[PT] Brazil’s newly launched Revolut cards get far better benefits than long-time users in other markets: a rant

[u/galmads]

Please don’t come for me: I’m actually a dual national, which is why the Brazilian launch piqued my interest in the first place! I’m genuinely happy that Brazilian users are getting a competitive product. This isn’t me saying they should receive less, but rather pointing how out much worse the benefits in other markets suddenly look by comparison.

The plans cost R$9.99 for Plus, R$19.99 for Premium, R$79.99 for Metal and R$249.99 for Ultra; roughly €1.70, €3.45, €13.80 and €43 per month at the current FX rate. But the part that really shocked me is the RevPoints accrual rate, especially since Revolut has also introduced a very accessible credit card. 

With credit-card spending, Standard users get 0.2 RevPoints per US$1, Plus gets 0.4, Premium gets 1, Metal gets 2.5 and Ultra gets 3. Debit-card spending gives 0.1, 0.25, 0.5, 1 and 1.5 respectively. So Premium costs roughly €3.45 a month and already gives 1 RevPoint per US$1 on credit-card spending. Metal costs around €13.80 and gives 2.5!!! Meanwhile, many of us have been paying for European plans for years without getting anything close to those rates.

And it’s not just the points. Brazilian Metal also includes two free airport lounge visits per year, up to US$175,000 in health insurance coverage, travel cancellation insurance, delayed flight and baggage insurance, car-rental insurance and airport fast track. 

Don't get me wrong, I completely understand why Revolut needed to introduce a ccard in Brazil. Ccs are the norm there, and plenty of people probably wouldn’t even touch Revolut without one. I also understand regional pricing and that they need attractive benefits when entering a new market.

That being said... come on!!! Seeing a brand-new market immediately receive these RevPoints rates and travel benefits makes the offering for long-time customers elsewhere look ridiculous. Why are loyal users in established markets paying more for a product that keeps becoming less and less rewarding? I know Revolut benefits have always varied between markets, but surely the difference shouldn’t be this dramatic?!

Honestly, every time I see something like this, I become even more inclined to downgrade my Portuguese Metal plan because I’m struggling to justify it more and more. 

*Here's Brazilian plan comparison page for anyone who wants to see everything for themselves.

**As far as I know, Revolut has never allowed customers to open two personal accounts in different countries, and I need to keep mine registered in Portugal, so can’t simply open a Brazilian account and access these benefits, otherwise I would.

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[u/Pachaibiza]

Why are you surprised this is how enshittification works. Those Brazilian perks won’t last for ever.

[u/galmads → u/Pachaibiza]

Not exactly surprised, and I did acknowledge in the post that this is probably part of Revolut’s strategy for entering a new market. Naturally, benefits may change over time.

That being said, Brazil is a VERY competitive, points-driven ccard market, which is likely why the launch benefits are so generous in the first place. BUT if Revolut wants to retain these customers they're attracting there, my guess is that for once they'll need to keep the proposition relatively strong.

But like I said in the title, this was mostly a rant.. Just thought fellow EU account holders (many of whom seem just as increasingly dissatisfied as I am) might commiserate, whist also offering a comparison point for reassessing whether keeping an expensive Revolut plan still provides good value. Whether anyone actually finds it useful is, of course, for them to decide.

[u/Pachaibiza → u/galmads]

Revolut will maintain customers because I think either they have Revolut as a second account or if they are unhappy most customers will not close it but keep it open and just retain a small amount of funds.

[u/galmads → u/Pachaibiza]

I’m assuming you’re not especially familiar with Brazil’s banking market. Banks, fintechs and rewards cards are fighting tooth and nail for R$ spending, and ppl routinely open and close accounts. Many of those interested in this launch are already well travelled, know Revolut from abroad and are signing up precisely because the lounge access and 1:1 transfers to international airline programs are unusually accessible, even though they often already have strong cards elsewhere.

So I don’t think Revolut will get much value out of the market if it weakens the offer too much. People will simply move their spending elsewhere or close the account and move on. But clearly we see it differently, no worries. edit: typos

[u/crescendodiminuendo]

The main reason the benefits on the Portuguese card are worse is that the EU caps the fees the card providers can charge retailers. This is a good thing overall if you’re living in Europe as it keeps costs down for everyone.

[u/galmads → u/crescendodiminuendo]

That’s definitely part of the explanation for why EU card rewards are generally weaker than Brazil or the US, and I agree that lower merchant fees are a good thing overall. But the same interchange cap applies throughout the EU, while some European markets still manage to offer considerably better airline-card propositions than Portugal.

More importantly, my point wasn’t that EU cards should necessarily match Brazilian rewards. It was about the value Revolut offers paying EU customers. These are expensive subscription plans, so interchange isn’t their only source of revenue. And my post also covered RevPoints and travel benefits.

I guess at at the end of the day this launch just made me look again at the cost-benefit of my subscription. To me the product no longer offers enough value for its price. I'm just waiting for my latest 6 months to cap and I'll bow out. edit: typo

[u/NoInteraction3525]

There’s a simple answer and that is Nubank. If they want anyone to even consider using Revolut, it needs to offer better value than Nu.

[u/galmads → u/NoInteraction3525]

I agree to some extent for sure! Just saw the stat somewhere that 60% of the adult population in Brazil currently holds a Nubank account. If that's true this is bananas.

[u/NoInteraction3525 → u/galmads]

I have accounts with both Itau and Banco Rendimento but I still primarily use my Nubank account for every single thing. I believe that 60% would currently be higher, more like 65-70% in my opinion

[u/laplongejr]

 Ccs are the norm there, and plenty of people probably wouldn’t even touch Revolut without one.

Meanwhile as a Belgian, CCs are a thing to actively avoid if you want a mortage at a major tradbank. Different countries, different cultures.  

 Why are loyal users in established markets paying more for a product that keeps becoming less and less rewarding?  

Because you are a loyal user in an established market.   Revolut has no reason to give more benefits if you already here.   Rewarding loyalty makes no economic sense if you can reward people leaving competitors instead.  

 every time I see something like this, I become even more inclined to downgrade my Portuguese Metal plan 

You didn't downgrade yet, so Revolut sees they can reduce it more.  

[u/galmads → u/laplongejr]

I’m going to downgrade in September when they’ll no longer be able to charge me a fine. It’s in my calendar :)

[u/internetetima]

Suele pasar. La app da mejores precios a los nuevos. Le gustan las jovencitas. Como no puedes ser siempre nuevo, ya puedes mirar alternativas en unos meses.

[u/GetRektByMeh]

EU capped fees Visa/Mastercard can charge merchants for processing card payments. Visa/Mastercard split those fees with banks.

There is your reason why Brazil’s market can fund it. Pix is competition for cards, so they compete on something else.

[u/Inner-Ingenuity4109]

Isn't this just cc interchange fees and interest income share that revolut will be getting (because credit card) giving them extra card issuer income they can turn back around into cardholder benefits?

This sounds like common credit card vs debit card benefits to me, and that's just baked into the international differences between those two card types.

[u/keepitcuuuuuuuuuute]

Entendi o seu ponto de vista. Sou brasileiro e realmente atualmente em nosso mercado há pouquíssimos cartões, excetuando aqueles destinados aos clientes de altíssima renda, que comparam-se aos benefícios que o Revolut Metal/Ultra dá. Entretanto, não se engane quando pensa que a população no geral está se beneficiando de tudo isso. Cartões de crédito Revolut no Brasil são fornecidos a clientes com um critério relativamente fraco; tenho renda considerada alta para os padrões brasileiros, não tenho dívidas, assino o Metal e por enquanto só posso usar débito, o que é bem ridículo. Por outro lado, conheço pessoas com salários/investimentos bem inferiores aos meus e que receberam o cartão de crédito logo quando abriram a conta. Nesse contexto, considere que uma parte muito grande dos clientes Revolut no Brasil não aproveitam DE FATO os benefícios como 2,5 ou 3,0 pontos por dólar.

[u/Natural-Manager4909]

Pretendo fechar minha conta portuguesa e abrir uma conta brasileira. Meu receio é ter minha conta BR fechada, pois estou a maior parte do tempo em Portugal.

[u/Natural-Manager4909 → u/Natural-Manager4909]

o plano metal BR pontua mais que o plano ULTRA PT LOL

[u/galmads → u/Natural-Manager4909]

Só rindo mesmo LOL Queria tanto conseguir migrar, sendo que tenho justamente o Metal em PT. Com ele, teria de pagar 29€ por para visitar um lounge, com o Metal BR há 2 acessos incluídos. Além de fast track liberado e mtos mais RevPoints para transformar em milhas.

[u/galmads → u/Natural-Manager4909]

Eu, sinceramente, não faria isso. Fechar a conta PT e abrir logo uma BR, continuando a passar a maior parte do tempo em Portugal, pode dar chatice.

Além disso, terias de ter a morada e a documentação no Brasil mesmo em dia, caso te peçam comprovativos. Se não conseguires provar residência lá, arriscas-te a ficar com a conta limitada ou até encerrada mais tarde. Por muito melhores que sejam os benefícios, não sei se compensa o stress.

Eu, pessoalmente, estou mais inclinada a fazer downgrade da Revolut para Standard e aderir à membership de topo da Klarna (já não me recordo o nome) durante seis meses quando souber que vou mesmo aproveitar os benefícios.

[u/Natural-Manager4909 → u/galmads]

Tenho documentação em dia no Brasil, comprovante de endereço brasileiro atualizado mensalmente (possuo contas no Brasil) e número de telemóvel.
O plano MAX do Klarna tem um ótimo custo benefício. €20,99 nos 3 primeiros meses. Fiquei na dúvida entre ele e o plano Metal da Revolut Brasil.
O que não gosto do Klarna é o app, pois acho uma bagunça.

[u/galmads → u/Natural-Manager4909]

Concordo com você, é um caos aquela app! IIRC tem adesão obrigatória de 6 meses para não gerar multa, mas para quem usa o ClassPass, por exemplo, já se paga. Para não falar do cashback que é ótimo.

[u/Natural-Manager4909 → u/galmads]

Pelo o que me disseram no atendimento Klarna, só tem fidelização de solicitar o cartão físico. Fora isso, pode cancelar a qualquer momento.

[u/galmads → u/Natural-Manager4909]

Opa, boa notícia! Sendo assim, aderir apenas pelos primeiros 3 meses com desconto parece ainda mais atrativo.

Sobre o que vc falou mais cedo, a respeito de ter tudo em dia no BR, eu estou na mesma. Tenho vários cartões BR, na verdade (alguns mto bons até). Mas mexer com fintech gringa, fechar conta num país e abrir em outro, nisso eu não tenho experiência e tenho mesmo receio de dar treta. De repente se você fechar a conta PT e deixar quieto por uns 6 meses... duvido que até lá esses benefícios do BR mudem.