Improvements to the Ultra Plan

I’d love to get Ultra, but it doesn’t offer enough value yet.

I’m tempted to get Ultra because of a few benefits, but the following would make the decision way easier :stuck_out_tongue:

  • 5k € monthly cash withdrawal (2k € is ok though)

  • 100 free stock trades each rolling month (if metal already offers 10, ultra should at least offer 50).

  • Increased APY (3.9-4.5% is fine)

  • Travel cancellation insurance (it has that)

  • Device / buyer protection insurance (3 years would be so much better than 1 year)

  • Travel Insurance (included)

  • Private Liability / Health Insurance (included)

  • Free Lounges (included)

  • 2% cashback in europe

  • 1 free gold / platinum plated card (+ replacements every 5 years)

  • No Tinder subscription or other useless subscriptions.

  • If it’s necessary to include subscriptions, why not Amazon Prime instead. (e.g. 100% cashback on the amazon prime fee if payed with revolut card) maybe you can even make a deal with amazon to be able to offer 3-4% cashback on amazon purchases.

I’m sure the community has more ideas on how to improve Ultra. Maybe those with a subscription could add their perspective.

What feats are you missing with the Ultra plan?

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Device insurance for a device I already have. I’d upgrade to Metal if that was attached.

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They can get rid of the Tinder subscription and change it to Happn for example, as it is likely that Revolut Ultra users travel a lot (and probably a substantial part is single) to find new connections abroad.

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Mostly all features are present on Metal already. E.g. cashback. So from useful upgrades it is only the platinum plated card which is not enough for me to upgrade. Amazon subscription is a good idea. Maybe also higher cashback on Europe purchases.

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I also feel like it doesn’t worth it enough for me to upgrade. The only thing I’d really take advantage of is the Free Lounge access, I fly often but not that often to make the jump from 135€/year to 600. Since they offer NordVPN, they could also add in some cloud storage service, I pay for Google one so I get VPN and cloud storage, free VPN service alone wouldn’t help much since I would still use the Google One for the cloud storage.

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Revolut should probably dump the insurance in general, local banks are much better placed to offer relevant insurance to people than Revolut could ever be.

I’d up the travel perks, uncap the cashback abroad, work out some sort of points system if cashback increases domestically aren’t feasible, change the spending with a merchant perks to automatic, not opt-in. Roll out some form of “Revolut Abroad” where you can easily interact with your life in other parts of the world (phone top-ups with a preferential rate etc)

Integrate loyalty with Revolut Flights or whatever it’s called. I am not really interested in booking through anything bar British Airways, because I want to keep and maintain loyalty within a single brand

4.75 interest is also terrible for a paid product in Britain, I have a regular account paying me 8% and there are free accounts easily available paying 5%+

10 commission free trades is kinda a joke, when they used to be unlimited (or a very high limit) on metal, there are many free brokers in the EEA/UK already so I don’t see why I’d shoot myself in the foot and a) have to work in USD (exposing myself to FX risks) and b)screw myself on the fees to begin with via Revolut

There are probably more points I could make, but off the top of my head: Ultra is a product made with 0 consultation with anyone who would actually buy it, because there is no one that would. The things offered are a mash-up of different consumers so no one will want the full set

Tinder and the Financial Times subscription? Deliveroo Silver? I promise you a single person on Tinder can’t make enough order value to touch free delivery on Deliveroo Silver, although maybe they would be interested in the financial times subscription. Picsart is a subscription that I don’t think I’ve ever heard of anyone paying for and sleep cycles for single people (even those who are highly busy) are mainly regulated by an alarm and self-discipline. Classpass, don’t know enough about it. But FT Premium/Tinder/Deliveroo is a massive meme

I get the inclusion of a VPN, but I’d probably pick one that makes a point of being very good in a market that businessmen might travel to, instead. I would (if I were keeping the insurance, which I wouldn’t) probably also cover business travel and try and get some status either with an airline or with a hotel chain (preferably both) included in with the subscription, like American Express do.

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Just for clarification: the trading account for EEA customers is a EUR and USD trading account. No need to exchange to USD.

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Hello All :sunflower:

@Youssf @iklinac Thank you for the suggestion! I’ll make sure to pass this idea along. :pray:

@Louzan_SP I understand your perspective, and I’ll relay your feedback to the relevant team for consideration. :star2:

@Recchan Thank you for providing such detailed feedback on the Revolut Ultra offering. Your insights on potential improvements and adjustments to the features are valuable and will be shared with the relevant teams for consideration. :rocket:

@Frank Thank you for the clarification. :heart_hands:

Veda | Community Team

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I am British, it’s denominated in USD for me. Probably only a United Kingdom issue, or maybe there’s a GBP option hiding from me somewhere

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I believe it’s a current limitation for UK users. Swiss users are probably affected by this as well. The difference in trading and investment options between UK + Switzerland and EEA is quite substantial currently.

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Currently On Metal, Just took notice of the additional features added to metal like the free FT/WeWork and I am really satisfied about it as it has such high value for money compared to buying these individually.

Am definitely considering to Ultra just for the more WeWork Credits but what I would like to see is some more value added to the Ultra Plan/General:

  • A real good web app/website to use on desktop
  • A decent CC /bnpl functionality like karma/zilch
  • Uber One for Ultra for Trips
  • Custom Names for the physical cards rather than the full name structure /Along with multiple spare cards
  • A Coursera membership for metal or ultra

For City Oriented Lifestyles which I think this membership is for:

  • Dis-Loyalty Membership for City Socialising or Soho Friends for Hotel Use in large cities
  • Mubi-Go/Curzon Classic for the same thing as above but for Cinemas/Films to watch
  • Turo Credits are nice but slghtly out of touch given how popular e-bikes are Swapfiets would be a much better option from the base “original” bike as a free tier to the more powerful “power 1” discounted tier
  • Sofar Sounds for Music Experiences

I think adding these features would be a good add in value to the ultra subscription - to think of it as a way to unlock modern city life in a all in one package excluding transport lol - or as a card for “digital nomads” ugh I hate that term.

Although I am unashamedly more biased towards London so this would need some tinkering to make it fit across Europe or where most ultra users live.

If there isn’t the budget for any of these please exchange the tinder, pics art and sleep cycle subscriptions as those are pretty stupid niceties. That should give you enough funds :slight_smile:

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@AppleCardKnockoff Hello, Welcome to the :r: community. :blush:

I appreciate your insightful suggestions for enhancing the Revolut Ultra plan. We’ll carefully evaluate your proposals and consider incorporating them into future plan enhancements. :rocket:

Veda | Community Team

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@Veda.Ramesh

Instead of creating a new topic myself.

Is it possible to create a similar topic like how can we make PremiumMetal 10x better and merge this post?

To have a dedicated place to discuss Ultra and suggestions for improvement.

@Youssf Instead of merging the 2 topics together , let’s keep all our Ultra suggestions and improvements here! Feel free to comment on any ideas you have for making Ultra even better. :blush:

Veda | Community team

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As someone in the UK who has used all manner of cards and accounts, cryptodotcom (3% cashback tier) curve, revolut, amex and many rewards cards and tradfi banks, exchanges and brokers - stocks, comodities and crypto

im really looking to move to revolut (specifically ultra) entirely as an all in one solution for personal finances, but at the moment it is not worth £55/m.
These are some suggestions and concerns:

firstly in order to have my salary paid into revolut you need a UK banking license and to clear up the reports of people having account access removed and being unable to use their funds. trust is an issue here. (i know revolut are begging for this right now so we will see)

cashback across the board at an absoloute 1% minimum non negotiable and for £55/m it should really be 1.5 - 2% (better rates are available elsewhere for less cost) and needs to be global, at minimum 1% in UK for UK customers.this is currently a complete dealbreaker at 0.1% - laughable and cashback ticks a big fat box in peoples brain - big dopamine hit and increases spending - increasing revolut’s profit fron fees and money velocity.

the insurance products are largely a cheap gimmick - everyone knows this and are actually almost never used. mobile phone cover is not included and is the most useful of these types of insurance products. travel cover is the most useful of the provided ones, however. Im not saying remove them, but for £55 a month you need to be adding value to customers in other ways that they will actually use.

reward partner benefits:
the FT is good. deliveroo meh, the rest are just fillers.
in order for this part to be attractive to almost anyone, you need spotify, amazon prime, netflix, uber, youtube plus etc. but spotify at a minimum. the wework is a nice idea but is only useful in london and fairly niche.

interest bearing accounts:
paying for 4.75% AER is simply not good enough when there are free trusted FSCS insured accounts offering well above this. if youre paying £55 a month, it needs to be 5% up to the first £10k at least.

i have 3 cards that offer free airport lounge access, and i have never used them - not because i dont travel, but because they dont include a guest. so this would be nice to have.

credit facilities like BNPL and credit cards and loans would obviously come alongside the Banking license and revolut obviously want this too due to the big money that can be made. these would be great.

also I dont want to pay for curve and revolut. im not sure if curve have some form of patent or rights to their products but integration of these features would be perfection.

if you want to capture market share from existing banks you’re going to need to give up some of that sweet sweet cash and give them a reason to use you

also, the ability to choose perks could be a solution regarding profitability for revolut - while allowing customers to prioritise benefits

crypto lending/staking etc would be great - having preferential rates at the ultra level would be good too - cryptodotcom have mastered this.

concierge service??? this is comparible to similar amex card fees (granted they have different business structure) - but they are your tradfi competition in rewards cards.

i like the idea of the ultra plan, but every time i go near the button, it just feels like vaporware with no ‘meat’ to it.

this may be good value if you work as a single, poorly disciplined, hybrid working, finance grad that lives off deliveroo. - is that really who you want to market to?

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Welcome to our community @td5alex :wave: . Thank you for sharing your feedback with us. Stay tuned. :rocket:

SG | Community Team

You can do this without a licence attached.

If you understand banking, you’ll also understand all banks and emoney issuers can’t tell people reasons why reviews happen, it’s not something that just happens freely, it happens between all entities.

It’s a regulatory obligation that revolut and others need to oblige to, for example, under suspicion of money laundering or committing some type of fraud.

In my 4 years of revolut I’ve never had this issue, you do see a small few complain online but those people also engage with multiple peer to peer crypto platforms whereby a lot of fraud occurs mostly the other end, and revolut has to review what’s happened to ensure no fraud has occurred.

The UK and EU have very low return on debit and credit card purchases, around 0.3% I believe, so offering over their return isn’t practical (figures may be inaccurate but the premise is the same). Other countries have different rules, therefore have different cashback offers.

Chase bank in the UK at their 1% is a loss making product and not sustainable long term, they’re essentially buying the market at huge cost.

The rest of your points are your personal preference, many of the perks are helpful to many types of customer, just unfortunate it’s not for you and that’s why we have such a competitive banking market here.

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sorry, im saying that in order for me to feel comfortable relying on revolut as a main bank, they need a banking license and FSCS coverage.

while im aware they cant tell people why their accounts being reviewed, and account reviewing is common practice. IT IS NOT common practice to automate account freezing and having to wait for a human review for many days, even weeks.

cashback on chase 1% is free not paid. it does not cost £55 a month (which 99% of customers will not reclaim via cashback as their soending is not high enough).
and my brother if you think a bank cant afford paying 1% if spending to its clients…
i can pay £195/y at HSBC and get better reward rates and an absurd credit limit and a bunch of useful benefits.

they are making healthy interest on your savings (even at ultra tier). they are most certainly profitable and will skyrocket if they get their banking license and credit products. they can afford this.

if they were to get credit cards then i imagine they would move these features to there as its more profitable.

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I guess you have never worked for a bank because automation does happen a lot in terms of freezing accounts, licence or not.

Source: I work for a UK bank.

As for cashback, with your high paid HSBC fee, your HSBC fee pays for those benefits in hope you don’t use them, it all goes into a pot and when someone does use them it comes out of that pot.

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2 posts were split to a new topic: Insurance in Australia