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Revolut said users can trade these points for services, including discounts on travel and for certain Irish businesses.
Fintech giant Revolut has expanded its debit card loyalty programme – RevPoints – to more European countries, including Ireland.
Revolut said this programme lets customers accumulate points from their everyday spending, which can then be used for various benefits and discounts. For example, the company said users can transfer their RevPoints to more than 30 airline loyalty programmes to boost their travel plans. These RevPoints are valid for 3 years after they are received and will permanently expire if not used during this timeframe.
Customers can also use RevPoints for discounts on holiday accommodation or for discounts from certain Irish businesses including O’Neills and DID Electrical when shopping online with Revolut Pay.
Standard Revolut customers will earn one RevPoint for every €10 spent, but this can rise to up to one RevPoint for every euro spent, depending on the subscription plan. The rewards increase the most for those on Revolut Ultra, the company’s most expensive subscription offering at €45 a month.
Revolut said customers who spend €2,500 a month on this plan could earn up to 30,000 RevPoints annually, which would cover a round trip from Europe to New York or a €600 hotel discount.
“RevPoints is set to transform everyday spending into things and experiences people love, by converting routine purchases into rewards,” said Christopher Guttridge, Revolut lifestyle products general manager. “Unlike many loyalty programmes, we make RevPoints accessible to all by ensuring customers can maximise the benefits of using Revolut as their primary bank account without requiring a credit card.”
Revolut launched a trial of RevPoints last September and claims that more than 1bn RevPoints have been earned – with 120m points redeemed by users – across seven European markets.
Revolut has been growing significantly and claims to have more than 40m customers worldwide – including more than 2.8m customers in Ireland. Earlier this year, the company shared plans to increase its employee headcount by 40pc this year.
Recent reports suggest Revolut could be valued at $40bn in a share sale. But there are some problems for the fintech, as it is still waiting to secure a banking license in the UK.
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