Initial Thoughts on Revolut Metal?


#1

So Metal came out today and I am pretty disappointed.

The only main differences I can see are:

  1. ATM withdrawal (minus a fee) limits were increased from £400/€400 to £600/€600
  2. Concierge service
  3. 0.1% cash back intra-europe and 1% cash back outside Europe
  4. Metal Card

For me, this in no way justifies almost doubling the cost of the premium product per month.

Assuming you were to try to make up the cost increase of the product by using it solely outside of what Revolut considers to be Europe:

You would have to spend around £600 every month for a year, so around £7,200 a year to make up the price difference from Premium to Metal.

(Someone please check my math, I am terrible at it.)

This is more or less the same exact product N26 came out with.

Don’t get me wrong, I am happy with my Revolut account but this just feels so overly expensive for what it is.

What are your thoughts?


#2

Have things changed since beta testing? I thought under beta Premium was 6.99 and Metal 12.99?


#4

Thanks for the correction! I am really terrible at math. :sweat_smile:

Assuming you used the card mainly outside of Europe:

You would need to spend £4,800 a year to make up the difference between Premium and Metal
or spend £15,588 a year to make up the total cost. (12.99 * 100 = 1,299.00 & 1,299.00 * 12 = £15,588)

Personally, I wouldn’t use the concierge service. The increased ATM withdrawal limit is nice but still nothing jaw dropping.

Even with my bank in Germany (comDirect) I can get unlimited and free cash withdrawals outside the EURO zone at ATM’s. The bank offers a current account, savings account, depot and credit card for no monthly fees.

It just feels exactly like the N26 metal just slight less expensive and I wouldn’t pay for that product either.

I switched to premium in the beginning mainly to support Revolut. I was excited to see what they would be offering. They are finally starting to expand their offerings but I agree, it is also overpriced.


#6

In Romania we get only 460£ free ATM.
Concierge is almost useless
0.1% within Europe, even 1% out of EU is quite nothing.
The metal card is nice tho.

But I don’t use 10.000€/ month in card payments on a debit card. I prefer to use the credit card.
Concierge… I have it on CC. :man_facepalming: I don’t use it.

Free ATM withdrawals… discriminatory only 460£.

I’m feeling fine with premium. And btw. If you get 600£ from atm on premium the fee would be 4£ after the 400£ (again, in Romania we get much less)

Ps. By comparison. My new bank offers for 6€/ month:
Airport lounges worldwide (lounge key)
MasterCard platinum
All MasterCard premium perks
15 free withdrawals per month anywhere in the world, up to 1000€/ day

Another bank for 90€/ yer is offering concierge and Priority pass lounges.

So… nope :man_facepalming:


#7

What is the concierge service? How does it work?


#8

Lazy to do some google search? Pay for it.
That’s concierge. Basically.

My concierge from CCfound me a ticket from AF for 1200€. I found the same ticket for the same dates and the same AF for 505€


#10

In addition, these add ons actually have the potential to destabilise the core services.

For example look at support, whenever an add on is introduced. It goes to pot, impinging adversely on the day to day functionality of the service.

But I do love the metal card. Would prefer if it was available unbundled from concierge services etc.


#11

Personally, I think they blew it as it offers nothing compelling over and above the Premium card.

I can’t be sure but I guess the vast majority of orders are from people who simply want a metal card. It would be better if :r: had simply offered the chance of a metal card at a set price.


#12

One can just downgrade to premium after 15 days and keep the metal card.


#13

They do. It’s 50 GBP (= cancellation fee).

But for not much more you can just keep your Metal subscription on for 1 year and downgrade before the next year is charged.

And it looks better in the business metrics to have 10000 clients on recurring Metal subscription (even if they cancel it for next year) than 10000 clients that paid one time fee.
And it’s much more than 10000 clients with Metal already, so we are talking here about a big thing.


#14

I ordered it for three reasons.

  1. For the next 12 months my spending on the card, at 1% cashback, will generate enough to fund the yearly fee, and a little spending money for beer and skittles :wink:

  2. Cool looking card (hopefully)

  3. The increased ATM limit will be helpful, but not a deal breaker.

At the end of the day Revolut marketed themselves as a currency exchange specialist, (to build a fair and frictionless platform to use and manage money around the world), which therefore benefits international and global travelling customers with frequent access to multiple markets. (not necessarily customers who have 2 weeks holiday in Spain and USA every year).

If you do not fall into this globalised customer international traveller ‘classification’ then Revolut may not be the place for you, other than on a standard package.


#15

Sure, I understand why pushing Metal subs makes senses from a business/marketing perspective. I still don’t see the value from a customer perspective though and as it’s my money I can choose to keep it in my pocket until something more compelling comes along.

I just think there should be more differentiation between the two tiers for it to make sense to users.
eg

  1. Better cashback rate - my MBNA Horizon gives me 0.5% everywhere and is FX free (albeit at the Visa rate).

  2. Debit card functionality - TransferWise has this so we can forget the canard that this requires a banking licence.

  3. Greatly increased limit of Virtual cards (so I could actually use a separate one for each subscription).

  4. Dedicated higher support tier - it’s still too soon to say whether Metal users will in practice receive better support but the comparison charts within the app show it as being identical to Premium.

Two or more features like this would establish ‘clear blue water’ between Metal and Premium and make it seem more worthwhile.


#16

Sal, I definitely do fall into this category (I currently have Gold status on two separate Star Alliance carriers as I travel so much). That’s why I have the Premium subscription rather than the Basic. Edge cases like yours will certainly occur (you can stuff an enormous amount of spending at 1% cashback rate) but I think if :r: relied on such cases it would be a marketing failure. They know it’s all about the allure of that shiny metal card that weighs 18g. That’s really all there is.


#17

True they won’t make much money from me, and if they do it will be a win/win on both sides. The metal is (prob) all about the ‘I want to be first and use it down the pub or Ibiza to impress the mates’. Never will the usage justify the yearly fee for that customer segment. For me I hope it does, otherwise I would not have upgraded.

Basically metal is a fad, a fashion statement and a career achievement statement, just like gold cards in the 80’s and 90’s. Will last 10 years then be gone.


#18

Curious to know which is that new bank of yours that gives you all this for 6€ a month, Alex?


#19

Have a look!


#20

Seems amazing actually but Romanian residency is required to apply :frowning:

Also, note that the free ATM withdrawal is rather a promo here, and not a permanent feature - initially it was supposed to terminate by the end of 2017, now extended until the end of 2018.


#21

Not sure if that goes against EU law, and the principle of the single market.


#22

This is not the case here, although it may seem so. Traditional banks mostly require a client to live in the country at least at the time of opening of the account.


#23

Idea Bank is not restricted to Romania, but what they offer account holders in other countries may be different.