Revolut launches credit card instalment plans

The service, called ‘Instalments,’ will offer repayment terms of three, six, nine, or 12 months at a rate of 9.5% (9.98% APR). The new feature, available to both new and existing credit card customers, is designed to provide an alternative to ‘pay later’ financing or personal loans. It will also allow users to consolidate multiple purchases into a single instalment plan, according to Revolut.

Expansion into lending and mortgages 

The company, which has surpassed 3 million customers in Ireland according to msn.com, continues to expand its financial product offerings. Revolut stated that the instalment service is one of several new products planned for 2025. The firm has also announced its intention to enter the mortgage market later this year. 

Officials from Revolut Ireland highlighted the company’s significant growth in credit card products, reporting an 87% year-on-year increase. They noted that additional features, such as cashback services, are also in development. 

Commenting on Revolut’s strategy, company representatives explained that the instalment service was created to meet customer demand and said the company is actively exploring more products to introduce within the coming months. They reiterated that mortgages and pay-later solutions remain a priority for the year ahead.

What else is going on with Revolut? 

These developments follow Revolut’s launch of In-App calls to personal customers, enabling users to expose impersonation scams. Through this new feature, Revolut aimed to support customers in uncovering impersonation scams while making the connection between customer support and users more reliable and safer. 

The announcement came just over a month after Revolut collaborated with Metomic to improve data security across its SaaS applications while maintaining the productivity benefits of these applications. The collaboration was set to optimise Revolut’s data security management and ensure compliance, removing risks and safeguarding sensitive information within its SaaS and cloud-based environments.