Revolut's Dogecoin Card – The "No Fees" Card That Cost Us 12%
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What is the Revolut Dogecoin Card and why does it exist?
Okay, welcome back to another episode of Banking Without Borders. So today Jan and I are talking about the Light Up Revolute Doge card, and we want to ask three questions. Why does this card even exist? What is Revolut's game plan here? And who on earth is actually buying it? Besides me, of course. Because while we were researching this card, a card that explicitly advertises itself as having no fees, we uncovered a fee structure that I can only describe it as frightening. And later in the episode, I'll take you through exactly what it cost me to use it in Doge, step by step, and I think you'll be pretty shocked. Now, I've already had the honor of unboxing this twice actually, because I cut up and blowtorched the first one.
And if you want to see that video, I'll link it in the description box on YouTube and put it in the show notes. But the main selling point here is that the sunglasses that the dog or the Shiba Inu is wearing on the front of the card, they light up when you tap to pay. Whether or not the transaction is successful, it glows. It always they always glow. Sometimes they flicker. Honestly Yan, I think I actually prefer it to a metal card. And we've spent years on this show asking why metal cards even exist. And at least this one does something. But when they released this card in May, Revolute had a tweet that they put out, and I quote, Much light, very tappy. And I just want to bring that up quickly because we are talking about a licensed bank.
Tweeting that. Okay? But we'll talk about that shortly. And it's available in the UK and across most of the EEA, and supposedly the initial supply is limited, although I've now managed to get my hands on two of these, so make of that what you will. The card itself costs £20 plus a delivery fee. So you're looking about £24.99 unless you go with like express delivery, which is £17. Importantly though, this isn't fixed to Dogecoin. So you can link it to a whole range of tokens or you can just use it to spend pounds as like a novelty debit card if you wanted.
How does the “no‑exchange‑fees” claim hold up when buying Dogecoin?
But Doge is clearly the marketing play here. And I think Revolute are trying to appeal to that. Um that meme fandom. But yeah, before we get into all of that, I j I just want your first impressions because I imagine you've got a few thoughts on this one.
Whoa, Johnny, a funky looking Japanese stock. On your cart whose sunglasses light up when you pay for it. I think it's ridiculous to be honest. And people that are listening to this podcast more regularly, they might have already expected this would be my opinion. Um I think this sets a statement. You know, Dogecoin that's built around hype. A few years ago it was hyped like crazy. Um there were people like uh l literally investing their life savings into it. Um I think it's there there's no clear use case. Just For principle, I don't think this is right. Doesn't matter what it costs, doesn't matter what the fees are, you know, it could be the best card on the market. I would think I would think it's it's it's yeah, rather ridiculous.
Yeah. Yeah. Um but that's just me. Maybe I'm too rational for this. I don't know. Maybe I don't understand it. Maybe this is something that, you know, everyone listening, please enlighten me. Yeah, please. Um what you think about this card. Yeah, it comes. But I think it's um it's it's rather ridiculous, frankly speaking.
Yeah, Revolute are advertising this as something you can use to spend on small everyday items or big budget items. Their website says use your crypto balance to pay for anything from big budget items to everyday essentials instantly and with no exchange fees. Remember that term, no exchange fees. But the first thing I want to hold on, Yan is that they are encouraging you to use it for everyday essentials.
Okay. Like groceries.
Yeah, and that means a lot a lot of transactions. But what are the tax implications of purchasing with a crypto asset? What would that look like at scale if you were using this to do all of your purchasing?
Yeah, Johnny, that's a great question that came up actually, um, that I actually stumbled upon while doing the research for this episode.
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