Fintech unicorn Revolut has launched its Ultra membership plan. Ultra is the next phase of Revolut’s plan to build the ‘world’s first truly global financial super app’ and it breaks a lot of money-spending conventions. From the platinum plating of the physical card to the virtual perks that come with it, the Ultra membership screams ‘credit card’ – but it’s not. It’s a debit account. With a platinum debit card.
Just like a standard Revolut account, you don’t need to pass a test or credit check to get the Ultra membership. You’ll just need to get through the already 420,000-person-strong waitlist and pay an annual fee of £540 (or a monthly rate of £55).
The Ultra membership program was designed based on insights gained from Revolut’s current customer base, many of whom—according to the company—have an increasing interest in travel, investing, and a certain type of lifestyle.
“This growing consumer market is redefining luxury,” says Tara Massoudi, Revolut’s general manager of premium products, explaining this new luxury is “more functional and present in day-to-day life.” It’s the kind of luxury that you find at a swanky airport lounge, but also in the exercise class du jour and the bougiest co-working spaces. “They want to build a steady passive income, but also enjoy life, keep up to date with the latest trends and travel multiple times a year,” says Massoudi.
Ultra’s built-in benefits correspond to this new wave of luxury. There are more mainstream perks such as access to subscriptions to high-profile partners including WeWork, among others, as well as upgrades to traditional travel coverage, including unlimited access to lounges at more than 1,400 airports and ‘Cancel for any cause’ insurance (up to £5,000). Ultra also includes some more distinct benefits that focus on investments. These perks still come with all the usual capital risks, but having a debit account potentially benefit your portfolio is an exciting possibility nonetheless.
Revolut estimates the Ultra membership comes with more than £4,000 in annual benefits*, based on members’ access to subscriptions, ClassPass and WeWork as well as estimates of how much they’ll save on travel cancellations and investment fees.
Massoudi calls the Ultra membership “the ultimate travelling and lifestyle companion.”. And by bringing perks like these to a debit account, including additional savings to investments and the option to add under-18 accounts for your kids, Revolut has created a comprehensive offering.
Those who join the waitlist and upgrade to the annual plan quickly enough, will also get 5 percent cashback on purchases made in their first month up to the monthly plan price (T&Cs are here and, yes, they do apply ). After that first month, or for anyone who doesn’t get onto the waitlist in time, they’ll earn up to 0.1% on purchases within Europe and the UK and 1% everywhere else in the world (capped at a monthly limit.)
“This unique card and membership plan were ultimately designed for those who enjoy the finer things in life,” says Massoudi. If that sounds like you, join Ultra now.
*The value displayed has been calculated based on the standalone financial value of new Ultra benefits (e.g. included partnerships), added with the value of savings made on charged fees for benefit usage (e.g. reduced remittances fees) in comparison to Standard plan fees. The latter is informed by the average use of each existing benefit by our top 10% of Metal customers during 2022. The overall value can be realised from using each plan benefit throughout a 1 year period. Please see the plan terms for a full plan benefit breakdown.
The trip and event cancellation insurance value is for illustration only based on the same customer sample as above, and their average annual spent on flights purchased with Revolut (£1,672.32) and bookings made through Revolut Stays (£1,340.30), equaling to £3,012.62 per year. A cancellation rate of 20.6% based on Revolut Stays data was applied and is the assumed factor for total trip cancellations (incl. flights). Value assumes all submitted claims qualify for 70% reimbursement. Please note this is an illustration only based on no product performance data being available to date. Maximum value will depend on user behaviour and can be derived up to the per claim and annual policy limit. Please refer to Insurance T&Cs for details and claims submission criteria.
Value of travel insurance is based on a standalone multi-trip, family travel insurance price provided by our insurance partner and not on usage.
Ultra T&Cs apply. See applicable plan fees in Revolut’s Fees Page. Redeemable cashback will be capped at the monthly plan price, and may be recovered in the case of an early downgrade.
This article was originally published by WIRED UK
