To earn cashback, customers must pay for goods in full from eligible retailers using their Revolut card. They also need to access the retailer’s website through the app.

The cashback is paid immediately after purchase and is deposited in customer’s Vault, a savings feature in the app.

Retailers participating in the scheme include: Amazon, ASOS, Nike, Charlotte Tilbury and John Lewis. A full list of brands is in the ‘Shops’ part of the app.

There are no restrictions on getting cashback from sale items including goods bought at a discount using promotional codes.

Christopher Guttridge, general manager of Lifestyle Products at Revolut, said: “We’re proud to offer instant cashback, unlike other providers, which can take up to three months. As the cost of living rises, we are delivering ongoing product innovations aimed at meeting our customers’ everyday financial needs and aspirations, whilst giving them more financial control. ‘Shops’ helps our customers get the most out of every penny with cashback rewards.”

Challengers looking to become rate champions

Revolut’s offers follows the start of a rate war among digital challenger banks earlier this month to win over customers.

Chase increased the rate on its easy access savings account from 2.7% to 3%. The Chase saver is linked to Chase’s current account which offers 1% cashback on everyday debit card spending for a year. Customers can also earn 5% AER (4.89% gross) on round-up spends.

Tandem Bank went one step further and increased is savings rate to 3.05%. The underlying instant access savings account pays 2.85% but once combined with its top up rate (0.20% AER variable) launched last month, savers can earn 3.05%. Tandem’s rate did not remain market-leading for long, however. Earlier this week fintech bank Chip upped the rate on its instant access account from 3.05% to 3.15% for balances of between £1 and £250,000 taking it to the top of the savings best buy tables.