Hey, i’ve finally got the ability to create new topics, so i’ll use my first chance to share an idea that i’ve got.
It’s about being able to set an amount limit and currency restrictions on all upcoming transactions per card.
I’m going to book a hotel for a planned vacation and i’ll have to pay 75 GBP. My main Revolut currency is BGN, so i’d like to be charged exactly 75 GBP and the currency conversion to be handled trough Revolut.
In order to avoid very common scams related to double currency conversion, I’d like to be able to restrict my card that:
- only GBP transactions are allowed
- only transactions up to 75 GBP are allowed
I literally had such case, when going to Greece last year and instead of charing me in EUR, the merchant tried to charge me in GBP, converted using an awful rate (because the card was presenting to himself as being from UK).
The second use case for this idea is to be able to bind cards to particular currencies.
For example if i have both BGN and EUR currency in my account, when using my physical card, i’d like to be able to restrict it to BGN only, when using it at home, in order to avoid accidental conversion from EUR to BGN in case i run out of BGN.
That said, if i travel to Greece again, i’ll restrict it to EUR and top-up in EUR instead of converting BGN to EUR, because my bank gives me better rate (BGN->EUR) than Revolut, especially during weekends.
The third use case is, of course, for online payments, especially using disposable virtual cards. You want to purchase something from a merchant that you don’t trust and it should cost you exactly 15.99 USD. That’s the perfect situation to use the disposable virtual card - no one will be able to scam you, unless he does it the first time with some hidden fees and takes more than expected. It would be really nice to able to restrict that transaction to the exact expected amount (being 15.99 USD) in order to avoid the headache of understanding that you’ve actually missed that small text saying that you’ve actually agreed to be charged more and cannot do anything about it later.