Revolut adds crypto spending to its debit cards

Revolut expands its crypto services and adds crypto spending feature to its debit cards.

Revolut’s latest feature is a crypto spending mode on its UK debit cards, which will allow customers to spend their cryptocurrenciues in the real world. It shows the digital banking app is pushing ahead with its crypto services following it securing a place on the Financial Conduct Authority’s (FCA) full register of cryptoasset firms.

The service means customers can use their crypto balance to pay for everyday purchases on their Revolut debit card.

How does the crypto spending feature work?

Customers who wish to add crypto spending to their card will need to pick one of their existing cards within the “Card” section of the Revolut app. Once they have entered the card’s settings, they will need to switch the currency from fiat to one of the crypto tokens supported by Revolut.

Once the crypto pocket has been linked to the card, customers will be able to make payments with instantly converted tokens.

What fees and exchange rates apply?

There are a couple of things for customers to consider when using the new feature — the system works by converting the cryptocurrencies into fiat currency (Pounds Sterling in this case). Revolut will use a live exchange rate at the time the card payment completes, so this may vary from transaction to transaction.

Customers will also be charged an exchange rate fee – how much will depend on their subscription plan. At the point they first turn on crypto spending for one of their cards, they should be informed how much this fee will be.

The system will also automatically deduct all expenses and commissions whenever the cardholder makes a payment.

What about cashback?

For a limited time, customers who use their cryptocurrency balance to pay for everyday spending will be rewarded with a 1% crypto cashback. However, Revolut has not said how long this promotional period will last.

Are there other crypto debit cards that do this?

There are other crypto debit cards available in the UK. Coinjar’s card operates in a similar way to how Revolut’s does, in that the card automatically converts cryptocurrencies whenever a transaction is executed.

Another big crypto debit card provider is Crypto.com. However, its process is slightly more complicated in that customers first need to purchase and hold CRO tokens before staking them to apply for the Visa card.