Revolut launches mid-tier subscription plan
Fintech startup Revolut is tweaking its subscription plans with a new mid-tier offering called Revolut Plus — it costs £2.99 per month. Like N26 Smart and Monzo Plus, the new plan is a pandemic-proof package that doesn’t focus as much on travel.
For the past couple of years, challenger banks and alternatives to traditional bank accounts have been packaging additional services into paid plans. Essentially, those fintech startups are slowly becoming freemium software-as-a-service companies.
The majority of users don’t subscribe to paid plans. But a small portion is willing to pay a fixed monthly fee to access advanced features, get an insurance package and pay less in variable fees.
Revolut already has two paid plans — Premium and Metal. Premium increases limits on free ATM withdrawals and foreign exchange. You also get overseas medical insurance, delayed baggage and flight insurance and winter sports coverage. You can also access advanced features, such as disposable virtual cards and Revolut Junior accounts
With a Metal plan, your insurance package is a bit more thorough, with purchase protection and car hire excess. You get a tiny bit of cash back on purchases (0.1% in Europe, 1% outside of Europe capped at the monthly subscription price) and higher limits across various products.
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