Revolut Points
High earn rate, but read the small print. Revolut points can be a useful bonus — but only if you're already on a paid plan. For most people, a free Amex card is a far better deal.
Gift card rate
0.71p/pt
1,400 points = £10 gift card
Cash rate
~1p/pt
best available redemption
Ultra plan fee
£660/yr
for best UK earn rate
The honest assessment
The Ultra subscription problem
Revolut's best earn rate — 1 point per £1 in the UK — is only available to Ultra subscribers, who pay £55 per month (£660 per year). To break even on the plan cost from points alone at gift card value (0.71p per point), you would need to earn over 92,000 points per year — which means spending over £92,000 a year in the UK.
Even at cash redemption rates (~1p per point), you would need to spend over £66,000 a year just to recover the Ultra subscription cost through points. The average UK adult spends £15,000–£25,000 on a card annually — which means most people would be losing £400–£550 per year by upgrading to Ultra solely for points.
The conclusion: Revolut points are a bonus if you're already on a paid plan, not a reason to upgrade.
Break-even maths (Ultra)
Revolut vs a free Amex card — the honest comparison
Revolut free plan
~0.071p per £1
Earning roughly 1 point per £10 at 0.71p per point means 0.071p returned for every pound you spend. You would need to spend £140,000 to earn £100 in gift cards.
Free Amex Rewards card
0.4p–2p+ per £1
1 MR point per £1. At worst (statement credit): 0.4p per £1. At Avios value on flights: up to 2p+ per £1. Roughly 5–28x better than Revolut's free tier — and the card costs nothing.
Even comparing Revolut Ultra (up to 1p per £1 at cash redemption) against Amex Gold used for Avios (1.5p–2p+ per £1), the Amex card delivers more value — and charges no annual fee in year 1. The sole advantage Revolut holds is a higher earn rate abroad on Ultra (3x), which can benefit people who travel frequently and spend heavily in foreign currency.
Earning rates
Points by subscription tier
Points earning is gated entirely behind your plan tier. The free plan is not a points product in any meaningful sense.
Free
No useful earning£0/month
£0/year
UK earn rate
Effectively none
International earn rate
None
Not a points card. The free plan earns negligible points — there is no meaningful rewards earning on the standard free tier.
Plus
No useful earning£3.99/month
£47.88/year
UK earn rate
Very limited
International earn rate
None meaningful
Still not a points card worth considering. The earn rate is so low that you would need to spend very large amounts to see any material return.
Premium
No useful earning£9.99/month
£119.88/year
UK earn rate
Limited — some categories only
International earn rate
Some international earning
Points start to accumulate here but at a slow rate. At £120/year, the subscription fee far outweighs the points value for most spending levels.
Metal
Points begin here£15.99/month
£191.88/year
UK earn rate
1 point per £2 in the UK
International earn rate
Some international bonus
Meaningful points earning begins at Metal. At 1 point per £2 in the UK and 0.71p per point (gift card), you earn 0.355p per £1 spent — still considerably less than a free Amex card earning MR points. The £192/year plan cost needs to be justified by other Metal features.
Ultra
Points begin here£55/month
£660/year
UK earn rate
1 point per £1 in the UK
International earn rate
3 points per £1 abroad
The best earn rate available, but at £660/year the plan cost is significant. The points return alone does not justify the Ultra subscription for the vast majority of UK consumers. Ultra makes sense if you value the other benefits — lounge access, travel insurance, fee-free currency exchange — and treat points as a bonus.
Redemptions
What Revolut Points are worth
The marketed rate is 1,400 points = £10 gift card (0.71p per point). Cash redemption is slightly better at approximately 1p per point.
Cash redemption
Best~1p per point
Redeem points as cash back into your Revolut balance. The most straightforward option and the best rate available. Simple, transparent, and no hoops to jump through. 1,000 points = ~£10 in your account.
Travel bookings via Revolut
Good~1p per point
Book flights or hotels through Revolut Stays or Revolut Flights using your points. Value is roughly equivalent to cash — useful if you're already organising travel through Revolut.
Gift cards
Average0.71p per point
1,400 points = £10 gift card. This headline figure is how Revolut typically markets the scheme. At 0.71p per point, gift cards offer slightly less value than cash redemption — but the retailer selection includes names like Amazon and ASOS. Only worth choosing if you have a specific use in mind.
Merchandise in the Revolut shop
AvoidVariable — often poor
The Revolut shop sells branded merchandise and electronics redeemable with points. Value varies significantly and is frequently below 0.5p per point. Stick to cash or travel bookings.
When to use it
When Revolut Points do make sense
Despite the maths, there are genuine scenarios where Revolut Points are a smart earn.
You already pay for Ultra or Metal
If you subscribe to Ultra or Metal for fee-free currency exchange, lounge access, or travel insurance, then accumulating points on your existing spending is a free bonus. You're not upgrading for points — you're getting them on top of features you value anyway.
You spend significant amounts abroad
Ultra earns 3 points per £1 internationally. If you regularly spend £1,000+ per month in foreign currency, the 3x rate becomes genuinely competitive. At 1p per point (cash), that's 3p back per £1 spent abroad — which is a solid return.
You want simplicity over strategy
For Ultra users who don't want to think about airline partners, transfer ratios, or booking windows, a straightforward cash-back redemption at ~1p per point is easy and transparent. No complexity required.
Upgrading solely for points
If you're considering upgrading from free to Ultra specifically to earn Revolut Points, the numbers rarely justify it. A free Amex Rewards card earns more value per pound at zero annual cost — with 14+ transfer partners on top. This is not a good deal for the vast majority of people.
Head to head
Revolut Ultra vs free Amex Rewards
Assuming £20,000 of annual UK card spending. No tricks — just the actual numbers.
Category
Revolut Ultra
Amex Rewards (free)
Annual fee
£660/year
£0
Points on £20,000 UK spend
20,000 points
20,000 MR points
Value at gift card / statement rate
£142 (0.71p/pt)
£80 (0.4p/pt)
Value at best rate (cash / Avios flights)
£200 (1p/pt)
£300–£400+ (1.5–2p/pt)
Net value after plan/card fee
−£460 to −£518
+£80 to +£400+
Transfer to airline partners
No
Yes — 14+ partners
Welcome bonus
None
10,000 MR points (~£100 in Avios)
Estimates based on typical UK spending patterns. Revolut Ultra has genuine value through other features (fee-free currency, lounges, insurance) — this comparison is for points value only.
True as of April 2026 — subject to change. Revolut subscription prices, earn rates, redemption values, and tier features change regularly. Always verify current terms at revolut.com before making any decisions. This page is for informational purposes only and does not constitute financial advice. Some links may be affiliate links. See our affiliate disclosure.
Compare all points schemes
For most UK consumers, a free Amex Membership Rewards card is a significantly better deal. See how every scheme stacks up.