Revolut’s credit card among the recent products it’s launched in Ireland
- Revolut has introduced a credit card in Ireland in addition to the recently launched BNPL and loan products.
- Cashbacks and reduced fees are some of the features that set the card apart in the target market.
Revolut has introduced its credit card in Ireland; a move expected to transform how the target customers are ‘served’. It is a financial app that allows its users to manage funds easily and from one site. This includes sending and receiving payments, making payments via a card, exchanging currencies, and saving money.
Revolut’s influence in the Irish market
Revolut has over 2 million customers in Ireland. By introducing a credit card with various features in it, the app is expected to revolutionize banking services in the region. As part of its simple application process, the applicants will enjoy 0% balance transfer for the initial three months. Low interest rates, cashbacks, and zero annual fees are some of the card’s attractive features. While the online bank’s credit assessment and subsequent affordability check applies, the limits range between 500 and 10,000 euros.
Indeed, Revolut is keen on leaving a mark on the credit industry. It recently introduced a loans product to the Irish market. For amounts below 20,000 euros, the firm’s product attracts some of the lowest interest rates in Ireland. Besides, it recently got into the BNPL (buy now pay later) subsector; introducing Pay Later.
Furthermore, in January 2023, Revolut indicated that its customers will get Irish bank identification numbers. The move aims at simplifying the customers’ day-to-day banking via the money app.
These numbers are set to replace the company’s Lithuanian international bank account numbers (IBANs). Notably, the shift followed the launch of its Revolut Bank UAB’s branch in Ireland. The absence of an Irish bank ID number meant Revolut’s customers couldn’t use it as their main current account.
A significant portion of the firm’s customers own an account with one of the mainstream banks in addition to having a Revolut account. With the Irish IBAN, customers will be in a position to use their Revolut’s account as the primary one. In addition to easily shifting from a traditional bank account to a Revolut one, the users will be in a position to receive and make payments.
The company’s recently launched products are set to exert significant pressure on the region’s mainstream banks. In fact, the key players in the industry already appear to be feeling the pressure. For instance, Permanent TSB, Bank of Ireland, KBC Bank Ireland, and AIB have a joint venture called Yippay, which is similar to Revolut’s instant payment app.