How can we make Premium/Metal 10x better?

Yeah, but that service isn’t available in all countries, at least they don’t offer services in Spain anymore

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But it’s only a silver level deliveroo subscrption.

Trying to order for 1 person for over €25 to get free delivery is basically worthless. It needs to be a gold level subscription provided with metal or deliveroo should let you redeem your silver subscription from revolut and pay the difference in plan prices to upgrade to deliveroo gold which it won’t currently let you do.

As someone with a deliveroo gold subscription who uses deliveroo regularly this revolut perk saves me €0 which is extremely disappointing.

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No use to a single person looking for a takeaway, but someone housebound or a family might make use of it for a weekly shop.

Not all perks suit everyone.

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They might but I don’t speak for them, I can only give feedback from the perspective of my own circumstances.

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@endernull Thank you for your suggestions. We’ll definitely consider it for our next update. :sunflower:

@gruser Thank you for your feedback. We understand your disappointment with the Silver level Deliveroo subscription. We will consider your suggestions for improvements. :pray:

Veda | Community Team

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I was super happy to see car insurance and I’m signing up for it.

Would definitely like to see more insurance options as most of it is geared towards travelling (which is great, don’t get me wrong).

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@kdaly Hello, Welcome to the community. :heart_eyes:

Thanks for your excitement about our car insurance! We’re expanding our insurance options, and your feedback will be considered. Enjoy your new policy. :hugs:

Veda | Community Team

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Prioritised list:

  1. More digital nomad-friendly insurance options - the current options are useless for frequent travellers, which are your main target customers, as terms are limited to flying from and back the country of residence, same with the health insurance and worldwide car excess (look at genki.world or worldnomads.com)
  2. Better cashback in Europe
  3. Credit cards in the UK
  4. Apple One or at least Apple Music subscription
  5. Joint accounts between the UK and EU residents
  6. Better fitness subscriptions (for example, Pliability app rather than Freematics, MyFitnessPal)
  7. Education apps subscriptions (maybe something from Duolingo Premium, Pimsleur, Audible, Yousician)
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While this is a fun list which I fully support, I would have two questions:

How do you expect Revolut to fund cashback in Europe? Revolut currently earns 0.2% interchange for every transaction in Europe. What cashback do you expect? It’s unlikely that Revolut will fund this with account fees. Big spenders would end up costing Revolut, and other customers would fund the cashback for wealthy clients with their fees. Kichbacks from brands might be an option, but that would be very selective.

And secondly, joint accounts between legal entities are very unlikely. Revolut‘s joint accounts are real shared accounts, where both account holders are legally the owners of the account. Revolut would have to find a way how foreigners without residency permit can become account holders in a region where said person can not open a personal account at all. Revolut would have to build maybe a „shared account light“ that somehow settles a couple‘s shared spending in the background with transactions between two accounts or something like that. Sounds like a product owner‘s nightmare. :face_with_peeking_eye:

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I agree, for Cashback an other neobank is doing it for transports (2%) and restaurant (1%) it’s up to 500€ per year but it’s probably included in Marketing costs.

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@Frank, I appreciate your valuable insights.

Similar arguments can be made about users inadvertently funding subscriptions they may not actively use. It’s worth noting that my wish list wasn’t analysed from Revolut’s financial perspective, given my lack of access to their revenue or user spending data.

One potential approach to address the cashback dilemma could involve introducing transaction limits. Beyond these thresholds, Revolut could consider adjusting cashback rates to maintain profitability.

I understand that joint accounts across different entities are tricky. But Revolut has tackled tough stuff before.

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Revolut already limits cashback to the total amount of the plan fee (with the exception of cashback for Pro, which is a business debit card that is not affected by the interchange regulation).

The difference between benefits and cashback is that it’s way harder to predict. All “package deals” like Metal and Ultra are based on the assumption that not every subscriber will fully use all benefits. That’s also the nature of the insurance business. Where it gets tricky for me is the question: would you want to cross subsidise cashback with subscription fees? That way, a bank incentivises their wealthier clients that are able to spend more, and banking becomes more expensive for customers that aren’t that wealthy and simply can’t profit from this to the same amount. You don’t have that dilemma when the spending itself generates the cashback.

This NY Times essay is unfortunately behind a paywall, but it is an interesting read. https://www.nytimes.com/2023/03/04/opinion/credit-card-rewards-points-poor-interchange-fees.html?searchResultPosition=3

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I should have been more careful when making this point. You only don’t have this dilemma as long as interchange fees stay the same. This recent Stanford study, referenced in the NY Times article, shows “that when credit card rewards increase, so do [interchange] fees.”

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Allow automatic export to Google sheets including payement references ( currenlty missing ) would sign up and never cancel

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@grantkemp Hello, Welcome to the community. :heart_eyes:

Thank you for your feedback! While this functionality isn’t currently available, we’re actively working on expanding our product offerings in the future. :pray:

Veda | Community Team

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Hi Revolut team/community,

I’m writing to you today to share some ideas that could make Revolut Metal even better. I’m a big fan of the service and I’ve been using it for several months now. I’m particularly impressed with the cashback rewards and the metal card itself.

One thing that I would love to see is an increase in the cashback rate in Europe. There are other banks in Belgium (like beobank) that offer credit cards for free and even provide a 1% cashback rate. I think that Revolut could easily match or even exceed this rate.

Another thing that would be great is the ability to customize the subscription plans. For example, I have a boyfriend so I don’t need Tinder in my plan. :wink:

It would be great to maybe have some extra partners, for example: Duolingo (The language learning app), brilliant, yousican, simply piano, or simply guitar. These apps would align for sure with the business goals that you have and promotes health, creativity and entrepreneurship.

I’m confident that these changes make Revolut Metal & Ultra even more appealing to customers like me/us. Thanks for considering my suggestions!

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From a business perspective, how would you want Revolut to facilitate this?

I briefly checked the card you mentioned: the card is a credit card, not a debit card like Revolut. So Beobank earns a tiny bit more interchange (0.3 vs. 0.2%). But the most obvious difference is that Beobank charges interest: “Representatief voorbeeld: kredietopening van onbepaalde duur van 2.600€. Jaarlijks Kostenpercentage van 15,99% (variabele actuariële debetrentevoet: 14,30%) met een jaarlijkse bijdrage van 20€.”

This is how credit cards in the US work: interest is one of the income streams to fund cashback and other loyalty schemes. Sure, many customers that pay off their bill every month in full can avoid interest. Which results in the situation that customers that can spend more profit more from a scheme like this and customers with less available income cross-subsidize it with the interest they pay for credit.

Some players like Curve use affiliate marketing with certain brands wich allows them to pay cashback, similar to what you’ll find in Revolut’s “Lifestyle” section of the app. Besides this, Revolut would have to cross-subsidize cashback with fees or interest. Using the card does not generate sufficient surplus.

Revolut does offer credit cards in a limited number of regions where this business model would work. But back to Metal, which is a checking account with a debit card. How would you, if you would present this idea to a bank manager, show how a bank could “match or exceed” what Beobank offers here?

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@Gilles Hello, Welcome to the community. :heart_eyes:

Love your passion for Metal! Thanks for the thoughtful feedback - cashbacks, customization, and app partners, noted! We’ll keep these in mind as we shape the future of Metal. :star2:

@Frank I appreciate the detailed breakdown! :saluting_face:

Veda | Community team

I might be a contrarian here but cashback is one of the worst benefits. 1% doesn’t really mean anything. Revolut probably has to offer it because other banks do, but that’s a race to the bottom.

Paying your customers to use your product can’t lead to anything good.

Better to use that money to:

  • reduce price for Premium/Metal
  • reduce transaction fees of all kinds - currency, stocks, crypto etc…
  • offer better insurance
  • allow more ATM withdrawals without fees

All of that is more useful than 1% discount on some transactions.

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@FolioBund Hello :wave: Welcome back.

That’s an interesting suggestion. Thank you for sharing, I’ll be sure to pass them on to the team! :pray:

Veda | Community team