The credit card service was designed to offer transparency, effectiveness, control, and security to customers, providing them with diverse rewards as well. During the first three months, clients can benefit from a 0% balance transfer offer.
Users can apply for the Revolut Credit Card through an easy-to-follow process that has an immediate approval program for the clients that are eligible. Ireland customers need to go to the `Hub` tab in the Revolut application and click on the `Credit Card` feature.
As long as the customers make monthly minimum payments, the company will offer a zero-interest for the first months, and, following this period, the APR will be at 17,99%2.
The credit cards will also include rewards that users can benefit from, such as 1% cashback on purchases up to EUR 30 for the first three months, as well as an unlimited 0,1% thereafter. Clients who use a Metal account will have an additional 0,1% cashback and 1% cashback outside the EU, along with the transactions made with any merchants, businesses, or traders outside the EU.
Moreover, Revolut provides customers with the option to set a budget for their spending, enabling them with a more responsible way to use their credit, focusing on the affordability and preferences of each user. The credit card links to the customers’ existing bank accounts through Open Banking services. The current credit limit is set between EUR 500 and EUR 10,000, and for each client, Revolut’s credit assessment will set a limit based on their bespoke affordability.
Furthermore, cardholders will have additional flexibility and control through P2P transfers, as they have the possibility to send money directly from the credit card to other bank accounts and recipients.
While waiting for the physical card to arrive, users can create a virtual one and add it to mobile wallets, such as Apple Pay or Google Pay. They can choose to use it in the virtual format even after the physical card arrived. The credit card has no annual fees, and it does not charge over-limit or returned payment fees.
The financial technology company introduced multiple services in Ireland in the last couple of months.
The announcement of the new credit cards launched in Ireland came after Revolut decided to migrate clients from Ireland to an Irish IBAN, in January of 2023.
The company has recently founded the Revolut Bank UAB, an Irish branch of its European business, moving its customers there. The change focused on making the process of transferring and receiving money for users with accounts in Ireland easier and more efficient.
After the migration, the customers need to disclose the new number to their employers, direct debit initiator, and other parties who deposit money into or withdraw money from their accounts using an IABN. However, the company will prioritise letting the customers know about all the changes via email within two months’ notice, while the IBAN is set to be transferred in stages.
In March 2022, Revolut started to operate as a bank in Ireland. Clients could upgrade to Revolut Bank for benefiting from multiple services while having their accounts insured by a deposit guarantee program. Later in the same year, Revolut introduced a Buy Now, Pay Later (BNPL) instalments payment option to its Irish customers, which can be used for both online and in-person transactions.
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