Revolut Visa/Mastercard Prepaid Debit: Crypto-Enabled Card for Everyday Spending

Basic Information

The Revolut Crypto Card allows users to spend cryptocurrency for everyday purchases through standard payment networks. It seamlessly converts crypto to local currency at the moment of transaction, enabling users to spend from their crypto balance at any merchant that accepts Visa or Mastercard without the merchant needing any special setup.

Rewards and Benefits

Cashback Structure

The Revolut Crypto Card offers tiered cashback rewards based on your subscription level:

• Standard/Plus/Premium tiers: No default cashback
• Metal/Ultra tiers: 0.1% cashback within Europe, 1% outside Europe on all card purchases
• Cashback can be paid in currency of choice (including cryptocurrency)
• Maximum cashback is capped at approximately one month's subscription fee
• Some regions offer special promotions (e.g., 1.5% flat cashback in Singapore for Metal users)

Additional Perks

Beyond cashback, Revolut offers several additional benefits:

• No staking requirements for basic card usage
• Learn & Earn program featuring educational modules with crypto rewards
• Integration with Revolut's Rewards program offering merchant-specific cashback deals
• Premium plan perks including travel insurance, lounge access, and purchase protection
• Metal/Ultra exclusive benefits such as concierge services, partner subscriptions, and higher interest rates on savings
• Periodic referral campaigns sometimes featuring crypto rewards
• Temporary promotional offers such as limited-time 1% cashback for all users during launch periods

Fees and Limits

Transaction Limits

• Single transaction limit: ~£100,000 per transaction
• Daily spending: Very high, effectively unlimited for normal usage
• Currency exchanges: Maximum 100 exchanges (including crypto conversions) per 24 hours
• Daily ATM withdrawals: Limited to £3,000 per account

Card Tiers and Options

All tiers provide access to the core Crypto Card functionality allowing users to spend crypto at any merchant accepting Visa/Mastercard, with automatic conversion at the point of sale.

Top-Up Methods

Self-Custody Custodial

Supported Currencies and Conversion

Supported Cryptocurrencies

Revolut supports 200+ cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Ripple (XRP), Bitcoin Cash (BCH), Cardano (ADA), Solana (SOL), Polkadot (DOT), Polygon (MATIC), Dogecoin (DOGE), Shiba Inu (SHIB), and all major stablecoins. All supported cryptocurrencies can be used with the Crypto Card, though not all tokens can be withdrawn to external wallets.

Supported Fiat Currencies

The platform supports 30+ fiat currencies including USD, EUR, GBP, JPY, AUD, CAD, CHF, and many others. Multi-currency accounts allow holding balances in all major currencies, with the card automatically deducting from matching fiat balance if available or converting from another balance as needed.

Conversion Process

• Real-time conversion at interbank rates (plus any applicable fees)
• Automatic conversion from crypto to local currency at point of sale
• User can set spending priority order for different currency balances
• Small spread embedded in conversion rate (<1%)
• Weekend transactions incur 1% fee for most tiers

Geographic Availability

Supported Regions

• European Economic Area: All EU countries plus Iceland, Norway, Liechtenstein
• United Kingdom
• Switzerland
• Australia
• New Zealand
• Japan
• Singapore
• Brazil

Restricted Regions

• United States: Crypto services discontinued as of October 2023
• Sanctioned jurisdictions: Belarus, Cuba, Iran, Libya, Myanmar, North Korea, Russia, Sudan/Syria, Venezuela, Zimbabwe, and territories under sanctions (e.g., Crimea, Donetsk)
• Other unsupported markets: Canada, most of Latin America outside Brazil, India

Regional variations exist in regulatory frameworks, fee structures, and promotional offers depending on local requirements and market conditions.

Compliance and Security

Regulatory Framework

• UK: FCA-authorized Electronic Money Institution with Crypto Asset registration
• EU: Operating via Revolut Bank UAB (Lithuania), fully licensed bank under ECB
• Other markets: Regional licenses (e.g., MAS in Singapore, ASIC/APRA in Australia)
• Adheres to local regulations and does not offer services in unauthorized jurisdictions
• Full KYC required for all users (government ID, possibly selfie)
• Source of funds declarations may be required for large crypto transactions

Security Features

• App security: Protected by passcode/biometric login, 2FA for new device authentication
• Card controls: Freeze/unfreeze functionality, enable/disable specific payment types, custom spending limits
• Location-based security: Transactions can be restricted by geographic location
• Virtual card options: Disposable virtual cards for online shopping (Premium+ tiers)
• Crypto-specific security: Address whitelisting for withdrawals, additional verification for sending crypto out
• Fraud protection: 24/7 monitoring and alerts for suspicious activity

Insurance and Custody

• Fiat funds: EU customers covered by deposit guarantee up to €100,000
• Crypto holdings: Not government-insured, held in custodial wallets
• Custody model: Revolut holds crypto on user's behalf, users do not hold private keys
• On-chain capabilities: Withdrawals and deposits enabled for many cryptocurrencies since 2021-2022, though not all tokens are transferable outside Revolut

Technical Details

Conversion Process

The core technical architecture leverages Revolut's multi-currency platform, enabling real-time conversion from crypto to fiat at the point of sale:

• Automatic conversion at the exact moment of transaction
• No need to manually convert crypto beforehand
• Each conversion is treated as selling crypto at current market rate
• Real-time notification to user, standard settlement time for merchant

Payment Priority

Users can specify which accounts to use for transactions:

• Options include specific crypto wallet, "All Crypto," specific fiat, or "All Accounts"
• When using "All Crypto," system liquidates largest crypto holding first
• Automatic fallback to other accounts if primary source has insufficient funds
• Exchange rates sourced from major exchanges with small embedded spread

User Experience

Revolut offers a highly-rated, intuitive mobile app available on iOS and Android with:

• Simple setup process for the crypto card
• Real-time transaction notifications
• Direct in-app card management
• Multiple language support across regions
• 24/7 in-app chat support in 100+ languages
• Priority support for Premium/Metal/Ultra subscribers
• Dedicated support line/callback for Ultra customers

User feedback is generally positive (app typically rated ~4.5/5 on app stores) regarding ease of use, seamless integration, and convenience. Common complaints include account freezes during compliance reviews, support responsiveness for complex issues, weekend fee awareness, and slight price differences compared to dedicated exchanges.

Some merchant types may not accept prepaid cards (e.g., car rentals, pay-at-pump gas), and transactions to high-risk or sanctioned entities may be declined.

Best Suited For

• Digital nomads and frequent travelers who need seamless currency conversion across borders
• Crypto investors who want to utilize their holdings for everyday spending without complicated transfers
• Revolut ecosystem users who already rely on the platform for banking and want integrated crypto functionality
• Mainstream consumers seeking an entry point to crypto without technical complexity
• Premium service enthusiasts who value the additional perks of higher subscription tiers (Metal/Ultra)

Pros and Cons

Pros

• Seamless integration of crypto with everyday spending
• No pre-conversion needed - automatic conversion at point of sale
• Wide acceptance at millions of merchants worldwide
• Comprehensive suite of card management features
• Strong security and compliance framework
• Multi-tier options catering to different user needs
• Integration with broader Revolut financial ecosystem

Cons

• Custodial model means users don't control private keys
• 1% weekend fee for crypto conversions
• Geographic availability limitations (no longer available in US)
• Cashback only available on higher-tier paid subscriptions
• Account freezes during compliance reviews can restrict access
• Slight price difference compared to dedicated crypto exchanges

Conclusion

Revolut's Crypto Card successfully bridges the gap between cryptocurrency holdings and everyday spending, transforming crypto from a speculative asset into a practical currency. Its primary advantage is the seamless user experience that requires no special knowledge for consumers to utilize crypto for purchases at standard merchants.

The tiered subscription model allows users to choose benefits matching their usage patterns, from basic functionality to premium perks. With support for 200+ tokens, competitive fees (especially on paid plans), and deep integration with Revolut's comprehensive financial ecosystem, it represents one of the most user-friendly crypto spending solutions available through a licensed institution.

However, the custodial nature creates counterparty risk, and the company's need to comply with evolving regulations (as evidenced by the US market exit) represents an ongoing consideration for users. The ideal customer values convenience and integration over decentralization principles - particularly globally mobile individuals and those who appreciate having multiple financial services in one application.

Additional Information

Fee Minimization Strategies

• Make crypto transactions on weekdays to avoid the 1% weekend fee
• Use Premium/Metal/Ultra plans for unlimited fee-free exchanges
• Stay within monthly exchange limits for your plan tier
• For tax purposes, keep records of all crypto transactions

Troubleshooting Tips

• If a card is declined, check if you've reached the 100 transactions per 24 hours limit
• Ensure adequate balance in your selected crypto account
• Verify if the transaction type is restricted for prepaid cards
• Consider temporarily switching to a fiat balance if encountering issues

Historical Context

Revolut's crypto offering has evolved significantly since its initial crypto trading launch in 2017-2018, growing from supporting just 5 cryptocurrencies to over 200 tokens by 2024. The company has progressively integrated cryptocurrency deeper into its ecosystem, culminating in the Crypto Card that allows direct spending without pre-conversion.