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.