The traditional banking systems are about to experience another industry disruption.
Thanks to the Revolut Pre-Paid Debit Card you can experience a new way to manage your spending at home, work and aboard.
Pre-paid debit cards have recommended for potentially risky transactions and travellers.
The principle of a debit card that can be used in the same way as your regular banks debit card have always been a great idea.
- Pre-paid debit cards are recommended for shopping on websites that you do not fully trust.
- Pre-paid debit cards are recommended while travelling aboard.
- Pre-paid debit cards are recommended to give your assistant access to funds for purchases or expenses on your behalf.
- To pay people.
- Pre-paid debit cards are recommended when you want to allow your children access to spending money while monitoring and controlling their budgets.
- Pre-paid debit cards are great for Internet shopping and for web sites that store your payment cards detail.
Where pre-paid cards offered great possibilities, the pre-paid card industry had earned a dubious reputation for themselves.
Here are some the low lights of the pre-paid debit card industry.
One of the worst examples was where a pre-paid card company took advantage of its customers.
A particular brand of a pre-paid debit card was called the Approved card.
This was named a brand Card of an American TV lady that became a self prompting financial advisor after working with Merrill Lynch as vice president of retail customer investments.
She told people on her popular program that using her branded pre-paid debit card would save them money and that it would improve their FICO (Credit score) over time as they spent and made payments.
The only problem with this promise was that pre-paid cards could not affect FICO scores.
There is simply no connection with credit scoring as pre-paid card are not credit cards, store cards or loans.
However, it seems that if a TV celebrity says something; no matter what subject matter; then her doting viewers will believe her no matter how non-sensical the information is, and regardless of the advice given by actual financial and banking experts.
However, the doting public still believed S___ O____ was their champion, a public heroin standing up against the evil establishment.
This meant she could issue millions of her pre-paid cards to people with low credit scores and similar financial IQ’s.
Loaded with hidden fees, S___ O____ made millions of dollars; Almost overnight.
The company running the S___ O____ Pre-paid debit cards applied greedy policies.
The Approved card charged fees for every transaction for top-up and for redrawing money. On top of this, they often “lost” deposited funds causing untold difficulty for the card users.
Despite the growing complaints and a US Securities and Exchange Commission investigation, TV fans keep flocking to get the S___ O___ Approved Pre-paid top-up debit card.
The TV star continued to promote the card to the poorest earners and paid otherwise “respectable” public figures to promote the sham debit cards on TV and in the media.
The star simply used her big voice on her large TV and social media platform to proclaim that the big banks were just lying to the American people in the interest of making money;
While her customers suffered and lost their money, She made over 50million dollars in a little over two years.
As the criticisms and complaints about the S___ O____ Pre-paid debit card became overwhelming, the company announced the card losers should spend all the money he by 1st July 2014 – just two years after the scheme began.
There have been other Pre-paid debit cards had that had sneaky hidden changes.
One such example for some Pre-paid debits cards was the default membership with fees. The membership was enabled by default and carried a monthly fee whether the card was activated or not.
The details of these monthly membership charges (that seem to offer no membership benefits) his hidden deep in the terms and conditions. Customers noticing this detail could opt-out by calling a premium rate telephone number within a week of first receiving and before using the card for the first time.
Another company took around 10 days to credit their customer’s funds to the pre-paid cards.
Many pre-paid or top-up cards required that you visited a physical location to add funds to your card.
Today this seems a bit old hat, but to be fair, this is probably the only way for those without a bank account.
For those without a bank account, pre-paid top-up cards could still be an excellent way to get on with your life.
That been said pre-paid debits card could still offer some level of security and anonymity, but there are some important points t consider.
- How could you tell if a fraudulent transaction had occurred?
- It could be days before you noticed a fraudulent transaction on your statement
- Will you have any fraud protection or insurance?
- Are you aware of all the possible fees you may be charged?
- Can you trust that your card will work aboard without crippling charges?
Most GBP cards will be free to use in the UK but cost a lot to use abroad. This might seem obvious, but if you use the card for an Internet transaction, you may not be aware where the card payment is being processed and end up paying a substantial charge.
- Will you be able to get to the branch to top up your card?
- Cash is probably out of the question.
- You may face unreasonable charges for withdrawing cash from an ATM.
- Many Pre-paid cards may carry fees. These might include, a monthly fee, Renewal fees, idle or inactive fees, redemption fees.
Although I liked the idea of pre-paid top cards, I found that many of them to be little, more than cash cows for their owners and that the company had zero interest in helping me spend safely and anonymously as I had planned.
Fast forward to the future.
At last, I think the Pre-Paid card has finally caught up with my original hopes and dreams.
Today I have pre-paid that doesn’t feel seedy, doesn’t have land mines of fees and works how I want to work.
The Revolut pre-paid debit card has all the features I always wanted from a pre-paid card, it also offered the security and protection I always wanted.
Revolut Card Features.
- The mobile app that shows your transaction instantly.
- No fees other than an optional faster delivery fee of £3.50p
- Use in over 150 countries without charge. (up to £5000 in transactions).
- Allows me to withdraw up to £200 a day from ATMs without charges. (A 2% bank charge applies).
- Gives me instant control to freeze my card if I lose it.
- Change your PIN in the app in an instant.
- Instantly create or destroy Virtual cards. You can generate a new card number using the same Revolut account.
- Instantly top-up using the Revolut mobile app and your bank’s app.
- Allows me to receive payments from anywhere (almost) in the world.
- Shared payments.
- Free Euro IBAN account.
- Cool designs and colours.
- Stylish metal cards for premium members.
The Revolut card is how spending and banking should be in 2019.
The Revolut card is packed with features that give you complete control using the slick mobile app on your Apple or Android mobile phone.
How I found just what I was looking for.
I was first introduced to the Revolut cards after overhearing a conversation that friends where having about a trip to Switzerland one of them just returned from.
He was on a hiking holiday and staying in various hotels and hostels. It sounded great, but I really became interested when he was explaining that he was travelling light and took only £500 in cash in small denominations and a pre-paid debit card.
As there was a convenient lull in the conversation, I asked about the debit card he mentioned, and I explained that I was also interested in travelling tips.
This was when he told me about the Revolut card and how he was able to travel confidently without worrying about losing bank card or a credit card and how he could top his spending money on a day to day basis while not worrying about becoming scammed or losing his cards and having to suffer a potential and inconvenient significant loss of real cash from his bank account.
Let me tell you about my experience with the Revolut card so far.
For me, the main draw is for using on holiday. I plan on transferring money only as I need it to the card while aboard.
When I was younger, I would happily go on a spending spree just for the sheer thrill of getting new stuff
Now I am more likely to save cash for bigger things or investments.
I am also a follower of the George Samuel Clason’s eight laws of money and a Kakeibo learner too.
For me it’s important to be able to maintain a money consciousness; For me setting a daily budget while allows for a few extravagances, a pot of cash for gifts and some fritter money for holidays and other special occasions.
For my partner and me, we want to hang out on beeches.
A pre-paid debit card relieve us of the burden of worrying about losing our possessions or theft of our payment cards.
Using a temporary card gives you a type of stop-loss, Just like a stock trader; so that at the very worse case you can only lose the amount on the card and not the total of your bank account.
Considering a thief could make transactions up to £30 as many times as there liked, this would give you some confidence that they can only spend the amount on the card and not the total amount in your bank account.
Similarly, it’s very useful if we go for a night out. A lost Revolut card could be frozen instantly on your mobile app.
If you do lose your card and need say a Uber or to pay for a meal, you can instantly magic up a virtual card that you can use it right away and destroy it when you are done.
Getting Started With a Revolut Card.
All you need to do to get started is to download the mobile app from your device’s app store.
To sign up, you’ll need some official ids such as a driving license or passport and a UK bank account.
After downing the app and signing up you will be asked to take a picture of yourself, and you will also need to scan an image of your official ID for proving your identity to Revolut for banking regulation purposes.
Once these simple steps are completed, you can immediately start using your Revolut card using the virtual card.
You can also choose a physical card, which takes a couple of weeks or which can be expedited for a small fee or by joining the premium membership.
Using your instant virtual card, you can immediately use Apple or Google pay to begin using your Revolut account.
The first and most satisfying thing about using the Revolut card for me is that I can see my spending in the app instantly.
All transactions appear as an alert on your mobile phone and show in the app within a few seconds.
These show up immediately even if these are pending payments which may occur depending on the vendors’ payment provider.
The instant notifications are great for helping you to control your spending budget.
I love this as I a follower of the eight laws of money in the story of Richest Man in Babylon, and as demanded by Kakeibo.
Speaking about Kakeibo, this might be a good time to talk about the automatic savings function.
Revolut can help you to save cash by rounding up your spending to the next whole unit and squirrelly those pennies into a savings wallet.
For example, if you spent £2.10 on an Americano in Costa Café, the app would pay the £2.10 and put £0 .90 into your saving vault.
If you spend £2.99, a penny gets credited to your saving.
This saving function can be increased by the boost feature, which will multiply the amount sent to the saving vault by x2, x3 or x5.
This would double triple; quadruple, or quintuple the amount saved into the vault.
This is a surprisingly convenient way to save money.
It feels a bit like finding pound coins and fivers in the sofa, or in between your car seats now and again.
The Revolut card is, of course, contactless and a pin is provided for spending over £30 and for cash withdrawals from ATM’s.
So far I really like using the Revolut card for my everyday spending, I feel reassured that I will see instant notifications if the card is cloned or skimmed. I also feel quite safe that if the card is stolen or lost, I can minimise any losses.
There are a surprising number of security features built into the system.
Revolut will detect unusual transactions and send you an alert before paying the transaction.
If Revolut detects a possible unusual transaction, it will stop that transaction and freeze the card until you approve it.
You will get a message in the app that tells you that the transaction is frozen and you will need to approve the transaction and unfreeze the card from your mobile app.
I found this feature very useful to stop payments for annual subscriptions that I forgot to cancel.
More spending controls.
For budgeting, the app gives you complete information about your transactions.
Unlike a standard recent transactions printout from your bank, which usually looks like some cold war era spy message; you will be relieved to find the Revolut app lists all of your transactions in clear, plain English.
Your bank transaction listing.
10/10/19 -£2.95 trans id – 0043UIBX –
Revolut Card transaction listing.
10/10/19 £2.95 – Bluefin restaurants – Stepney London.
This takes the guesswork out of remembering where I spent that £2.95 last Friday lunchtime.
Under the analytics tab, you will find a clear graph of your spending and a chart that shows your spending listed under useful categories that will help you to review and analyse your spending habits.
You will find this helps you to break down your spending in o useful categories such as:
Restaurants, Cafés, Transport, Fuel, shopping as so on and so forth.
More Revolut Card Features.
Here are even more of the Revolut cards feature.
There are many more features offered by the Revolut card, and it appears that something else appears every day.
Here are just some of the features.
- A choice of stylish designs. Choose from various cool colours and metal card designs.
- Detailed transaction in near real-time.
- Access t a dedicated concierge service.
- Create a virtual debit card. Use, create or destroy at will.
- Accept payments from others even if they are not Revolut cards holders.
- Pay other people instantly.
- Instant transfer from debit cards.
- Options to use digital currencies.
- Mobile phone insurance.
- Low cost Worldwide travelling insurance.
- Medical and dental insurance coverage.
- Use location-based security
- Allow or block payment types such as Internet payments, swipe feature, enforce pin usage.
- Change your PIN number instantly.
- Choose from a choice of options free, standard and premium.
- Loungekey access for travellers.
- Cryptocurrency trading (commission-free).
- Exchanges offered and Interbank exchange rates 24/5.
- Multi-currency current accounts.
- Business account.
- Send and receive UK Bank payments.
- Send and receive SWIFT (International) payments.
- Credit facility.
- Bill sharing.
- Payment link.
- Payments by faster payments. (Transactions within minutes and within a maximum of 2 hours).
- Low-cost transactions at home and abroad.
As you can see, owning a Revolut Card can give you far more than any normal pre-paid debit card to date.
In fact, the Revolut Card is a transformation to a modern Digital banking life.
You can use the business account with up to £50,000, which should give traditional banks cause to sit up and take notice as GBP /EUR and GBP USD exchanges can be substantially cheaper saving you hundreds of pounds.
Using the Revolut Card App.
The Revolut card application is smart and tells me where I spend the money and display category of spending to give you an analysis of your spending patterns.
These include Restaurant’s, Coffee shops, Transport costs, Entertainment (Pubs included) etc.
It’s really useful for analysing understanding your spend habits.
There is as a useful saving app which rounds up your spending to the next whole pound and putting this into a saving bucket known as a vault.
You can name a vault as you wish and apply a savings goal to each.
I have a Kakeibo vault and a weekend drinking vault, for example.
This appears to me to be the magical cash for social frittering.
The Revolut card is a feature-packed wonder of modern financial transaction, it’s the new way to spend and save, and conduct transactions with others for business and social.
With new modern payment systems available to Internet users in many countries, it’s wiser to use a top payment card as a shield as opposed to using cards connected directly to your bank accounts. And if you need a top card, you will find the Revolut card very flexible and convenient card to carry.
Yet with the built-in security features and the disposable cards available you feel secure in the knowledge that you can freeze your card, change your pin, destroy a virtual card and create another in an instant without the long minutes and lengthy questions from the traditional banking security department.
What are the downsides?
So far my only worry about the Revolut Card is that there seems to be no way to operate the card without your phone.
I feel that I could be stranded sometime just because my phone has lost its power or if I lose the phone.
An emergency support number is provided +442033228352 for emergencies which provides an automated facility for blocking all cards in your account.
There is an extra in-app chat line for those with the metal and premium card plan members, but you still need your mobile device for this.
So far, I have been comfortable with the charges.
£0 for the standard card plus optional £3.99 Express delivery charge.
0.5% For transfers up to £5,000.
2% for cash withdrawals (up to £400).
So, what’s not to like?
The Revlout Card is a useful payment system, whether you need a Pre-paid top card for Internet transactions, or for a faster way to get paid or to pay someone or a just as a card to use on holiday and when travelling else you’ll find the Revolut card is a great companion to keep handy for occasional or everyday use.
Get yours here.