If they can make this permanent, it would definitely cement Revolut as a good alternative to major banks here- public transport cashback usually only comes with credit cards, varying from 3-6% I believe- but with a lot more criteria to secure this cashback. eg additional payment of salary in, spending above a certain amount, before you are eligible for it.
However, I’ve asked around and I seem to be the only person out of my contact list who has this offer. Not sure how big this beta testing pool is.
Not sure if this has come up in this thread before, but I just noticed Revolut has an option to reset your contactless limit in the app. That’s really useful - it would be great for Monzo to have something like this, given how annoying so many people find the contactless limit so annoying.
That’s a very neat work around! I hope Revolut become a bank soon. They have a lot of promise. My only concern with them is the magnitude of their features could easily lead to a cluttered and confusing UI. I Prefer simpler products that nail the essentials, but I love the little additions like that!
Despite some of the bad press they get, I have to agree with you there.
Regarding the UI, one of the features I do like is the ability to customise the dashboard, hiding any parts you don’t use.
I didn’t know that! They don’t show any screenshots of the dashboard on the App Store so I was concerned they were just dumping everything behind that tab. The rest of the app does looks slick, so I’m glad they give you control over the dashboard.
I also find Monese easy to use too.
A very simple (compared with the likes of Monzo’s) app.
OK, it does have some failings, like merchant icons, which are very basic, but the actual merchant is pretty accurate so it’s good enough for me.
Analytics consist of a simple graph for the month listing money in and money out.
Savings are either Monese own pots or interest bearing savings via Raisin
A budget section (if you want to use it…I don’t)
There are other features, which I don’t use, and won’t waffle on about them as this is supposed to be a thread about Revolut lol.
Overall though, I feel that like Revolut, Monese have a lot of promise too
But then they go and do something like this, which, according to Monzo’s reasoning for not implementing a manual reset, is against the rules for what the contactless limit was imposed to prevent.
I think at some point Revolut will be told they can’t do this. Might be next month, might be next year, or they might even get away with it indefinitely. Monzo seem to (rightly) follow rules, but in this case they launched it before the deadline was put back (again?) which means some users perceptions can be that Monzo are the only bank with this limit in place (I know they are not).
Monese I believe were the first to a publicly available working product in the UK. They don’t have a banking license though which is what deters me. I’d certainly open an account if they become a bank.
It’ll be a real shame if that turns out to be the case. I’m not well versed on this regulation however. If this doesn’t impact Apple Pay, then it won’t impact me much anyway.
I appreciate your concerns regarding the banking licence, although it doesn’t seem to deter a lot of people from the E-money institutions (Revolut included)
I have been using them as my day to day account recently, and have found them great
(Although at the moment, don’t have a huge amount of money in there)
That’s great! A lot of people I see using e-money instructions use them as a spending card primarily, so not fully replacing their bank, similar to Monzo when it was a simple prepaid card. I think for me a banking license just offers the peace of mind that I need in order to trust them with my money. I have a lot of bank accounts but only actively use one at a time for all my money needs.
Exactly
My salary, direct debits, and savings are all with FSCS institutions (safety net)
Day to day spending, holiday money, etc are dealt with via E-money institutions as they offer a better service (for me at least)
Hopefully, one day the likes of Revolut, Monese, etc will become fully fledged banks and be able to compete with those with banking licences.
It can only be good for the industry as a whole.
