The Revolut Credit Card: Everything You Should Know

Revolut, the digital finance and payment app, has launched a new product that customers have been eagerly awaiting — the Revolut Credit Card. However, only the debit card is available in the United Kingdom at the moment.

While UK customers may still make payments and manage their personal finances with Revolut's debit card, only customers in Poland, Lithuania, the United States, and Ireland may access the new credit card product. Keep your eyes peeled though since the company will be expanding credit card access to other countries soon.

In this article, we will provide an overview of the status of the Revolut Credit Card in the UK, discuss its pros and cons, and provide information on how to apply for the card.

Is Revolut a Credit Card?

Revolut is a fintech app that primarily offers physical and virtual debit cards to customers around the world. However, the company has indeed launched a credit card product (in March 2023). The credit card will allow you to make purchases and pay back the balance at a later date. Like most credit cards, you will be charged an annual percentage rate on your monthly unpaid debts.

Visit Revolut's website to apply for their credit card today.

Does Revolut Have a Credit Card in the UK?

No, Revolut does not currently offer a credit card in the UK. The company is expanding this initiative to other countries, so we'll update you as soon as we hear word in the UK.

For the time being, Revolut does offer various other financial services for UK customers such as debit cards and international money transfers. If you're interested in learning more about Revolut and its offerings, check out our comprehensive review of Revolut here.

Revolut Credit Card Availability

Here is a list of countries where the credit card is available:

• Poland;
• Lithuania;
• the United States;
• Ireland.

The Revolut credit card has not yet hit these popular countries:

• the United Kingdom;
• the Netherlands;
• Germany;
• Switzerland;
• Spain;
• Belgium;
• Italy;
• Romania;
• Greece;
• Portugal;
• France.

What is the Effective Annual Percentage Rate (APR)?

The Effective Annual Percentage Rate (APR) is the total amount of interest you'll pay on a loan, including any additional fees or charges, expressed as an annual percentage of the loan amount. It gives you an idea of how much the loan will cost you in total over the course of a year.

Revolut's website shows you can expect an APR of around 14%.

For example, let's say you apply for a Revolut Credit Card and spend €4,000 of credit with an annual interest rate of 14%. If you do not pay the credit balance for 3 months, you'll have to pay back a total of around €4,297, which includes all the monthly compound interest charges and fees.

One perk is that if you pay in full before the calendar month ends, Revolut will offer you a grace period of 62 days to spend interest-free.

How to Apply for the Revolut Credit Card

To apply for the Revolut Credit Card, you must be an existing Revolut customer in one of the countries where the card is available. This includes Poland, Lithuania, USA, and Ireland. You can apply for the card through the Revolut app or by visiting the Revolut website.

1. Click the 'Cards' tab in-app;
2. Complete the information in the questionnaire to apply;
3. You should receive a decision within minutes.

Pros and Cons of the Revolut Credit Card

The Revolut Credit Card, which was just announced in March 2023, has some great advantages that new and veteran customers will love:

• Get 0.1% cashback rewards for all your purchases.
• Get a €10,000 line of credit;
• Earn additional cashback with participating retailers;
• Enjoy no-fee money transfers to bank accounts;
• Spend overseas Mon-Fri without paying foreign exchange fees;
• Benefit from free card delivery;
• Use virtual cards for secure online shopping;
• Start spending immediately with your mobile wallet;
• Freeze your card instantly in-app in case of loss or theft.
• Never miss any bills with automatic repayments.

However, there are also some drawbacks to consider too:

• Not yet available in the UK as of March 2023;
• Promotional 1% cashback rate drops after first 3 months;
• 0.1% cashback applies to spending under €500;
• Must pay ~14% APR on unpaid credit balances.

How to Withdraw Cash With Revolut Credit Card

You can withdraw cash with your Revolut Credit Card at any ATM that accepts Visa or Mastercard. However, there are hefty fees associated with cash withdrawals. Credit cards usually charge you daily interest on cash advances, so it is important to check the terms and conditions before using your card for this purpose.

With the standard Revolut debit card, ATM withdrawals are free for up to five withdrawals or £200 per month (whichever comes first). After that, it costs 2% of the value of the ATM withdrawal.

Revolut's Credit Card In a Nutshell

The Revolut Credit Card is an exciting new product launched in March 2023 in Poland, Lithuania, the United States, and Ireland. The credit card has yet to come to the United Kingdom though.

While 0.1% cashback is quite low compared to some well-established companies (which often offer 1% unlimited cashback, for example), the Revolut Credit Card is a solid option as far as neobank competitors go. After all, Revolut is one of the first fintechs in the world to offer a fully-fledged credit card. If you use Revolut Rewards, Stays, and Shops with participating retailers, you may also be eligible for additional cashback (availability may vary by location).

Once your application is approved, you can begin spending immediately by adding the virtual credit card to your mobile wallet. As a credit card, you must pay off your monthly statement to avoid paying high-interest fees. But thanks to Revolut's automatic payment system, you will never have to miss any bills.

All in all, Revolut's credit card seems like just the beginning of more exciting credit features that the company has in store.