A new debit card payment option has become available for those interested in using cryptocurrency for daily commercial transactions, The Next Web reports. The new Revolut ‘Metal’ debit card has officially launched today and is offering cryptocurrency ‘cashback’ rewards for users spending cryptocurrency for real-world purchases.
The heavy duty card is made entirely of metal and has been developed by Revolut—a digital banking alternative company which offers trading and investment support in addition to quick and easy foreign exchange. Revolut’s platform currently supports Bitcoin, Ether, Litecoin, Bitcoin Cash and Ripple, along with dozens of fiat currencies.
Here’s how Revolut describes their heavy metal card:
“The new metal card is fully contactless and has been designed with obsessive attention to detail. At three times the weight of a regular card, Revolut Metal is crafted from a single sheet of reinforced steel using a diamond drill bit. Paint particles have then been layered to the card using a physical vapour deposition, with customers’ details etched onto the card using a high precision laser.”
A Debit Card Offering Cryptocurrency ‘Cashback’ Rewards
Prepaid cryptocurrency cards aren’t anything new, and Revolut has offered Standard Revolut prepaid card services for a long time.
However, these standard prepaid cards don’t come with any benefits. Revolut has previously offered an $8 monthly subscription fee to its banking customers which gives users Premium level perks like unlimited foreign exchange, free international money transfers, ATM withdrawals and travel insurance access. With the launch of its new debit card, Revolut now is going a step further by offering its top tiered ‘Metal’ rewards services to its users.
In addition to the steel card, Metal subscribers will gain access to a dedicated concierge service. The concierge can be used to help make booking arrangements for flights, hotels and concert tickets.
Metal users also will receive cashback rewards anytime they use their card. Users will receive one percent cashback on purchases made outside of Europe, but only one-tenth of one percent for purchases made within Europe. Users’ cashback rewards can be paid out in fiat or cryptocurrency.
Is it Safe?
It isn’t exactly clear at this point how the underlying technology behind the Metal wallet functions. The Next Web reports:
“When quizzed about how Revolut protect customer cryptocurrency ‘loaded’ onto its debit card, it remained tight-lipped. A spokesperson declared that all customer cryptocurrency is kept offline, in ‘cold storage.’ Even when pressed for further details, Revolut told us that it is ‘super tight on security in relation to cryptocurrency, so [it does] not give out any information.’”
Is the Metal Debit Card Worth the Fees?
Revolut Metal requires customers to pay £120 ($140) per year, or £12.99 ($15) monthly. In addition to all Premium benefits, users also receive a new card, concierge services and free travel insurance.
“We see Revolut Metal as an essential lifestyle product for people of all ages and incomes, ranging from digital nomads to everyday working professionals,” Revolut told Hard Fork. ‘“We are absolutely convinced that Revolut Metal will be the exclusive card of the future, and an absolute must for travelers worldwide.”
If users were to purchase the annual deal, and spend $14,000 outside of Europe, the Metal card would pay for itself. However, in addition to low rewards, localized European users might not see much benefit from free travel insurance and concierge services, making the Metal card a poor alternative to traditional debit cards.
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