Revolut has launched a membership plan dubbed Ultra featuring a Mastercard branded platinum card. Ultra does not come cheap, with an annual UK fee of £540. But according to Revolut, the range of lifestyle and travel benefits on offer to cardholders are worth up to £4,100.
Revolut customer numbers worldwide now top 30 million. And it says that in the UK and Europe, 430,000 customers have joined its Ultra waiting list.
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Revolut Ultra – platinum lifestyle
The platinum card benefits include subscriptions with Ultra partners including the Financial Times, NordVPN, Wework and ClassPass. Furthermore, the card features unlimited fee-free international money transfers, 1.2% cashback on Revolut Pro, and 24/7-member support.Ultra also offers purchase protection of up to £10,000/€10,000 a year on stolen or damaged items within a year of purchase. It also offers cancelled event protection of up to £5,000/€5,000 and refund protection of £600/€600 on eligible purchases within 90 days of purchase.
Revolut Ultra – travel benefits
Ultra members will have unlimited access to 1,400+ airport lounges worldwide. Other travel benefits include ‘Cancellation for Any Cause’ insurance. This gives customers freedom and flexibility when travelling, and is worth, says Revolut, £420 based on estimated travel activity. Ultra members can claim refunds up to £5,000/€5,000 per year for flights, trains, accommodation or events.
Other insurance cover incorporates worldwide emergency medical and dental cover, including winter sports. Ultra travel insurance also includes cover for car-hire excess, lost or damaged baggage, delayed flights and personal liability.
Additionally, Ultra members that book accommodation with Revolut Stays (Revolut’s accommodation booking feature) will receive up to 10% cashback. Ultra customers can spend like locals with unlimited foreign currency exchange in 30+ currencies, and transfer unlimited amounts of money at great exchange rates, with no fees between Monday and Friday. Cardholders can withdraw up to £2,000/€2,000 in ATM withdrawals with no extra fees.
Subscription bundles for elevated lifestyle experiences
Ultra also allows customers to access what it terms ‘an ultimate subscription package’. These include access to subscriptions from brands including Financial Times Premium, 3 entries per month with WeWork, 20 credits per month with ClassPass and a NordVPN Complete plan. The total value of the benefits is estimated by Revolut to be worth over £2,100 a year.
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By GlobalDataInterest on credit balances and Revolut Ultra cashback
Ultra offers annual interest paid daily on savings in the UK of 3% gross, variable. The equivalent rate in the US is 3.54% and 5% in Poland.
Crypto fees have also been reduced with 0.49% per crypto trade versus 1.99% on its standard card.
Customers joining Ultra from the waitlist will receive 5% cashback on purchases within the first month.
After this initial period, Ultra members can earn up to 0.1% cashback within Europe and the UK and 1% everywhere else in the world. Freelancers and Revolut Pro users will receive 1.2% cashback on their Pro card payments.
Revolut Ultra: ‘one-of-a-kind offering, second to none in Europe’
Tara Massoudi, Revolut General Manager of Premium Products, said: “An increasing number of our customers are interested in travel, lifestyle & investment products that offer top-of-the-line experiences. This growing consumer market is redefining luxury, making it more functional and present in day-to-day life. They want to build a steady passive income, but also enjoy life, keep up to date with the latest trends and travel the world.”
“In response to our customers’ demands, we’re launching this new bespoke membership that we envision as the ultimate travelling and lifestyle companion. Revolut has put together a one-of-a -kind offering, second to none in Europe. This unique card and membership plan was ultimately designed for those who enjoy the finer things in life.”
Scott Abrahams, Executive Vice President Channel Partnerships, Mastercard added: “This unique premium offering will connect Revolut customers to the travel and lifestyle benefits that they love. It’s the latest milestone in our partnership, creating innovative products and safe, secure ways for Revolut customers to pay.”
Revolut: financial accounts and licence application delays
The Ultra launch represents welcome positive news coverage for Revolut. The firm has been mired in negative PR since missing its deadline to file its 2021 accounts.
While its delayed 2021 earnings reported a surge in revenue, Revolut’s numbers have come under increased scrutiny. In March, Revolut auditor BDO said that it was unable to independently verify the majority of the firm’s 2021 revenue reported by Revolut in its delayed 2021 accounts. Moreover, BDO added that while the 2021 financial statements gave a “true and fair view of the state of the group”, it warned that some information may be “materially misstated”.
As long ago as February, Revolut claimed to expect positive news on its UK banking licence application within weeks. Revolut’s licence application remains under review by the Prudential Regulation Authority and the Financial Conduct Authority.
