'Shops’ enables users to earn 3% instant cashback on every online purchase from over a thousand leading brands and retailers.
Revolut has launched its new cashback scheme called 'Shops', which rewards users with 3% instant cashback on online purchases from more than a thousand brands and retailers.
This includes local favourites such as Smyths Toys, Woodies, Arnotts and Brown Thomas, and international retailers like Ikea, Amazon, JD Sports, Harvey Norman, Nike, TK Maxx and many more!
How exactly does it work?
Being Revolut, everything is pretty seamless.
You just head to the Revolut App, click on 'Shops' in the Hub section, and start your shopping journey. Then use your Revolut card to pay for your purchase in full. It’s that simple.
The app will also give you the full list of all the brands and shops that are part of the reward scheme.
And regardless of the Revolut plan you have (a free plan or a premium plan) you'll get the cashback.
However it’s important you start your shopping journey from within the Revolut app - if you go directly to a site and then pay with your Revolut card you won’t get any cashback.
Also, this only applies to online purchases for now. If you pay in-store with your Revolut card you won’t get cashback either.
When do I get the cashback?
The cashback is automatically applied at checkout when you make a purchase using your Revolut card. So unlike other schemes which can take days or weeks to give cashback to customers, Revolut's 'Shops' sends you the cashback instantly.
And there are no restrictions on getting the cashback. You get a 3% refund on any amount you pay. So even if an item is on sale or if you’ve used a promo code, you’ll still get paid the full 3% cashback on the amount spent!
Revolut users also have the option to split their payment using ‘Pay Later’.
'Pay Later' is the new instalment payment product from Revolut which allows consumers to spread the cost of a purchase across three instalments, up to a maximum of €499.
There's no interest per se but Revolut charges a fee of 1.65% per purchase made using 'Pay Later'. The first instalment is paid upfront by the customer at the time of purchase, followed by two monthly instalments over 60 days, with the fee spread out equally over the remaining instalments.
We’re proud to offer instant cashback, unlike other providers which can take up to three months. As the cost of living rises, we are delivering ongoing product innovations aimed at meeting our customers’ everyday financial needs and aspirations, whilst giving them more financial control. Shops helps our customers get the most out of every penny with cashback rewards, or helps them spread the cost of purchases for more expensive periods of the year, such as the Christmas holidays.
Christopher Guttridge, General Manager of Lifestyle Products at Revolut
Using Revolut more
Revolut now has over 2 million users in Ireland. However many people still only use Revolut to send money to friends or while abroad.
This year Revolut officially became a bona fide bank in Ireland after it was granted a licence by the European Central Bank. You can read up on that story here. And with Ulster Bank and KBC leaving the market, many people are now considering Revolut as their main banking provider.
And this new cashback reward scheme might be the thing that sways users to choose Revolut for their day-to-day banking.
But is Revolut up to the challenge of meeting the needs of everyday banking customers?
Let's hear from you!
What do you think of the new cashback rewards scheme? Will it make you more likely to use Revolut? Let us know in the comments below!