Revolut's "Metal" Debit Card Offers Cryptocurrency CashbackAug 23, 2018, 7:28AM
Revolut has partnered with Mastercard and is introducing a crypto debit card. Is this another in a long line of uncomfortable partnerships?
Revolut, a UK-based banking service, is introducing a new brushed metal debit card that will provide cashback rewards when you use it to spend cryptocurrency. The new service comes thanks to a partnership with Mastercard; the cashback rewards come from Revolut's cut of Mastercard's processing fees.
Revolut has been around since 2013 and has been offering prepaid cards for some time now. Additionally, the company runs a crypto exchange that offers trading and investment support and a mobile app for crypto-spending, currently supporting five cryptocurrencies. Revolut also offers various traditional banking services, and this card has integrated support for crypto and fiat currencies.
The new card does have limitations. It will cost at least €135 per year, and will only give you cashback at a rate of 0.1% (outside of Europe, that rate is 1%). It's also fairly exclusive; only 10,000 cards have been produced. And, most problematically, cryptocurrency cannot be transferred to the card but must be bought directly from the service.
The partnership with Mastercard is not a match made in heaven, as major credit card companies have had a wary relationship with payment cards that support crypto. At the beginning of the year, VISA banned several (but not all) of the crypto cards that it had partnered with. And while Mastercard has tolerated crypto, its CEO has bashed Bitcoin, and the company has patented enhanced identity measures.
Nevertheless, it seems that if crypto payment systems are to become widely used, companies must continue to make uncomfortable alliances with traditional payment services.
Disclaimer: information contained herein is provided without considering your personal circumstances, therefore should not be construed as financial advice, investment recommendation or an offer of, or solicitation for, any transactions in cryptocurrencies.