Revolut FREE prepaid debit card and Smart Neobank Review (Rate, Cost, Usage Pros and Cons)

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The Revolut Card is a free credit or debit card that can be particularly useful for those who regularly pay in foreign currency. The Revolut card is connected to the Mastercard network, which means that you can pay with this card in more than 50 million places.

Ideal for those who go abroad and cannot go to the shops with a local debit card. But also for those who want to buy airline tickets, pay a bill in a restaurant or make online purchases, the Revolut MasterCard prepaid credit card will always come in handy.

What is Revolut?

Revolut is an English electronic money issuer Neobank/Mobile banking overseen by British financial watchdog FCA. The company was established in 2015.

How does the Revolut card work?

Revolut’s Mastercard card is a prepaid credit card. This means that you must first have money in your account balance. You cannot spend more than the available funds in your balance.

The advantage of this is that overdraft is not possible. This prevents you from paying high interest on the outstanding balance. There are also no income requirements and any BKR registration does not matter.

There is an option for clients in Europe to also receive a Maestro card. This is available in both prepaid Mastercard credit card and Maestro debit card. Many retailers in Benelux, Germany, and Austria only accept payments with a bank card if they go through the Maestro network. Either way, your prepaid credit card, and Maestro card PIN are the same and you won’t notice the difference between one type of payment and another.

Cost

Revolut’s prepaid credit card is free. However, you do have to pay €6,  for shipping costs. Recharging your balance and withdrawing money from ATMs up to € 200,- per month is also free. Withdrawing money beyond that monthly € 200,- costs 2% of the amount withdrawn.

There are also charges for exchanging currencies outside market hours (0.5%), making a turbo transfer (€ 6), or applying for a new prepaid credit card (€ 6).

Card Cost: Free (With One-time €6 shipping cost)
Top up bank transfer: Free
Top up iDEAL: N/A
Payment in EUR: Free
Payment in currencies other than EUR: Variable (Depending on Currency)
Withdraw money from ATM: Up to €200 per month for free, then 2% of the withdrawal at a time.

Types of Revolut Cards Available:

Revolut Premium

With the Premium card, which costs € 7.99 per month, you can withdraw up to € 400 from ATMs free of charge. It also includes travel insurance and medical insurance for abroad.

Revolut Metal

The €13.99 per month Metal card adds free access to VIP lounges at the airport and a virtual assistant.

Only Available Via the Mobile App:

Where other fintech and Neobanks, such as N26, offer a prepaid credit card with an account that can be accessed in the web browser, with Revolut you can only access your account on your smartphone using the official App.

All interaction with your Revolut account is done via the app

This is a small disadvantage because if you have to enter an IBAN code manually, it takes longer on the keyboard of a smartphone than on the keys of a laptop or desktop. Finding the corresponding BIC/SWIFT code for an account is also more comfortable on a computer than on a mobile phone.

And if you lose your phone, get it damaged or stolen, you have a problem. Revolut advises you to look for a new phone as soon as possible and install the app on it. You can also block your card by calling the Revolut phone number: +44-20 33 22 83 52.

Saving made easy:

Revolut makes it very tempting to take advantage of all the extra functions. One of those handy features is rounding off purchase amounts to the whole euro. For example, if you do your shopping for € 59.12 and you have enabled the relevant function, Revolut automatically rounds the amount to € 60. The € 0.88 goes into a piggy bank that you can empty whenever you want.

In addition, it is possible to set up piggy banks for a maximum of 10 savings goals. You can instruct Revolut to save an amount periodically (daily, weekly or monthly). Sympathetic of Revolut is that the app encourages you to achieve the saving goal during the saving period.

Invest in crypto coins:

You will have noticed it: 2017 was a great year for cryptocurrencies. Digital coins such as Bitcoin, Litecoin and Ripple went over several times, making smart investors build up a nice capital.

Revolut, who focuses on the Millennials, noticed a great interest in crypto coins and decided to offer them as well. For the time being, holders of the Premium and Metal debit cards can put their balance in the following cryptocurrencies:

  • Bitcoin (BTC)
  • Litecoin (LTC)
  • Ethereum (ETH)
  • Bitcoin Cash (BCH)
  • Ripple (XRP)

There is no minimum amount for the purchase of coins. It is also easy to buy another coin or exchange your balance for a fiat money. But beware: at Revolut you do not get the private keys of the crypto coins you bought. These remain in Revolut’s possession, so that’s different from what you might be used to if you manage your own wallet.

Safety and Security

Revolut makes it easy to keep your card and the corresponding checking account safe. Using the Revolut app, you can immediately block your prepaid credit card, if necessary. You can also choose to block only online purchases and/or use abroad.

The prepaid Mastercard from Revolut also has purchase insurance.

Everything you buy is insured for 180 days against damage, loss or theft. If, for example, a glass of red wine covers the white dress you just bought, Mastercard will reimburse that purchase via Revolut. The same applies if you bought something online that is never delivered.

Users of a Premium card (€ 7.99 per month) or a Metal account (€ 13.99 per month) can have a digital virtual MasterCard created as often as they wish. This ‘disposable card’ is ideal for online purchases. You use it once to buy something with it, and then it is destroyed. This makes fraud virtually impossible.

Advantages of Revolut (Pros)

  • No BKR testing
  • You never spend more than you have
  • Arrange everything in the mobile app
  • Register online in minutes
  • Free prepaid Mastercard credit card
  • Includes UK checking account (pounds)
  • Including European payment account (euros)
  • Push notifications of all transactions
  • Favorable exchange rates
  • Withdraw cash from ATMs for up to € 200 a month
  • Digital throwaway cards with the Premium and Metal accounts
  • Trading crypto coins for Premium and Metal clients

Disadvantages of Revolut (Cons)

  • Can only be managed with the mobile app
  • Topping up your balance is not possible with iDEAL
  • App, website and customer service in English
  • Linked to a foreign current account
  • No purchase insurance, as with regular credit cards

Alternatives to Revolut

If you’re looking for a free prepaid credit card, Revolut isn’t your only option. There are several fintech and Neobanks companies that lure clients with free Mastercards. These include the German online mobile bank N26, the Bunq Travel Debit Card, and Transferwise, which was founded in Estonia. View our reviews of these banks to request the best card for your situation.

How to Apply or Order a Revolut FREE prepaid debit card

You can request a revolut card from a mobile phone using only the official mobile App. It is available for download on both Android and iOS. To apply for a card you must first download an app and create an account.

Goto to the Revolut official website by clicking here, enter your mobile number and then receive a link to the Revolut app via text message. You can order the card within the app. This is linked to a free account.

For example, you actually have a prepaid card with an IBAN number on which you can receive or deposit money. After request, you will receive the card at home within a few working days.

After you have created your account, you can immediately start using a virtual card for online payments.

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