The fintech credit card space looks set to get a little more crowded, thanks to the news of a new product by Revolut. The new card, which is currently available in select European countries, will feature generous credit limits and no hidden fees – and is set to launch towards the end of 2021. Here is everything we know about Revolut’s new US credit card:
Revolut Seeks to Launch U.S. Credit Card This Winter
Fintech Revolut is looking to expand its reach with a new US credit card in 2021. The new credit card product will be the first foray of the UK fintech into the US market, following on the heels of the launch of the Revolut platform in Mexico earlier this summer.
The Revolut platform offers users free money transfers when sending funds to other platform users. Those money transfers occur at interbank rates, saving users significant money. The success of that platform worldwide -including in the United States – has led Revolut to seek more products and services to the American market, such as the Revolut credit card.
“[In] the US, we love our credit, even more than in other countries,” Revolut’s US chief executive Ron Oliveira told Financial News, speaking on the Barron’s Live podcast. “This fall, we’ll have an unsecured line of credit as a consumer retail product, as well as credit cards, but that won’t come until the end of the year, [or] first [quarter] of next year.”
The Company’s Current EU Card
While no details are currently available for the new credit card, it would likely seamlessly integrate into Revolut’s platform. However, what is known is that the company hopes to launch the card by the end of 2021.
Revolut currently offers a credit card in select European nations. That card offers credit limits of twice the accountholder’s monthly income. The card also features no hidden fees and uses the Mastercard payment network.
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Featured image by Revolut
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