Revolut rolls out Perks, a new rewards feature in a bid to increase debit card use
- Revolut is rolling out a new incentive program for UK customers.
- Cardholders unlock more perks and rewards the more they use their debit cards.
Revolut is rolling out its Perks feature to all UK Revolut customers. With Perks, Revolut customers can unlock discounts and cashback on a number of brands that they know and love, by using their Revolut card.
The feature: Revolut Perks is a rewards and discounts feature, partnering with a number of top brands in specific categories, like flights, hotels, train, food and drink, health and beauty, and fitness.
- To unlock a new Perk, Revolut customers have to use their Revolut card 10 times.
- After every 10th purchase, Revolut sends a new Perk.
- Customers will receive a notification when a new reward becomes available.
- Customers have to be a UK-based Revolut customer.
- At launch, Revolut will offer three Perks from Trainline, National Express and HelloFresh which are instantly available to all UK Revolut customers.
Discounts versus cashback: Perks offers two main types of rewards.
- Discount rewards give customers an instant discount at a merchant when they pay using Revolut.
- Cashback rewards give customers a certain percentage of the purchase price back when they shop using their Revolut card at a partner merchant.
Context: Getting users to use their debit cards is a big part of the challenger bank model. It brings stickiness and interchange revenues.
- Revolut has introduced new card colors in an effort to appeal to its customers and prospects.
- The UK-challenger recently chose Visa as lead issuing partner for its international expansion
- Perks and rewards are a big part of the challenger bank playbook, as startups experiment with new forms of incentives.