Revolut to launch Ultra, a new subscription plan

Monday 23 January 2023 13:56 CET | News

Revolut has announced it is set to launch a new top-tier premium subscription plan dubbed ‘Ultra’ by spring 2023.

Although a pricing has not yet been announced, Ultra is expected to sit on top of the three current plans and offer incentives including 5% cashback in the first month of enrollment.

Revolut is set to launch a new top-tier premium subscription plan dubbed ‘Ultra’ by spring 2023.

With just 'spring 2023' listed as a launch date in the UK, Revolut's largest market, Ultra is now operating with a waitlist. Only the waitlist members who enroll in the plan will be eligible for the cashback incentive.

The plan will contain a range of advantages, including those centered on travel and investing, according to a tweet from Revolut.

Revolut's goal is to boost both its card usage data and the average assets transferred into clients' accounts who have abandoned stock market or cryptocurrency investments since the market collapsed. The return of good Bitcoin performance is boosting operations a little, but everything is still unsteady, and Revolut just delayed the launch of its own cryptocurrency.

Revolut’s other subscriptions

Revolut offers options that incorporate savings accounts together with the ability to transfer money like you would with a checking account but without using actual checks, as opposed to individual checking and savings accounts. Members receive a debit card and unrestricted use of the network's more than 55,000 ATMs. Additionally, users can buy and sell equities and cryptocurrencies, and Revolut has a reliable foreign exchange platform. Customers can trade currencies and keep track of their balances in a variety of currencies, including by utilising stop and limit orders. The Revolut application is used to handle all transactions.

The current paid tiers offered by Revolut are Plus (GBP 2.99/month), Premium (GBP 6.99/month), and Metal (GBP 12.99/month). It's anticipated that 'Ultra' would cost much more, probably about GBP 18 or GBP 20.

Currently, the Metal card is a Mastercard World Elite or a Visa Infinite rather than a Black Card. By providing an additional degree of insurance and coverage, the new Revolut Ultra plan might serve this purpose.

Neobank is currently concentrating on finishing up its banking offering (cards, credit, savings), as well as expanding internationally: India should bring it a few million new consumers who will be very helpful in its fight for profitability.

Revolut’s other developments

Revolut has been concentrating on expanding its product line over the past several months. The digital banking app debuted an instant messaging option for users in the UK and EEA in November 2022 as part of its effort to become a superapp. Revolut users in these two regions can now talk with one another while sending and receiving money from other users as well as sharing funny gifs and stickers.

Revolut introduced a function in October 2022 that enables users to pay with cryptocurrency holdings. With the new 'spend from crypto' option, Revolut cardholders may sell their cryptocurrency assets more quickly and have the money sent in real time to their accounts so they can use it to make online and offline purchases.

The digital bank introduced 'Homes' in the same month, a tool for renting out vacation homes that offers cashback on travel-related purchases. Revolut Stays, Revolut's lodging search engine, includes Homes. Customers of Revolut can use the service to book a stay on Homes and receive up to 4% cashback, depending on their Revolut plan.

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Keywords: product launch, cashback, investment, cryptocurrency, Bitcoin
Categories: Banking & Fintech
Companies: Revolut
Countries: United Kingdom
This article is part of category

Banking & Fintech


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