Revolut launches current account offering £9,000 worth of rewards | Personal Finance | Finance
Revolut is offering up to £9,000 worth of rewards on its premium Ultra account, totalling more than 13 times the annual fee. However, customers will need to pay £55 per month for the account, or £650 a year, making it vital that people check whether they’ll benefit from it before making any decisions.
A huge £5,000 of the rewards comes from insurance, with Revolut paying up to 70% back on cancelled trips or events purchased with the card. The remaining money comes from subscriptions, which Revolut said are worth £4,000 per year and include ClassPass, WeWork and Tinder. This is on top of airline lounge access, a loyalty points system, and global phone data.
What are the perks?
Revolut Ultra cardholders can earn one point for every £1 they spend, which can be redeemed on airline miles, accommodation bookings and global mobile data. Account holders can access 3GB of global data every month in more than countries around the world.
Revolut will also pay up to 70% back on cancelled trips or events purchased with Revolut, on bookings made at least 72 hours prior to departure. Claims must be submitted at least 24 hours before the trip.
Ultra members have unlimited access to more than 1,000 airport lounges, with complimentary food and drinks.
What subscriptions does Revolut Ultra offer?
The card unlocks more than 16 subscriptions, including several well-known brands. A selection of the subscriptions are listed below, so you can assess if you would make the most of the £4,000.
- Three WeWork credits per month
- Free unlimited Uber One delivery and discounts at top restaurants
- Headspace subscription
- 20 ClassPass credits per month
- Tinder Gold subscription
- Turo savings at the car share marketplace
- 1TB of NordVPN cloud storage
- Subscription to the Financial Times
- A MasterClass Full subscription
- Sleep Cycle Premium
- Freeletics digital personal trainer
- Picsart Gold subscription
- The Athletic subscription
- Perplexity Pro
- Chess.com subscription
- Headway Premium
What’s the catch?
Before shelling out the £55, it is worth considering if you already use some of these subscriptions or perks, like lounge access or travel insurance, to assess whether the card will save or cost you money. Finance experts stress that premium accounts are just another money drain if they are not utilised properly.
