Customers who signed up to a premium subscription to trade cryptocurrencies on the Revolut app face being left out of pocket while new customers can trade for free.
The company announced on 31 January 2018 that it was opening cryptocurrency trading to all its users with no need to subscribe to the premium service.
However, users who only wish to trade cryptocurrency and signed up for a premium subscription after 12 December 2017 to do so will be forced to continue paying £6.99 per month or cancel their 12-month contract for a fee of £14.
A full 12-month subscription would end up costing the user £83.88. A user who signed up to an annual plan would now be £72 out of pocket after paying the whole year up-front. Any user who signed up to trade cryptocurrency between 7 December and 12 December will be locked in to a 12-month contract that cannot be cancelled early due to differing terms and conditions.
Revolut says that it decided to roll out cryptocurrency trading gradually to cope with the levels of demand and avoid disruptions to the service.
The company admitted on the day cryptocurrency trading was launched for premium subscribers (7 December 2017) that it was suffering with significant system issues, stating on its Twitter page: “We had to upscale our systems to cope with increasing demand - we have been blown away by the number of people signing up”.
Moneywise asked Revolut how many customers this could potentially affect, but the company declined to comment.
When asked whether it would be offering customers in this position an amnesty the company responded: “No, Revolut won’t be offering any amnesty to customers.
“We have always communicated that customers who did not want to pay for premium in order to gain access to the cryptocurrency feature were given the opportunity to unlock the feature by successfully inviting three friends, or waiting for cryptocurrency to become available to everyone.”
What has changed in Revolut’s terms and conditions?
Revolut made changes to its premium account terms and conditions on the 12 December 2017, five days after it first launched cryptocurrency trading for premium customers.
According to the changes to the Ts&Cs, anyone signing up to the premium service after this date would have to pay a £14 fee to cancel their subscription, unless they were still within the 14-day ‘cooling off’ period after the initial subscription was made.
The cooling-off period is only applicable if the subscriber hasn’t used any Revolut services. If the subscriber has used services such as cryptocurrency trading, the company says it will only offer a partial refund based on their use of the premium service during that time.
Those premium customers who signed up before the Ts&Cs change have no option for early cancellation and must see out the entire 13-month contract (including a free trial month).