Revolut continues to disrupt the banking sector as it launches its latest credit product in Ireland.
Revolut’s efforts to become a fully-fledged bank in the eyes of consumers continues apace.
Early last year Revolut officially became a bank in Ireland when it received a banking licence from the Central Bank of Lithuania. This means customer deposits of up to €100,000 with Revolut are now protected under the EU-wide ‘bank guarantee’.
Later in 2022 it launched its 'buy now pay later' service which allows users spread the cost of purchases over three instalments.
Then only a few weeks ago Revolut announced that all its users in Ireland would start receiving an Irish IBAN from this March onwards, which will make it far easier for customers to use their account for all their day-to-day banking.
Now Revolut is adding to the range of products it offers here as it launches its first credit card in Ireland.
Let’s take a look at what’s on offer…
The Revolut Credit Card
The new credit card from Revolut is packed with lots of great features. Such as:
- A competitive interest rate of 17.99% APR.
- No interest on purchases for the first three months (as long as you make the required minimum monthly payment).
- No interest on balance transfers for the first three months.
- No annual fee (apart from the €30 Government stamp duty).
- No overlimit fee.
- 1% cashback on purchases for the first three months (up to €30 in total) and an unlimited 0.10% cashback on purchases thereafter.
- Real-time push notifications on your spending as well as real-time balance updates through the Revolut app.
- The option to set a budget for your spending on your credit card.
- Access to Apple Pay and Google Pay so you won’t get stuck if you forget your wallet!
- And if you’re a customer of any of Revolut’s paid plans, all the benefits you enjoy (such as insurance) apply to your spend with the Revolut Credit Card too.
Customers also get a physical card for free and a virtual card.
What's more, at the click of a button you can also create a 'disposable virtual card' within the Revolut app, which you can use for one-off purchases online.
With a disposable virtual card your card details automatically expire and your card is destroyed as soon as you’ve used it so even if the website you have shopped with turns out to be dodgy, at least the scammers won’t have access to any more of your money or be able to sell on your card details.
And to make things even handier, a new disposable card will automatically be generated for you as soon as your card has been used and destroyed.
And don't worry about refunds - if you return something the money will automatically be credited onto your main physical card.
If you’re a Metal customer (Revolut’s premium, fee-paying current account) you get a few extra benefits.
You’ll get an additional 0.10% cashback on purchases and 1% cashback on purchases outside of the EU (including online transactions made with any merchant outside the EU).
You’ll also receive a snazzy Metal Credit Card.
What credit limit can I apply for?
The Revolut credit card offers a credit limit of between €500 and €10,000.
But each customer will have their own bespoke limit as decided by Revolut's credit assessment.
How to apply
Applying for the Revolut Credit Card is ‘an easy and simple process’ with an ‘immediate approval process’ for those who are eligible, according to Revolut.
To apply for a card, just go to the ‘Hub’ section in the Revolut app and then click on ‘Credit Cards’ and take it from there.
While you're waiting for your physical card to arrive in the post, you can create a virtual card and a disposable virtual credit card and these cards can be added to mobile wallets such as Apple Pay and Google Pay.
Is the credit card right for me?
There are over a dozen credit cards on offer in Ireland at the moment from several different providers, a few of which have lower interest rates than Revolut.
The credit card that’s right for you will depend on what you value.
The best thing to do is to check out our free credit card comparison service and compare all the deals and offers available in seconds.