Dutch challenger bank bunq claims to be first to offer debt-free credit card: 4 European bank startups it plans to defeat in the race

Dutch challenger bank bunq claims to be first to offer debt-free credit card: 4 European bank startups it plans to defeat in the race

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There are countless travel credit cards on the market, but not all of them provide the same benefits. Recently, bunq, an independent Dutch bank that removes borders and barriers in traditional banking has introduced a Travel Card.

Founder and CEO Ali Niknam, said:

The Bunq Travel Card is the best pass for travelling because it enables our users to travel around the world debt-free. Also, they pay the real exchange rate and always keep full control thanks to our unique security options.

Based out of Amsterdam, bunq offers this card as an ultimate solution for travel for both individuals and companies. Launched in ties with Mastercard, users can book hotels, rental cars and experience other benefits of a credit card, are without risking red.

The Travel Card is provided with a BIN number (bank identification number). For the uninitiated, it is a verification number that hotels and car rental companies almost always ask for before booking. Furthermore, it can be used with Google Pay and Apple Pay, as far as it is supported in the country.

Talking about the availability, the card is available for bunq Premium and bunq Business users. Moreover, users can also change various settings and switch them on or off through their smartphone. For example, the limit of the card, managing CVC security codes or blocking the card in the event of loss or theft. Notably, bunq is the first European challenger bank introduced a credit card.

In this regard, we have compared the four main European challenger banks with bunq that shape the future of banking. Here’s a quick look of what they’re able to do today.

Revolut (London)

Most importantly, Revolut boasts a range of options right from insurance to cryptocurrencies with smooth user experience. The app also features an auto-categorisation of transactions and allows you to set a monthly budget as well. For travel it’s important to have a card with multiple currency feature and yes, it has too. Additionally, it shows real-time exchange rates as well.

In the Netherlands, users can apply for MasterCard and a Maestro card, if you are in the UK, users can get a Visa too. Just like any other banks, Revolut also provides some unique features like blocking cards, creating virtual cards, and free travel and medical insurance. There are fees for the proper Revolut plans.

N26 (Berlin)

Creating an account and obtaining a card are free in N26, but to enjoy more benefits like medical insurance and travel insurance, users need to sign up for the N26 Black subscription. Unlike Revolut, N26 provides an app for both mobile and desktop with the proper, quality interface.

Plus, users would get everything they’d expect from a modern bank including analytics for your transactions, a digital card and support for both Google and Apple Pay. On the down-side, N26 doesn’t support multi-currency conversion. Having said that, it does have currency conversion and sending features, but powered by Transferwise.

Transferwise (London)

Started as a service to send money, Transferwise expanded its expertise into card payment as well. Unlike N26, it can hold multiple currencies and provides a unique bank account number for each currency. And that’s about it. No mobile payment, cryptocurrencies or Life insurance.

Monzo (London)

With millions of customers, Monzo works exclusively in a single market – British Pounds. Just like Revolut, it offers great analytics, automatic categorisation and users can set the target on each category. Since it focuses on a single market, it has features like seamless switching from other UK banks, recurring payments, overdrafts and much more.

Stay tuned to Silicon Canals for more updates in the tech startup world.

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