This very dangerous and needs to be regulated (like Klarna etc as well tbh).
The £1.50 charge could easily stack though, each time you tap at your “up to 50%” you get a £1.50 charge and if you spiral you end up getting into more and more problems so it then becomes basically an overdraft charge by another name with fixed fee’s. You initially want 10% then and pay that charge, then next month you take the 10% and have to draw another 10% and you get 2 charges. Or even worse if it charges you £1.50 each time you start using your incoming salary it could stack very very fast.
The devil will be in the detail though but it could keep people in problems for a while. I also wouldnt be surprised if you need to be on a paid account on revolut as well to get this.
Let us not all forget about how this forum raved over Monzo’s predatory overdraft pricing which could end up being in the thousands of % APR-wise but was heralded as being ‘simple and easy to understand’ - until they were banned.
Until there is a fair way for those with low income/low credit to access funds for emergency situations this will continue.
I don’t need to, thankfully, draw on any of these schemes, but I know it’s all very easy to dismiss them from the comfort of being people who don’t need payday loans.
For the most part, I think there is a gap in the market for people who genuinely need a brief, infrequent boost to help them one or two months of the year. Banks used to fill this role, when you spoke to a human who knew you and took the time to listen to your unique circumstances.
Now an American company gives you a number and decides for you.
It’s something I believe Tom spoke about way back in the Mondo days, and I think people are too quick to dismiss these kind of schemes. Are they great? No. Are they necessary for some? Yes.
… which tells you that the business’s goals are not aligned with yours, making it very much an adversarial relationship. It’s precisely why dozens has chosen never to provide credit, unless it funds an asset purchase (ie mortgages). You want your bank on your side contra mundum
Agreed. And I don’t even use it (but have an account) mostly because almost all my spending goes through my Amex so really my current account makes little difference.
I do keep an eye on the app though; how do they manage to have such a large number of pretty decent cashback rewards?!
Does Revolut send anything in the post when you open an account? I might open one just to see what’s it’s like but I won’t be at my current address in a few days so don’t want any mail.
It’s at the bottom of the fintech drawer, along with Monzo dark mode and Starling credit card. You know, like the junk drawer everyone has in their kitchen. Someone will one day come across it when doing a big clean and it will become a thing
I imagine there are a few, but the numbers are very very small. In the UK, at least.
It’s a reputational thing, but rightly or wrongly, Revolut have a higher bar to reach for me: better service, banking licence, fewer press articles about negative cultural practices…
With 15 million users (Revolut’s own advertised figures) I would say there could be a few.
But as @Peter_G mentions probably not that many in the UK.
On the whole, I don’t see many Revolut cards at all, compared with other cards.
Maybe any of the folk on here that deal with card payments can give an insight on how often Revolut cards are used. Not an exact science, but would give an idea.
Has the reliability improved since I last used them as a spending account? I often found myself having to try to pay twice before the payment actually went through. Could have been the terminals, but that doesn’t happen with my cards from other banks.
Unscientific, self selecting poll ahoy! All results private.
Do you have a Revolut account?
Yes!
No - I’ve never had an account
I had one, but have since closed it
0voters
If yes, how - if at all - do you use Revolut:
I’ve an account but it’s basically dormant
For daily spending (coffee, transport…)
For international transfers
For bills (direct debits etc)
I’ve my salary paid into Revolut
For virtual card payments
Something else (explain below)
0voters
For everyone, would you currently trust Revolut to be your main current account (salary in, direct debits paid out)?
Yes
No
Unsure
0voters
For everyone, would you trust Revolut to be your main current account (salary in, direct debits out) if they were a fully licensed UK bank with FSCS protection (but nothing else changed)?
Yes
No
Unsure
0voters
If you’re a Monzo user, would you switch if Revolut became a fully licensed UK bank?
Yes
No
Unsure
0voters
If you’re a Starling user, would you switch if Revolut became a fully licensed UK bank?
account for cryptocurrencies and for international payments/fees 