FinTech: How Useful is the Revolut Business MasterCard?

business account credit card

Revolut Business MasterCard Review Content:

Card Application

Applying for a credit card online does not necessarily have to be easier and less complicated. The Revolut Business credit card proves this. The application begins with a question about the e-mail address and a mobile phone number. Both information must be confirmed with a code. Also with the other data that is collected – for example name and address – the application for the Revolut Business Credit Card hardly differs from others.

However, several additional documents must be submitted or uploaded. Exactly what information is required depends, among other things, on whether the Revolut Business Account – because this is an account including prepaid credit card – is intended for a company or a freelancer. Among other things, photos of the identity card and a selfie as legitimation are required, and the physical presence of the company must be proven by means of invoices.

After all: Revolut provides very detailed information about what is required and helps with questions via online chat.

Please note: The Revolut Business credit card is not available for all industries. The list of exclusions is relatively long and includes, among others, defence companies, nuclear plant operators, weapons manufacturers as well as crowdfunding platforms and escort services. Basically, the Revolut Business Credit Card is intended for the following types of companies:

  • Limited liability company (GmbH)
  • Stock corporation (AG)
  • Partnership with limited professional liability (PartGmbB)
  • Partnerships
  • sole traders and freelancers
  • Unlimited companies

Online Banking

The online banking and also the app for the Revolut Business credit card make a good impression. All relevant information is presented clearly and comprehensibly. In addition, there is the easy to understand and user-friendly menu, which includes not only accounts and credit cards (you can apply for several, especially virtual credit cards), but also all payments, connections, bonus partners (only for chargeable accounts) and settings.

For example, companies can use the Revolut Business credit card’s online banking to check exactly which transactions employees make with their prepaid credit card. Another important feature is that every credit card can be blocked with virtually a mouse click. It is just as easy to order additional cards (subject to a fee depending on the account model).

Payment Transactions

Revolut Business is primarily a business account with the prepaid debit credit card from MasterCard as the central tool. The payment transactions at Revolut Business therefore include a few more features than usual with a simple credit card.

Applicants receive a British and an EU account number (IBAN: International Bank Account Number) to be prepared for all eventualities. 28 currencies can be held, sent and received, bulk payments with up to 1,000 transactions are possible and of course regular bank transfers. The costs depend on the selected account model. Several options are offered from free of charge up to 1,000 Euro per month.

Transfers are charged at 0.20 Euro per transaction as soon as the free quota is exceeded (between five transactions and infinitely many). International transfers cost 3.00 Euro when the free quota is reached (zero to infinite). The foreign exchange allowance is 0.4 percent and is calculated if you exceed the free amount.

With regard to the Revolut Business credit card, purchases made with the card are free of charge. However, cash withdrawals from machines cost a flat rate of 2.0 percent. By the way, credit must be paid into the Revolut Business account by bank transfer or credit card. Cash deposits or cheques are not accepted.

Payment Term

With the Revolut Business Credit Card, you don’t have to worry about a payment term. Turnovers are processed directly via the company account. Therefore, Revolut does not provide for debit interest.

Interest

There is no credit interest or debit interest with the Revolut business credit card.

Security / Deposit Protection

The Revolut credit card has all relevant security features, including Card Validation Code (CVD) and chip. In this respect you are on the safe side. A card block can also be easily implemented in the event of an emergency: Very simply via the app or by logging in online and selecting and blocking the appropriate credit card. The card can also be “frozen” by telephone: +44 (0)203 322 8352.

Unfortunately, the data on the page and the FAQ do not indicate whether the Revolut Business credit card can be registered for a 3D-Secure procedure. It is merely pointed out that the card transactions are protected by the guidelines of MasterCard or Visa.

The security of the deposits is guaranteed by the fact that the funds are held in a separate account at a partner bank. This bank is subject to UK deposit insurance and is the contact person in the event of a claim. Learn more about Security with Revolut Business subscriptions.

Bonus, Discount, Cashback

If you decide on one of the fee-based Revolut Business accounts – 25, 100 or 1,000 euros per month – you can enjoy the so-called “Perks” of selected partners. These are discounts granted on certain products or services. The discounts are offered for financial and organisational tools, among other things.

Insurance Benefits

Insurance benefits are not planned for Revolut Business.

Overall Conclusion

The approach taken by the Revolut Business Credit Card is good and especially interesting for internationally operating companies. However, one has to pay very close attention to the fees. The fact that several models are offered makes perfect sense. So one has the option to get a package that optimally fits the own company or business. However, it remains to be seen whether someone is actually prepared to pay 1,000 euros per month. After all, in that case you can provide an unlimited number of employees with a company credit card.

What’s a little annoying: the application. It is true that the application process is accompanied by all the necessary information. Nevertheless, a large number of proofs and data are required to open a Revolut Business account at all. What you can give Revolut is that you want to play it 100 percent safe. This is certainly a commendable approach in connection with a business credit card. Another shortcoming: Account and card only work on a credit basis, even though credits are on Revolut’s to-do list.