How can we make Premium/Metal 10x better?

Why would you want this? Currently, if I make 100 transactions for £1 each, I get £1 cashback (100 x 1p). If it was calculated as a percentage of the monthly spend I’d get £0.1 (0.1% of £100).

My brain did a bad and I assumed it’d work out the same if calculated monthly

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For me it would be 0.5% cashback within Europe with a moderate cap and 1% elsewhere unlimited. Or perhaps even a 0.25% in Europe with a £100 annual cap in Europe and 1% unlimited elsewhere.

Also being able to top up with American Express would make Metal more than 10x better, 100x even.

It’ll happen after 2020 I believe (American Express interchange fees will be called to the same extent visa and Mastercard is)

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Could you please share a source for this info?

(at least regarding capped fees, which does not apply for all AMEX cards)

Judgement of the court
http://curia.europa.eu/juris/document/document.jsf?text=&docid=199181&pageIndex=0&doclang=EN&mode=req&dir=&occ=first&part=1&cid=554306

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Hey, how does Revolut give you 0.5% in Europe when he gets 0.2%?

  1. Payment service providers shall not offer or request a per transaction interchange fee of more than 0,2 % of the value of the transaction for any debit card transaction. Payment service providers shall not offer or request a per transaction interchange fee of more than 0,3 % of the value of the transaction for any credit card transaction. For domestic credit card transactions Member States may define a lower per transaction interchange fee cap.

(REGULATION (EU) 2015/751 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL)

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I find it so thankful that Revolut doesn’t make us pay the interchange fees when topping up our account. TransferWise do add fees when topping up. I personally wouldn’t have a problem if they added it since the service they are offering for free is already amazing.

Yes like Boingo from Mastercard

  • Change prepaid cards to real Visa Infinite/Mastercard World Elite :heart_eyes::heart_eyes::heart_eyes::heart_eyes: Love that idea :slight_smile:
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The math already doesn’t add up for Revolut when customers top up via card. They then first pay interchange before being able to earn some with card payments.

Cashback is already cross subsidized to some extend. And 0.5% with cap was introduced by Revolut staff with this survey:

It isn’t AFAIK. There’s typically a 1-2% fee on transactions outside of EEA which they take the “outside of Europe” 1% from.

Inside the EEA there’s the 0.2% cap of which they take half from.

Have they even swapped to the 0.5% model? Id like 0.5% annual cap of £72 within EEA and 1% unlimited outside of EEA tbh

Your math only adds up if customers do not top up with card. Cashback needs to be subsidized for users that spent the majority in their EU home country and top up with debit card, and even more so when they top up with credit card.

That’s a separate subsidation. It’s not related to cashback in the slightest.

They could easily remove top-up by card if they actually got local account details anyways.

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I am referring to the current product where card top ups are an integral part of the product offer, not any future unknowns. There’s also no indication of any kind that Revolut plans to cancel that feature, as far as I am aware.

I can’t name a self respecting bank that let’s you top up by card.

Once they have licences and local account details, it’ll disappear to encourage you to get your salary paid into it.

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See, that’s the point, Revolut has to cover these fees whether you can or cannot name a selfrespecting or other bank that offers this. :wink:

You don’t seem to get it. It’s not reasonable to assume all metal customers must have these fees subsidised.

There’s no bank that does this and Revolut will eventually need to phase it out to become a proper bank that people have their salary paid into.

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I never was talking about all Metal customers. I explained in detail in which cases this is the case, I wrote “to some extend” and I explained exactly in which situation: when the Metal customer uses the service mainly in his EU home country and when he also uses card top ups.

Also, we haven’t mentioned that “merchant fees” for merchants are more than only the interchange fees. So it is save to assume that costs related to top ups are even higher than the 0.2/0.3 %. It’s also fair to assume that Revolut gets a better deal here than the average merchant that accepts card payments. But it will add to the total costs of the service.

I was always referring to the current situation. And it is a fact that in some uses cases, this cashback program right now can’t be cost neutral.

Regarding future plans: I have no insight into Revolut’s future business. When Monzo stopped this feature (it was too costly for them), customers where asking Revolut if they have any plans to also stop card top ups in the time coming. Revolut said they have not.

(I personally think it is more likely that they introduce a fee to cover the costs – like Transferwise – than shutting it down completely. This might also affect rev.me)

They will stop it when they get local details everywhere.

How else are they going to become your main bank account all over the globe?