Major app-based bank launches first loyalty scheme and customers can bag free air miles and discounts
DIGITAL bank Revolut has launched a loyalty scheme which gives customers the chance to bag free air miles as well as a range of discounts.
RevPoints will allow the app-based bank’s customers to accumulate points as they spend before cashing them in for global adventures, plus discounted accommodation, experiences and designer goods.
Unlike rival reward programmes, Revolut’s new loyalty scheme will allow customers to earn points even when they’re not using a credit card.
The scheme’s members can earn up to one point for every pound they spend, depending on the plan they are on.
Revolut offers five banking plans.
The standard plan is free while the premium “Ultra” plan costs £45 a month during an introductory offer period.
Revolut has said customers on its Ultra Plan who spend £2,500 a month could earn up to 30,000 RevPoints annually – enough for a free round trip from London to New York or a £600 hotel discount.
Points can be cashed in with airline loyalty programmes including British Airways’ Executive Club and Flying Blue.
They can also be used to pay for accommodation and designer goods from brands such as French Connection and Dermalogica when shopping online with Revolut Pay.
RevPoints users across all plans will earn as they spend and have the option to accelerate their earnings by converting spare change into points or completing in-app challenges.
And, when members have made 150 eligible transactions, they will be rewarded with 3,000 points (equivalent to 3,000 air miles or up to £60 in travel discounts).
Christopher Guttridge, general nanager of lifestyle products at Revolut, said: “RevPoints is set to transform everyday spending into things and experiences people love, by converting routine purchases into rewards.
“Unlike many loyalty programmes, we make RevPoints accessible to all by ensuring customers can maximise the benefits of using Revolut as their primary bank account without requiring a credit card.”
We have asked the bank for further information on its RevPoints scheme, including on eligibility criteria, and will update when we hear back.
Revolut was launched in 2015 and now has more than 40million customers worldwide.
Other schemes that reward air miles
Revolut joins a number of other banks and companies offering customers the chance to earn air miles on their spending.
Amex, or American Express, and Barclaycard both have credit cards specifically designed for frequent flyers.
Virgin Atlantic also offers its own credit cards, while British Airways has partnered with AMEX to offer a card with rewards specifically for its services.
You can also build up points to put against travel and experiences using your Tesco Clubcard or Nectar Card.
Whatever you choose be sure to check the terms and conditions as well as the rates offered and the fees charged.
We have explained each of the separate schemes below.
AMEX
Amex or American Express offers a series of credit cards that allow customers to earn points to put against travel as they spend.
When using an Amex card customers earn frequent flyer points, which can be redeemed against flights, hotel bookings and car hire. Some of the bank’s credit cards also offer travel benefits such as airport lounge access and travel insurance.
Barclaycard Avios Card
Barclaycard offers credit cards specifically designed for travellers, that allow its customers to earn Avios points.
Avios is the reward currency of the British Airways Executive Club and points earnt can be put towards purchasing flights or accommodation.
Virgin Atlantic credit card
Virgin Atlantic‘s credit card allows you to earn points as you spend.
Benefits include double points when you spend with Virgin Atlantic and Virgin Holidays.
Customers hitting spending limits are also eligible for upgrades or companion tickets.
Tesco Clubcard
You don’t have to take out a credit card to earn points to spend on travel.
Tesco has partnered with Virgin Atlantic so customers can swap their Clubcard points for Virgin Points to spend on flights and accommodation.
What you need to know before signing up to any reward scheme
THERE are thousands of different loyalty schemes and reward cards available - so you need to make sure you know what you're signing up for
- By signing up for a loyalty card, a retailer will get a lot of information about you and your shopping habits. The data might be shared within its group of companies to target you with offers and advertising.
- If a firm goes bust, you will lose your points, which have no cash value. Hoarding points also means you risk losing them if a retailer or restaurant shuts your account after a long period of inaction.
- Read the terms and conditions carefully some retailers and restaurant will have expiration dates on certain offers (for example you might have limited amount of time to spend your extra points).
- Don’t choose where to shop or where to eat based on a store’s loyalty scheme. If there is a particular item you want, shop around rather than head straight for the retailer where you have a loyalty card. In a restaurant check some of the special deals or menus – they might be better value than the loyalty scheme.
- Beware of spending more simply because you have a loyalty card and don’t buy something just for any bonus points you may earn.
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