Revolut Plans to Offer New Rewards Credit Card in Europe, Eyes Expansion in U.S. Market

Many stakeholders in the credit card industry may not be familiar with the financial technology company Revolut, but that could all change in the near future. The company provides financial solutions to more than 50 million consumers and 50,000 businesses around the world.

Revolut’s mission is “for every person and business to do all things money — spending, saving, investing, borrowing, managing, and more — in just a few taps.” The company will be one step closer to fulfilling its mission when it releases its new points-based credit card in European markets.

Unnamed sources told Sifted that Revolut is in the initial stages of building a credit card that will offer cardholders in the UK the ability to earn points for purchases. Revolut currently offers a credit card that allows users to earn cash back on purchases.

A points-based card could position Revolut to compete with companies such as American Express, which offers a slew of rewards cards that allow consumers to stockpile points they can exchange for merchandise, gift cards, and travel benefits.

The move to bolster its product lineup comes at a crucial time for Revolut. Max Lapin, the company’s U.S. Chief Financial Officer, told CFO Dive in late March that “Revolut wants to become a bank in the United States.”

Revolut has ambitions to enter the U.S. banking space.

The company’s expanding product lineup certainly puts it in position to compete with U.S. banks. In addition to savings accounts and digital banking services, Revolut provides options for customers to invest in securities and manage their portfolios.

While a points-based credit card would be a new offering from Revolut, the company is already a player in the rewards arena through its debit card. The company launched RevPoints in July 2024, which allows cardholders to earn points through debit card purchases that they can redeem for travel rewards and discounts at certain retailers.

“At Revolut we’re all about helping people get more for their money,” Christopher Guttridge, General Manager of Lifestyle Products at Revolut, said in a press release introducing RevPoints. “RevPoints is set to transform everyday spending into things and experiences people love, by converting routine purchases into rewards.”

Sifted’s report details that Revolut plans to use RevPoints with its upcoming credit card. With a robust rewards system already in place, Revolut’s foray into the point-based credit card market could attract customers seeking premium features in a card. 

Revolut’s cashback credit card, which allows cardholders to earn up to 1% on purchases, comes with a number of options — including the ability to customize cards and upgrade to an exclusive steel card —that consumers in search of a new high-end credit card may enjoy.

Time will tell if the new points credit card from Revolut will offer the same options. But it stands to reason that the company will want to include eye-catching features with the card to attract prospects.

Revolut hasn’t released a timeline revealing its plans for becoming a bank in the U.S. Nikolay Storonsky, the company’s CEO, outlined Revolut’s aspirations — and why credit cards are an integral part of the company’s future — in an address to investors in Helsinki in late 2024, according to a Bloomberg report. 

Storonsky told the group that the U.S. market is driven by credit cards more than its international counterparts, and a competitive credit card product will allow Revolut to earn interchange fees.

“In the U.S., you need to be credit driven,” Storonsky said. “So in the U.S., we need to have a banking license to launch a product.”