TL;DR: The Revolut Metal card gives you cashback whenever you make a purchase, allows you to withdraw cash for free, and offers light travel insurance. It’s definitely worth it if you like to travel a lot and don’t use much cash.
Revolut is a London-based firm that has been making waves in the fintech world recently. The easy-to-use app and cheap abroad spending options have made it a popular consumer choice.
Like many “challenger banks”, Revolut has been well-received among the younger and travel-inclined. Revolut is currently branching out and trying to attract wealthier customers, which is why they released the Revolut Metal Card.
What Is the Revolut Metal Card?
The Revolut Metal card is essentially Revolut’s premium subscription service. The point of the multi-currency debit card is to offer “compelling travel benefits and cashback” to customers. Revolut Metal situates itself primarily in the travel niche and has a ton of features that are useful for customers who travel frequently.
The new Revolut Metal card is made from a single sheet of reinforced steel so it’s a good deal heavier than a regular credit card. Customer information is etched directly into the solid metal using a high-precision laser. Electric circuits fused into the sheet allow for 100% contactless payments.
Revolut Metal Card Features
Revolut Metal is geared towards those who like to travel internationally, so it has some perks that are very attractive for the habitual wanderer.
First of all, the Metal card offers 1% cashback on international purchases in more than 28 currencies, including the British pound (£), USD ($), and Euro (€), as well as for cryptocurrencies such as Bitcoin, Litecoin, and Ether.
Revolut Metal also offers free international ATM withdrawal up to £600/mo. That is not a tonne of cash all things considered, but the fact that you can take money out wherever in the world and not incur a charge is an amazing feature for travellers. There is a 2% charge after the initial £600.
The monetary benefits don’t end there either. Metal card users get access to unlimited foreign exchange at the “real exchange rate.” That means you can exchange currency for exactly what it’s worth, without any processing or transaction fees.
Revolut Metal users also get free international money transfers and travel insurance that covers emergencies or lost items. Revolut metal offers free global express delivery and priority customer support.
Another benefit from Revolut Metal is the free and discounted airport lounge passes for travelers who need to rest and relax after long hours at the airport. The program is run through LoungeKey and offers access to over 1,000 airport lounges in 120 countries. The first lounge pass is free and subsequent ones cost £25 per person. You can purchase additional airport lounge passes on the Revolut app.
One last feature is the complimentary concierge service. Revolut Metal cardholders can use the concierge services to book flights, make dinner reservations, buy festival tickets, etc. It’s a booking service you can use for basically anything.
Keep in mind that these Metal-exclusive benefits come on top of the Revolut Premium benefits too. Revolut has said they plan to continually improve the benefits package and have recently added commission-free stock trading, unlimited disposable cards, and “Junior” accounts that can be set up for children under the age of 18.
Revolut Metal Card Fees
A Revolut standard account is free to create and has no monthly fees while the premium account costs £6.99/mo.
Revolut Metal is a premium service and costs £12.99/mo. It comes with all the benefits of a standard and premium account, plus the Metal-exclusive benefits.
Here is a quick breakdown of Revolut Metal’s fees and charges:
- Subscription: £12.99/mo
- Card transaction: 0% in 120 countries
- Transfers: 100% free at interbank rate
- Currency exchanges: Real-exchange rate. 0% fee on weekdays, 0.5% fee on weekends
- Overdraft: No overdraft. You can’t make a purchase if you don’t have the funds
- Withdrawals: Free up to £600 per month. 2% fee after the first £600
- Delivery: Free delivery with Premium and Metal
Breaking It Down
Currency exchange is a big draw of the program. During weekdays, Revolut Metal customers get commissions free currency exchange at the real-exchange rate. However, they will tack on a 0.5% charge for exchanges made when the market is closed (i.e. on the weekend). Revolut Metal has free currency exchange on 25 different currencies and several cryptocurrencies.
One problem we noticed with Revolut is the low withdrawal limits. You can only withdraw £600 a month before you have to pay a 2% processing fee. £600 is not that much cash, but if you travel and don’t spend cash very often, it might work out fine.
The free global card delivery is a lovely touch. Even with the standard plan global delivery is £4.99, so any Revolut plan gives great delivery benefits.
Revolut’s main draw is convenience so they have a mobile app that can handle most banking functions and some extra things. First off, the Revolut app can be used as a virtual debit card where you can load money and spend at qualifying vendors. The Revolut app can also be used to verify transactions from the Metal Card. You can also use your virtual card for online purchases, which is a good way to prevent your metal card information from being stolen on the web.
The app interface is very smooth and has decent features for tracking finances, like a budgeting tool and breakdown of expenses. Revolut’s app incorporates a lot of money management solutions to help you keep your finances under control.
An example is the “vaults” feature. Revolut users can make “vaults”—pots that let you set money aside. Vault balances won’t appear on your overall account balance and you can set up automatic vault transfers each month so you save without any personal input. The Revolut app also supports both Google Pay and Apple Pay, a very useful integration.
Revolut Stock Trading
Revolut recently added stock trading to its expanding catalog of bank products. Revolut allows users to start investing with as little as £1 and has listings for some of the biggest companies in the world such as Apple, Zoom, and Tesla, among others. Even better, the Metal plan gives unlimited free stock trades. Premium users only get 8 commission-free trades per month and basic members only get 3 a month. Keep in mind that Revolut will charge a 0.01% annual fee of total assets.
How to Get a Revolut Metal Card
If you are currently a Revolut Premium member then you can upgrade to Revolut Metal immediately from the “More” section of your account. Once you are approved, Revolut will send you a Metal Card and will refund you for the time you didn’t use your Premium account.
You can upgrade from the basic plan from the “More” section of your account too, but since Metal Cards are limited and Premium upgraders receive priority, you might have to wait a few weeks before you can make the switch.
Downsides to Revolut Metal
Revolut has a handful of downsides, none of which appear to be absolute dealbreakers. The most obvious downside is the very low no-transaction cash withdrawal limits. Revolut used to allow up to £1,000 in monthly withdrawals but they recently lowered the amount to £600. This can be a huge problem if you rely on cash when travelling abroad as you have to pay 2% on each transaction after £600. On the plus side, you can get cash in virtually any currency you want so it balances out.
Another potential downside is the weekend transaction fees on currency exchanges. If you do most of your traveling over the weekend, then you can wrack up a good chunk in currency exchange fees. Currency exchange is totally free during the week though.
One last drawback is Revolut does not have any physical banking locations. So if you need help with your account, you have to call or email to get support. For most younger people, this is not a big deal, but older customers might be turned off by the inability to meet with a representative at a physical location.
Our Verdict: Is Revolut Metal Worth It?
If you like to travel a lot and do not rely on cash too much, then Revolut Metal can be an amazing option to finance your globetrotting life.
The real advantage is you get access to over 25 currencies with little-to-no exchange fees, so you always have access to money when and where you need it.
It’s impressive how Revolut has built its brand with international travellers in mind. In today’s highly mobile economy, it’s a solid niche to fill, and they’ve done well to achieve that.