Revolut to begin offering Irish customers credit cards 

Digital app takes another step towards full banking services 

Revolut's announcement that it will introduce credit cards comes shortly after the digital banking app said it planned to offer customers Irish Iban numbers. Stock picture

Digital bank Revolut will begin rolling out credit cards in Ireland over the coming months as it takes another step toward full banking services in Ireland.

Coming shortly after announcing plans for Irish Iban account numbers, Revolut said today that their new credit cards in Ireland will offer 0% interest for the first three months, after which an APR rate of 17.99% will apply.

The credit cards will have a maximum limit of €10,000 but Revolut said each customer will have their own limit as decided by a credit assessment.

Revolut said customers will have the option of Visa or Mastercard credit cards that will offer transaction history and statements, setting recurring payments while the Revolut app will provide real-time balance updates and push notifications to help customers control spending.

Revolut currently has two million customers in Ireland with many using the app to transfer money to friends or for day-to-day spending alongside their more traditional accounts with established pillar banks.

Revolut Europe CEO Joe Heneghan: 'We’ve developed the technology to provide credit cards to approved customers with limits tailored to affordability.' Picture: Linkedin

However, Revolut has been steadily adding more and more services. Last year it began offering personal loans to customers of up to €20,000. It has also added buy-now-pay-later instalment plans for larger purchases.

Last month it said Irish customers would soon start receiving Ireland-based Iban account numbers. Currently, Revolut customers have Ibans that are based in Lithuania. It led to difficulties for some customers who wanted to have their salaries or other payments made directly to their Revolut accounts. By offering Irish Ibans, Revolut hopes to attract more customers.

Joe Heneghan, CEO of Revolut Europe, said credit cards provide customers in Ireland more control and flexibility over their personal finances.

“We’ve developed the technology to provide credit cards to approved customers with limits tailored to affordability, so they can get the credit they need, when they need it,” he said.

The Revolut credit card will also provide users with 1% cash back on purchases for the first three months (up to €30) and an unlimited 0.1% thereafter. Customers who have Revolut Metal accounts will receive an additional 0.1% cashback and 1% cashback outside of the EU.