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Revolut Megathread.

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    #6452
    Yggr of Asgard
    Registered Users Posts: 5,216 ✭✭✭Yggr of Asgard


    https://www.boards.ie/discussion/comment/122277392#Comment_122277392

    I think you need to take into consideration loads of things before you use Rev Points but if you are on a paid plan, this is free extra benefit that can rack up.

    If you are on Ultra, for example, you will earn more Avios than even with the Aer Lingus Credit card for no extra charge.

    The only plan where it really might not make sense is the standard plan because it requires the "spare change" active which is not an attractive offering as it purchases Rev Points for your round up.

    And while Headforpoints is a great resource, please remember that Aer Lingus Rewards are still done different than BA Rewards and there are some great reward fares available for flat point values if you plan ahead.

    Earning 10000 Avios for 90€ can't be beaten, for example as a reward to sign up for Ultra.

    But everyone will need to do their own analysis to see if this fits, but as it's free on paid plans, it's always an additional feature. Just on the standard plan it indeed might not make sense giving the cost of the "spare change".

    But I never used Revolut a lot besides Amazon and sending money to Friends, this weekend on a trip to London I used it extensively for just day to day spending and the hotel and now I have a few thousand Avios that I otherwise would not. Plus, I purchased the £ on Friday I got even better value for money than I would have had using my usual no foreign exchange fee Visa card.

    So, for me it makes sense, if I keep the Ultra plan once I get my 10000 bonus Rev Points is a different question, but I will start using Revolut a lot more as it's basically a nice way to top up my Avios.

    Not to mention that my savings suddenly had a better rate (forgot about that), so as with everything it comes down to ones own use case scenario.



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    #6453
    Yggr of Asgard
    Registered Users Posts: 5,216 ✭✭✭Yggr of Asgard


    Now I tested a 1 Rev Points to EI Avios transfer late yesterday evening at 22:06 GMT to see how long it will take to process and I can't believe it, it showed up this morning with a credit date of yesterday!

    Seriously, it looks like it's near instant , that is a surprise if they keep that up!



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    #6454
    Sheep Shagger
    Moderators, Business & Finance Moderators Posts: 6,335 Mod ✭✭✭✭Sheep Shagger


    Re Avios, is it as painful as it used to be to actually book a flight using them?

    I used to find AL were more expensive so using Avios was a bit of a false economy?



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    #6455
    beachhead
    Registered Users Posts: 2,408 ✭✭✭beachhead


    https://www.boards.ie/discussion/comment/122277392#Comment_122277392

    True comment. Buying avios directly from airlines is bad value,also.Even when they have discounting campaigns to persuade people to buy more.



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    #6456
    Yggr of Asgard
    Registered Users Posts: 5,216 ✭✭✭Yggr of Asgard


    https://www.boards.ie/discussion/comment/122278462#Comment_122278462

    Since a few month they have moved to integrate rewards into their own webpage on https://www.aerlingus.com/aerclub/spending-avios/buy-reward-flight/

    So, booking a reward flight has gotten easier, now the only issue is that they still have very limited availability, but it's gotten easier to book simple one-way flights on EI metal.

    You can still move EI Avios to BA Avios or IB Avios if you want to book more complex routes.



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    #6457
    Yggr of Asgard
    Registered Users Posts: 5,216 ✭✭✭Yggr of Asgard


    https://www.boards.ie/discussion/comment/122278505#Comment_122278505

    I think that is a very general comment because there are some airlines out there which sometimes have deals that are excellent.

    I mean just look at Avianca LifeMiles which sometimes have so outrages promos that you can get yourself in first class on Lufthansa or Swiss on short notice to Asia and back for 2500$ all taxes included!

    It comes down to the use case scenario and how you approach collecting/using your Frequent Flyer miles.



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    #6458
    leck
    Registered Users Posts: 1,359 ✭✭✭leck


    https://www.boards.ie/discussion/comment/122268995#Comment_122268995

    Thanks, working now.



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    #6459
    pureza
    Registered Users Posts: 1,220 ✭✭✭pureza


    I've used the ultra 3 gb free e sim during the week for the first time

    A lot of the time I have had no coverage and have had to switch to red roaming...

    This is in the U.S



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    #6460
    Mimikyu
    Registered Users Posts: 18,916 ✭✭✭✭Mimikyu


    Has anyone receive an email about changes to the premium and metal plans? I saw a few posts on Reddit but not sure if it's certain countries or a slow roll out.

    From what I read travel insurance and smart delay are gone from the premium plan and on metal cash back is gone and only travel booked with your Revolut card is covered, 30 day trips down from 90 and insurance will cover your trip delay expenses if the trip is delayed by 8 hours or more, instead of 4 hours.



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    #6461
    feargantae
    Registered Users Posts: 578 ✭✭✭feargantae


    https://www.boards.ie/discussion/comment/122281002#Comment_122281002

    Are you in Ireland? From a quick Google it seems to effect GB only with the mention of cashback being removed from the GB website, but it's still on the Éire one.



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    #6462
    errlloyd
    Registered Users Posts: 12,609 ✭✭✭✭errlloyd


    Wait, I am on metal, does points replace cashback and is it worse?



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    #6463
    Yggr of Asgard
    Registered Users Posts: 5,216 ✭✭✭Yggr of Asgard


    https://www.boards.ie/discussion/comment/122282117#Comment_122282117

    Cashback and Rev Points are at this moment BOTH available for the same transaction!

    On Metal you continue to have 0.1% or 1% respectively on cashback and in addition to that 1 Rev Point per 2€ spend (if I'm not mistaken).

    In other EU countries where Rev Points are available, they have not taken away the cashback, this seems to be for Revolut UK customers and not Revolut UAB customers.

    Rev Points are not shown on the Irish Plans yet with details but if you look at other countries you can see most details, Example: https://www.revolut.com/en-MT/our-pricing-plans/

    Hopefully they update the Irish Price List soon with offical details!



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    #6464
    shanoh
    Registered Users Posts: 38 ✭shanoh


    https://www.boards.ie/discussion/comment/122277482#Comment_122277482

    It's not a free extra.

    You always sacrifice something so there is an opportunity cost. For example I can earn 0.5% cashback with a PayPal Ireland debit card. Or 1% save saveback from TradeRepublic into a stock/fund. There is no annual charge for those. Paying revolut a fee might make sense if the other features work for you, but by taking revpoints you are depriving yourself of other earning options out there. It's never free.



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    #6465
    Yggr of Asgard
    Registered Users Posts: 5,216 ✭✭✭Yggr of Asgard


    https://www.boards.ie/discussion/comment/122282525#Comment_122282525

    I said, "if you are on a paid plan, this is free extra benefit that can rack up." And I clearly pointed out that the "spare change" feature on the free plan might not be worth it.

    And sure, until 2 weeks ago I could get 10% back by using my Mastercard online (up to 5€ per transaction) and before that I could get 2.5% back on my Visa card and in 2 weeks, I might again get x% back on this or that card. Boy I miss the Mastercard promotion, which got me several hundred Euros in cashback!

    There are always new opportunities around and it's always good to check around but if you already have a paid plan then it's free. And on Metal/Ultra you even earn more Avios than you would on the BOI EI card.

    Also, why would you use your PayPal BUSINESS card with 0.5% (and remember strictly speaking it's a business card) when there are other business cards that give you way more.

    And as to TR save back, if you really think that the amount of tax you will have to pay on the shares/eft gain and the required paperwork is worth the 1% over an easy cashback than go for it. But if a maximum of 15€ is worth the hassle it is a personal choice.

    This is why bargain alerts and forums exist so that we can share new deals and steals and it's down to the individual to see if it makes sense for them.

    And even if you take 1 month Ultra, you could get at least 12000 Avios for 90€ and that is not a bad chunk.

    I will continue to spend where I make the best rewards for myself, in HILTON's I will use my Hilton card (because of the hotel benefits), with EI spending I will use Revolut Pay because it's so easy (and earns points) and for dodgy online shopping I will use PayPal because of the buyer protection. In between I will use whatever gives me the most, be it my Revolut, my Hilton, my DKB card or whatever to maximize my return.

    Plus, once Mastercard or Visa throw out the next round of cashbacks (Visa is due in July) I'm going onto that, it's free money just for fun.

    And Revolut with their virtual cards made the 10% Mastercard promotion so much easier and sweeter, it was fun.

    As always it comes down to ones own preference and spending pattern.



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    #6466
    Yggr of Asgard
    Registered Users Posts: 5,216 ✭✭✭Yggr of Asgard


    Plus, it's even possible to stack multiple different promotions if you look around.

    So, I purchase 200€ worth of gear from Under Amour but instead of going directly to their website I first go to the EI Estores, then when ready to check out I activate the Revolut Shop Discount and voila I just got myself a total 1800 Avios and 6.20 € Cashback.

    EI Estores gives me 8 Avios per € and Revolut 1 Avios per € (after conversion from Rev Points)

    Revolut gives me 3% immediate cashback for Revolut Shop and 0.1% once the payment clears for Ultra.

    So, sorry but 3.1% cashback and a nice chunk of Avios is a good deal.

    Sure the opportunities are limited for EI Estores but where it exists it's easy to take advantage of it.



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    #6467
    Yggr of Asgard
    Registered Users Posts: 5,216 ✭✭✭Yggr of Asgard


    New Pricing Plan charts are out for Ireland:

    https://www.revolut.com/en-IE/our-pricing-plans/

    Looks like in Ireland the cashback is gone unlike in other EU countries.



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    #6468
    optiplexgx270
    Registered Users Posts: 2,490 ✭✭✭optiplexgx270


    https://www.boards.ie/discussion/comment/122282827#Comment_122282827

    They will make the travel insurance useless like the UK and remove the smart delay and most of the reasons to even have metal I would fully expect over the coming weeks.



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    #6469
    dulpit
    Registered Users Posts: 10,715 ✭✭✭✭dulpit


    I saw something in my app about revpoints. Is there a catch to signing up for them? What exactly is the benefit of them?



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    #6470
    Yggr of Asgard
    Registered Users Posts: 5,216 ✭✭✭Yggr of Asgard


    https://www.boards.ie/discussion/comment/122282989#Comment_122282989

    Yeah, I tried to look up the current terms for the insurance and it's really confusing as it points to different policies that in some cases say 1 hour delay and in other 2 hours and so forth, tricky to find what the actual cover is.



  • Options
    #6471
    Yggr of Asgard
    Registered Users Posts: 5,216 ✭✭✭Yggr of Asgard


    Depends on your plan, check the latest price table for the amounts you can earn:

    https://www.revolut.com/en-IE/our-pricing-plans/

    Details about the Rev Points can be found on https://www.revolut.com/en-IE/legal/RevPoints/

    If you are on a standard plan, please take note that it's not great value as discussed in this thread.



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    #6472
    shanoh
    Registered Users Posts: 38 ✭shanoh


    https://www.boards.ie/discussion/comment/122282666#Comment_122282666

    Yes I am able to read.

    I don't know why you're so defensive about this point, the long wandery reply (twice now) doesn't change anything about the fact that what you said is not true: "if you already have a paid plan then it's free"

    It's not free because there's an opportunity cost. You are effectively paying for revpoints. Fine if you don't agree - I'm not going to waste my time persuading you. But for others reading it's important for them to know. Good luck now.



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    #6473
    zell12
    Registered Users Posts: 24,625 ✭✭✭✭zell12


    Indo launches into Revolut

    Asked whether there is a pattern of people getting brushed off by Revolut when they are scammed, the bank said it took fraud and the industry-wide risk of customers being coerced by organised criminals “incredibly seriously”.

    https://www.independent.ie/irish-news/i-woke-up-and-realised-5140-was-missing-from-my-account-revolut-customer-had-money-stolen-by-fraudsters-while-he-slept/a740646780.html



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    #6474
    Yggr of Asgard
    Registered Users Posts: 5,216 ✭✭✭Yggr of Asgard


    The customer, who works in cyber ­security and says he does not respond to suspicious emails or calls, woke up to find his phone was going through a resetting process.

    So, a cyber security professional has his phone compromised and it's Revolut's fault?

    I wonder what other applications of his (and other banks) got compromised too, can't only have been Revolut, but that is conveniently not addressed in this hit piece.

    Plus putting a video pushing a "Bank of Ireland responds to Revolut savings account move" in the middle of the article is clearly a sign of "independent" journalism.

    Now don't get me wrong, using a digital only bank has its security risks, especially if your phone is not protected adequately and you don't use all the security functions (some of which make the day-to-day usage a little bit more inconvenient) but this article is clearly not there to give us a balanced picture.



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    #6475
    Oscar_Madison
    Registered Users Posts: 5,656 ✭✭✭Oscar_Madison


    https://www.boards.ie/discussion/comment/122296356#Comment_122296356

    I’m wondering do they actually know what’s going on or not - Revolut is regulated by the Central Bank of Ireland for business rules - if anyone is having issues with Revolut playing runaround, contact the Central Bank



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    #6476
    wassie
    Registered Users Posts: 3,482 ✭✭✭wassie


    The article doesnt need to give a balanced picture, its highlighting what is a clear issue and pattern of behaviour with Revolut.

    i.e. the inability to engage with Revolut when the sh!t hits the fan.

    Also from the article:

    Many of these customers had complained they could not get what they regard as a proper response from the money app when they tried to get funds returned to them after fraudsters struck.

    We are hearing this time and time again.

    Ultimately this comes down to trust, which is why I, and I suspect the vast majority of Revolut customers, will not use them for our primary banking.



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    #6477
    Yggr of Asgard
    Registered Users Posts: 5,216 ✭✭✭Yggr of Asgard


    https://www.boards.ie/discussion/comment/122296604#Comment_122296604

    Log a complaint with Revolut https://www.revolut.com/en-IE/legal/complaints-policy/, there are clear timeline for responses attached and if that fails log a complaint with the Bank of Lithuania or you can even use an out of court dispute resolution process via the Financial Service and Pensions Ombudsman (FSPO) or other European providers.

    But I agree with your sentiment, it's clear that Customer Service and sometimes even Back office does not fully understand what the automatic routines are doing to customer accounts and how their own fraud prevention or resolution actually work.



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    #6478
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,231 Mod ✭✭✭✭Jim2007


    https://www.boards.ie/discussion/comment/122296645#Comment_122296645

    I would expect that they do know. But the reality is that the like of Revolut attracts the more promiscuous customers in terms of security! They'll install more apps to try out and forget about, they'll visit more dodgy websites, get more emails and are less security conscious in processing them. So they are going to have a higher portion of the petty fraud stuff. In the end it is a commercial decision - how much of the fraud bill are you willing to cover versus how much you'll leave to the customer?



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    #6479
    dulpit
    Registered Users Posts: 10,715 ✭✭✭✭dulpit


    I think the issue with articles about Revolut is that there is a common theme put out there that Revolut is less secure - which isn't the case. People are dumb.

    But it is fair to say that Revolut's customer service is appalling. But that is a separate issue.

    If you get stung by a scam it's not Revolut's fault. But it is Revolut's fault that you can't easily contact them.



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    #6480
    Yggr of Asgard
    Registered Users Posts: 5,216 ✭✭✭Yggr of Asgard


    They are not the only neo bank with bad customer service too.

    Just look at Trade Republic, one of their first actions when they finally got their own bank license was to fire the majority of their customer service department, close the company they had created for that and now they use outsourced providers as far away as India.

    Using one of these Neo banks (unless you are on a plan that offers phone support) is always a risk but even established direct banks like Deutsche Kredit Bank have started to limit their customer service. DKB used to offer 24/7 and now their are down to a couple of normal business hours with an emergency service the rest of the time via a 3rd party.



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    #6481
    wassie
    Registered Users Posts: 3,482 ✭✭✭wassie


    The issue here is not bad customer service - I think nearly all of us are in agreeance that customer service standards in the banking sector have been on the decline for many years, with some much worse than others.

    The issue is specifically with Revolut restricting the ability for customers to engage with them when affected by fraud.

    Before calling out the other neobanks, I think perspective is needed here. In terms of numbers of Irish Customers

    • Revolut has at least 2.7 million customers in Ireland.
    • The next biggest neobank would be N26 with a reported 200,000.
    • The rest combined (eg Bunq, Trade Republic etc) I think would be far less again than N26, but I wasnt able to confirm this with a quick search.

    Revolut dwarfs the others. Charlie Weston is right to pursue Revolut over this matter and hold them to held to account as it affects a significant proportion of the Irish population.

    If any other Irish Bank was treating customers like this, I'm sure Weston would be reporting the same.



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