Revolut credit/charge card idea

And how long do you have to pay your balance?

before the next period gets billed, so over a month interest free.

The reason I asked is that in the euro zone you have 50 days from the time of each purchase, so I buy something today, I have 50 days from today to repay it. It doesn’t have to do with billing periods, it’s 50 days for each transaction.

That’s probably why in the euro zone you don’t have credit cards that charge only interest as 50 days per purchase is a long time to repay, there probably isn’t much profit there and Revolut would have to abide by those rules

Not just card rentals/hotels, where the merchant decides not to accept prepaid cards, it would allow Revolut to change the card configuration to accept offline payments. On board of trains, Metro ticket machines in New York, unmanned gas stations, ob board of plains … It would improve acceptance of the card drastically.

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On the contrary, I think. It’s Revolut who chooses not to accept offline payments. I have other prepaid cards that accept offline payments.

If revolut doesn’t want to assume the risk when you’re spending your own money why would they do it when you’re spending their money on a credit card?

It would allow them to configure the cards to accept offline payments. The card’s chip would handle a separate “offline” credit line, that’s typically lower than the card’s credit line. And it’s updated once a card does the next chip + PIN transaction. And with a secured card (like the first post here suggests), there would not be any risk for Revolut.

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You wouldn’t need a credit card to do that. Revolut could just enable people to give them a deposit or set a minimum balance amount and they would enable offline transactions for that same amount. Much easier to implement

Like you said, that’s a risk they do not want to take. Isn’t the point that the security deposit would solve that problem?

I agree, it’s complicated. The card would be still a debit or deferred debit card. And daily spending would not be debited from the deposit, of course, but from the account‘s balance like it works right now.

I’m aware that this is not very realistic, but it’s an appealing concept. A relatively low security deposit would allow offline functionality to drastically improve acceptance of the card.

you can always top-up a credit card beyond it’s debit balance so I suppose they can allow us to buy a 0-credit credit card and use our balance but also let them offer us actual credit and earn extra money like a normal credit card.

:r: is already using related rules to decide how much people can top up and have a process to raise this limit without doing an official credit check, and they do offer loans.

almost everything is already in place, except the banking licence.

The idea of a 0 credit card where you spend your balance and can turn into a regular credit card, that I find appealing.

As for credit checks, I assume you’re talking about credit scores and all that kind of nonsense and for that I say they wouldn’t be able to do that. Most countries don’t have a credit score system, thank god

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“Labels” like credit or debit aside, this is basically a prepaid card. If credit limit is “0” for offline payments, it would be limited in the same way. The issuer would want to make sure that offline payments don’t result in a negative balance. One possible way would be to freeze parts of the topped up balance of the card not for but to secure offline spending.

I think the offline issue should be separated from credit cards. You could have that 0-credit card where you spend your balance and have a minimum frozen balance or deposit that would be used to secure offline transactions for any of your cards

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then you apply for the credit/overdraft or put part of your balance aside as deposit like OP suggested.

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Yes, exactly, that’s what I was trying to say.

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how does one get the offline limit changed? does it require a new card?

The chip can be updated at ATMs and chip + PIN terminals, I believe.

in that case :r: could allow both setups, update your offline limit using a cash deposit or reserve an slice of your credit/overdraft, and in-app configuration (to be synchronised at a terminal)

and zero-credit (debit) and overdraft/credit for online payments with authorization holds to better deal with hotel reservations, car rental and, weekend currency exchange

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I’ll immediatly request such card as a backup card just to avoid the few limits of the current prepaid Revolut card : unmanned petrol station, and payment failure when the merchant does not have internet :slight_smile:

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Hello, and apologies for bumping a very old thread but I can’t start new threads.

Regarding the thread contents, do Revolut now offer a credit card?

As per the above link, is this a credit card that offers protection to UK customers?
Specifically protection via Section 75 of the Consumer Credit Act.


Am I eligible for a revolving credit limit?

In order to be eligible to apply for a credit limit you need to be over 18 years of age and you need to be a current resident of Lithuania, as well as a client of Revolut Bank UAB. As we just started lending money, we are offering credit services to a limited group of our customers. Currently credit services are available for our most active Revolut Bank customers, and we will gradually offer loans to more customers over time.