Credit cards issued by Revolut will have no interest fee for the first three months as long as users make monthly minimum payments.
Revolut, the fintech challenger bank based in the UK, is launching a credit card service for its customers in Ireland.
The Revolut credit cards will come with an initial interest-free period as well as a cashback feature and will be available to all eligible users with “an immediate approval process”.
Roll out of the new feature, which can be accessed through the Revolut app, will be slow and made available to customers in groups to ensure smooth initial logistics, a spokesperson told The Irish Times.
They said the cards are designed with “a focus on transparency, control, responsibility and rewards”.
While there is no interest for the first three months as long users make monthly minimum payments, the company said the annual percentage rate (APR) on purchases after that period is 17.99pc.
Users will also be able to create and use virtual credit cards while waiting for their physical cars to arrive. These virtual cards can be added to their mobile wallets such as Apple and Google Pay.
“We’re delighted to add Revolut credit cards to our financial superapp, giving our customers in Ireland more control and flexibility over their personal finances in a responsible way,” said Joe Heneghan, chief executive of Revolut Europe.
“We’ve developed the technology to provide credit cards to approved customers with limits tailored to affordability, so they can get the credit they need, when they need it.”
A spokesperson for Revolut said new Revolut credit cards in Ireland will offer 1pc cashback on purchases for the first three months, up to €30, and an unlimited 0.1pc thereafter.
Those who have the premium Metal account will get an additional 0.1pc cashback, and 1pc outside the EU.
“There are no over-limit fees, and no returned payment fees,” the spokesperson said. “They’re designed with responsible spending in mind, with customer affordability checks through open banking, and spend management features for everyday spending.”
Revolut is a challenger bank to more traditional establishments in Ireland such as Bank of Ireland, Permanent TSB and AIB.
Just last month, the fintech giant opened a waitlist for a new Ultra subscription service that will offer benefits such as low fees for investment products and discounts with various partnerships.
Revolut is also planning to launch Irish IBANs for customers in the coming months after officially becoming a bank in Ireland last year. This will enable Irish Revolut users to receive salaries, make direct debit payments and pay service providers via the platform.
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