Revolut Launches New Mid-Tier Subscription Plan

Financial technology company Revolut is adjusting its subscription options by introducing a new intermediate level called Revolut Plus, priced at £2.99 each month. Similar to N26 Smart and Monzo Plus, this new offering is designed to be valuable regardless of travel plans.

Over the last few years, challenger banks and alternatives to traditional banking have been bundling extra services into paid subscription tiers. This represents a shift for these fintech companies, gradually transforming them into freemium software-as-a-service providers.

While the majority of customers do not opt for paid subscriptions, a segment of users is prepared to pay a regular monthly fee to unlock enhanced features, benefit from insurance coverage, and reduce variable costs.

Revolut currently offers two paid tiers: Premium and Metal. The Premium plan increases the limits for free ATM withdrawals and currency exchange. It also includes benefits like international medical insurance, coverage for delayed or lost luggage and flights, and winter sports protection. Furthermore, it provides access to advanced functionalities, such as disposable virtual cards and Revolut Junior accounts.

The Metal plan provides a more comprehensive insurance package, featuring purchase protection and coverage for car rental excess. Subscribers also receive a small amount of cashback on purchases (0.1% within Europe, 1% outside of Europe, capped at the monthly subscription cost) and higher limits on various services.

An additional attractive feature has been the design of the cards themselves. Metal plan members receive a metal card, which, while not particularly practical, is a desirable perk for some. Premium subscribers can also select from a range of premium card designs.

Revolut Premium is available for £6.99 per month, while Revolut Metal costs £12.99 per month (or €7.99 and €13.99 respectively in Europe). Paying for a year in advance results in a reduced overall cost.

What does Revolut Plus offer? At £2.99 per month, it’s a more accessible option than Revolut Premium. A key benefit is purchase protection provided by Qover. All paid plans now include purchase protection with varying limits for damaged or stolen items (£1,000, £2,500, and £10,000 depending on the plan). Subscribers may be eligible for a refund on purchases up to 365 days after the original purchase date. Additionally, refunds may be available for tickets to events that you are unable to attend due to unexpected issues.

Alongside a new card design, Revolut Plus customers can also utilize virtual cards. The new mid-tier plan also allows for the creation of junior accounts.

Notably, this plan does not include overseas travel insurance, nor does it offer unlimited free currency exchange (excluding the standard spread). Revolut Plus is geared towards users who primarily use their Revolut account within their home country.

Revolut is also making adjustments to its other plans, so it’s advisable to review the terms and conditions before your paid plan renews. The new Plus plan is launching today in the U.K. and will become available in the European Economic Area next week.