New banks

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.
close

Email a Friend

Revolut rolls out Perks, a new rewards feature in a bid to increase debit card use

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.

0 comments on “Revolut rolls out Perks, a new rewards feature in a bid to increase debit card use”

New banks

Cheat Sheet: Google to launch virtual Google Pay card

  • Google Pay users will be able to spend their balances using a virtual card.
  • In addition to Google's plans to launch bank accounts, this move solidifies Google as an important player in digital finance.
Zachary Miller | July 29, 2021
New banks

Acorns automatically jacks-up fees on subscribers paying $1 per month

  • Acorns is approaching going public via a SPAC.
  • The firm recently told customers in its lowest subscription tier that it was raising their fees by 3x.
Zachary Miller | July 28, 2021
New banks

Midwest BankCentre shows how community banks can compete with new players

  • Midwest BankCentre launched Rising Bank to grow its deposits by $200 million in two years.
  • Embedded finance is expected to generate about $230 billion in revenue over the next five years.
Shehzil Zahid | July 21, 2021
New banks

Remitly targets U.S. immigrants with new banking features in its Passbook app

  • Remitly has launched several new digital banking features in its Passbook app.
  • Features include early access to pay, instant P2P payments, and immediate Visa debit card access.
Ismail Umar | July 12, 2021
New banks

Family matters with Family Money: Verizon’s new financial app for kids

  • Family Money is a financial literacy app for kids aged 8-17
  • The app fits in with Verizon’s other family-focused products and services.
Shehzil Zahid | July 01, 2021
More Articles