will get the $0.18, likewise with MasterCard”
Win-win situation in my opinion.
That might be true. But printing and activating the cards is not free and you have to take that into consideration too.
If you have a premium account you get two free physical cards and it’s free to create virtual cards. For me that was the single reason for me to upgrade.
Including free shipping.
Premium does offer those things yes, but at £6.99 per month Revolut is making a premium itself, as well as a fee on every credit card transaction you make. Printing, activating and mailing a single card would not cost over £80 per annum, IMHO!
You are right that printing cards costs money and it is great that first card is free. But you are still charged delivery fee which surely is excessive and clearly meant to reimburse the cost of printing. However, as I pointed above, once the card is in use, it acts as a tool for making profits for Revolut.
I believe that paying for cards was justified in first years of operations, but as I pointed before, Revolut has recently announced that they started making profits so charging for standard delivery fee to the UK for the first card is debatable.
Finally, I don’t think that there are many clients deciding to pay for premium subscription in order to obtain 2 cards cost free. Definitely, they aim for other benefits of premium account and free cards is just an addition of secondary or tertiary importance.
You should also know that offering exchange rates at interbank rate are not free. I am not sure how it works but i think that Revolut might loose money on this front. As the bank they buy their currency from also needs to make money.
As I said, they broke even after 3 years. If they want to keep their members happy they could make some financial concessions. Giving a free card to long term customers, delivery charge free, is the smallest they could do. Otherwise, they will start looking like another legacy bank where perks are given to new customers only.
A business has absolutely no reason to give you anything for free. Don’t be so tight, pay the fee.
I’d rather have a financially stable Revolut that didn’t make impulsive freebie decisions. At least offering a free first card draws in new customers.
“For use by their partners “
This break the T&C of any bank or financial institution as long as is not a joint account/ spare care for another person for which you sign and agree to give access to your account.
And they will receive their own cards (with their names).
In any way, using a card which is not under your name is illegal. They can just open an Revolut account. Problem solved
Two points to consider: first every bank, including Revolut, uses the money in its customers’ accounts to make money for itself - by investing etc.; it is not just sitting there doing nothing until the customer wants to draw on it. Secondly, my question relates to the existing customer sharing a joint bank account with their partner. So an additional card on the same account, drawing on exactly the same funds as the original card is not against any T&C as far as I know. Each individual will be responsible for only enabling access to his/her joint account holder.
Are you sure about that? Revolut money is ring-fenced, as is not a bank but a financial entity.
I just assued, so not 100% sure Maybe someone else, or Revolut, can enlighten us?
A spare card is an entirely different thing than a joint account card in terms of legal things.
No one is allowed to use the card except it’s owner. Cards are not transmissible. So even if existent users will get a spare card on their name, transferring the card in use of another person breaks T&C.*
I understand you ask for a joint account. There is a topic about this and as I know they’re working on it.
*i know. This is the theory. It happened for me coupe of times to book airline tickets with other cards but shouldn’t be something regular.
Alternatively, you could give your spare Revolut card to a relative; you would effectively have a joint account. You could top-up an equal amount into the account and it the cards to split the cost of your living or holiday expenses.
If you gave your spare card to a relative, you could also set them a monthly spending limit as pocket money. Just give them a card, set a limit and that’s it - you’ve set up an automatic monthly allowance.
Note: Please remember, the name on your spare card will be in the name of the account holder.
In the faq they clearly state customers money is in a segregated account that they do not have access too.
Putting aside the topic of a joint account and a card with a partner’s name on it, the whole discussion should be reduced to a simple question:
Why long term customers don’t get parity with new users?
If a new user gets first card delivered for free but loyal, long-term Revolut’s customer who paid for theirs doesn’t, we are back to the old legacy system where new customers get all great deals and longstanding ones get nothing.
Welcome to the world. NO company does that…
Spotify: offers for new comers, old ones not
Banks: free services as promo on Black Friday for new comers
Mobile Networks: same
I undertsand your idealistic view, but let’s be realistic
Thanks Spoon. Clarity at last! But you dont say whether the spare Revolut card is issued free of charge and delivery.