Revolut are using this to nudge free customers onto Premium or Metal. If you go through to the card order screen and tap the flag option, it directs you to the upgrade screen.
@Mogolent What subscription are you on?
Premium. I use it mainly for kids accounts
After seeing the Plus account I have to admit I was interested but their rule on paying out on the purchase price less 5% monthly depreciation and the excess makes it a no deal for me. I donāt think depreciation at that level reflects reality because if you purchased something and it was stolen a year later the amount reimbursed would nowhere near cover the cost of replacement.
If anyone is interested, there seems to be ask offer in the Rewards tab of 5% cashback in Apple Watches.
Ends tomorrow I believe
Thatās a pretty good deal - Apple discounts are rare.
Yup! There was no notification or anything, I found it by chance by browsing the Rewards tab, so thought Iād post it here just in case anyone was planning on getting one for Christmas, to get a few dollah off!
Whatās your source on the excess and 5% depreciation, please? Iāve searched, but thereās no mention of any specific terms for the āinsuranceā offerings in the standard T&Cs you get in-app when attempting to sign up.
Even with excess and 5% depreciation, this would be a really nice proposition for many. Iām not willing to pay Ā£10-15 a month for phone insurance - I have enough savings (in part thanks to saving that Ā£15/month rather than giving it to an insurance company!) to replace a broken phone/iPad myself - but Ā£3/month for some money back I think is worth paying to take some of the sting out of having to do soā¦
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Screenshots of all the important parts. For Ā£2.99 you really canāt go wrong.
Basic terms are you must use the card to purchase whatever youāre claiming on, it must be new at the time of purchase and the depreciation I mentioned earlier. Up to Ā£1000 combined cover per year on Plus, not bad at all.
You can pull it up in the app by going to buy it, confirm your payment option (monthly or annually), donāt worry it wonāt charge you, and full terms are on the next page with a final confirm button.
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Very good of you to post all that, thanks. As you suspected Iād not wanted to confirm my payment option until Iād read this. They donāt make it entirely clear when youāre actually āinā, should make the terms a bit easier to find.
Iāll give them a proper read later, but for Ā£30/year, Iāll probably do it when I next buy something (current phone etc too old / not purchased with Revolutā¦). Only downside is Iāll lose a bit of cashback not being able to buy it with AmEx.
I do think Revolut/Starling have correctly figured out that Ā£2/3 (possibly <Ā£5?) is something people will just do (and I say that as someone who is very anti bundled insuranceā¦). Monzo Plus/Premium on the other hand need to justify the cost in peopleās mindsā¦
Ā£3/month just for virtual cards (attached to pots), Monzo?
Well. Started using Revolut for my cpas to test out the pockets. Just had my card frozen for suspicious activity for a Ā£1.99 now TV payment! Easy to unfreeze, but not sure if Iāll be able to now release the funds lol
I thought this had happened alreadyā¦
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I think they just had an EU banking license? So now, theyāll need a UK one too due to Brexit?
Yeah thatās right, they have (I think) a Lithuanian licence. I just thought theyād already started the process of a UK licence application - I think I remember there being some noise about that last year.
They applied and they either withdrew the application late or it was rejected
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Iād be interested to see how this goes, considering their crypto-based features.
They made big chat of how quick and freewheeling they are while Monzo are now boring and in the slow lane. Might come back to haunt them a bit as lots of the āfunā will have to stop
Something that will be tested for sure, but I wouldnāt rush to conclusions just yet. If it stalls them significantly, then Iāll understand Monzoās situation a little better and perhaps be more patient. If not, then what the heck Monzo!?
I think itās worth noting too, that although Starling has nothing as fancy as some of Revolutās more out there features, they still appear to be quite nimble. Their features that compare to Monzoās are updated and improved on a more frequent basis or are better functionally, and theyāre launching new ones in what feels almost bi-monthly. So a banking license certainly hasnāt slowed them down. Perhaps not as freewheeling as Revolut though.
The banking license is the core thing Revolut has been missing for me. If they can retain their innovations after acquiring and continue at a similar pace, Iāll very likely move to them.
Exciting stuff though, but letās wait and see.
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I hear this a lot, but it doesnāt really resonate for me. Starling is good at releasing new banking products (euro account, connected card etc), but the features that compare to Monzo (by which I mean the functionality associated with the personal current account in the app) seems largely static. Could you give some examples?
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Settle up still works with Apple Pay. (Really hung on this Apple Pay thing missing from Monzo.me of late) as one example. Being able to link a second card to their version of pots another.
I prefer Monzo to Starling as a whole for various reasons, but mostly due to being off put by the onboarding to give them a proper try. But when my friend can send me a settle up link and I can pay them back using Apple Pay. And when they have a second spending card linked to a dedicated space, among all their other announcements and launches over the past year, I get that grass is greener on the other side feeling quite a bit.
Some may argue with pots, that Monzoās use of them is better with stuff like round ups, or bills pots, but neither, with How Monzo has implement, really do it for me. But a virtual card linked to a pot, or a second physical card as an option linked to a pot with plus would do so much more for me. And given how quick Starling seemingly were in the development and launch of those products I canāt help but wonder whatās taking Monzo long. Itās been 6 months since a few employees teased the possibility on here.
I long for the nimble days, which is what makes the idea of Revolut with a license so tempting.
Whatās interesting here (for me at least) is that the first of these is a Monzo own-goal - Starling maintaining a service shouldnāt be sometime to write home about. Monzo knows itās broken, but wonāt formally kill or cure it. I think that is quite emblamatic.
The second one - linked cards - I see as a separate product (I listed it as one Starlingās new banking products), but I see the overlap here, and share the frustration at the perceived lack of agility weāre seeing from Monzo. Indeed, I think thereās some revenue possibilities in offering (Iām making this up) for example, a card/pot for Ā£1 month. I think back to this quote from Tom Blom in 2018:
Barclays launched āfreeze your cardā very recently, which is fine. There is a saying in ice hockey: āYouāve got to skate where the puck is goingā. If you skate at the puck, it will have moved so far ahead by the time you get there that youāll have missed it. Banks are looking at us. We are the puck.
To get this back on topic, I see Revolut bringing innovation in the app, Starling keeping the app pretty stable (I mean where are budgeting and spend analytics?) but innovating in other financial products. Monzo is still ahead of the game for my needs - and have thrown a lot of their resource at paid accounts which are worthy but largely unremarkable - but I really want them to become the puck again. Theyāll end up being Barclays in Tomās analogy if not.
As others have said, itāll be intriguing to see what happens to Revlout once the weight of regulation is on them.
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