The New Trading 212 Debit Card - Should I Get it?
Summary
TLDRThe video discusses the launch of a new debit card by the investment app Trading 212, which offers a high-interest rate on cash balances, 0.5% cash back on spending up to £20 a month, and a competitive 0.15% fee on foreign currency transactions in 13 currencies. The card has no monthly charges, making it an attractive option for everyday spending and travel. However, there are minor fees for excessive cash withdrawals and for a physical card replacement. The presenter, who is on the waitlist, plans to use the card for its cash benefits and low FX fees during international travel, and suggests viewers consider the card based on their spending habits and travel needs.
Takeaways
- 📈 The trading 212 app has announced the launch of a debit card offering a high level of interest on cash in the account, making it competitive with easy access current accounts.
- 💳 The debit card provides 0.5% cash back on spending, up to a total of £20 a month, which requires a monthly spending of £4,000 to reach the limit.
- 🌐 There's a 0.15% fee on the true interbank rate for foreign currency transactions, which is very competitive and applies to 13 currencies, including Canadian dollars.
- 🆓 No monthly charges for owning the card, which is a significant advantage over cards with monthly fees.
- 👍 Positive community response to the card, with some considering it as a potential replacement for their current cards, like the Revolut card.
- 🚫 Potential downsides include a 1% fee for cash withdrawals over £100 per month and a £5.85 fee for a physical card, although these are not common occurrences for most users.
- 💰 A daily spending limit of £99,000 may not impact most users, but could be a consideration for high-volume spenders.
- 🛍️ The card is suitable for everyday spending, offering cash back rewards and savings on a variety of expenses.
- ✈️ Ideal for travelers with its low FX fee, making it a cost-effective choice for spending abroad without rate markups or weekend fees.
- 💭 The speaker is on the waitlist for the card and plans to use it for its cash interest rate and for spending abroad, but it won't replace their preferred credit card for everyday use.
- 🤔 Whether one should get the card depends on personal circumstances, but the card offers a compelling set of features for those looking to maximize rewards and savings.
Q & A
What is the main topic discussed in the video?
-The video discusses the launch of a new debit card by the investment app Trading 212, including its features, benefits, and potential use cases.
When did Trading 212 announce the launch of their debit card?
-Trading 212 announced the launch of their debit card in February, with plans to launch it by the end of March.
What is the promotional code provided for new account holders?
-The promotional code provided for new account holders is 'div XP' or 'divv exp', which stands for the dividend experiment.
What is the benefit of using the promotional code?
-Using the promotional code 'div XP' or 'divv exp' allows new account holders to receive shares worth up to £100 within 10 days of opening their account.
What is the interest rate paid on cash in the Trading 212 debit card account?
-The debit card offers a high level of interest on cash in the account, which is currently 0.5%, but this rate is subject to change depending on the Bank of England rate.
What is the cash back reward offered on spending with the Trading 212 debit card?
-The card offers 0.5% cash back on spending, up to a total of £20 per month, which requires a monthly spending of £4,000.
What is the foreign exchange fee for transactions in 13 currencies using the Trading 212 debit card?
-The debit card has a very competitive foreign exchange fee of 0.15% for transactions in 13 currencies.
Are there any monthly charges for owning the Trading 212 debit card?
-No, there are no monthly charges for owning the Trading 212 debit card, which is a relief for many potential users.
What is the daily limit for transactions using the Trading 212 debit card?
-The daily limit for transactions using the Trading 212 debit card is £99,000, which is unlikely to negatively impact most users.
What are the two main use cases for the Trading 212 debit card as discussed in the video?
-The two main use cases for the Trading 212 debit card are for everyday spending and travel, offering cash back rewards and low foreign exchange fees respectively.
What is the narrator's personal stance on getting the Trading 212 debit card?
-The narrator is planning to get the Trading 212 debit card, finding it useful for travel and taking advantage of the 5.2% rate on cash, despite not expecting it to replace their current credit card for everyday spending.
What additional offer is the narrator providing to viewers of the video?
-The narrator is offering a free PDF Guide to the 10 Dividend Investing Commandments to viewers who submit their email through the provided link.
Outlines
💳 Introduction to Trading 212 Debit Card
The video introduces a new debit card launched by the investment app Trading 212, set to be released at the end of March. Viewers on the waitlist might receive an invitation to get the card as the video is released. The card offers a high level of interest on cash in the account, competitive cash back on spending, and low fees on foreign currency transactions. There are no monthly charges, making it an attractive option. The video also mentions a promo code 'divXP' or 'divvExp' for new account holders, which can be used to receive shares worth up to £100. The content is for informational and educational purposes and should not be considered as investment advice.
🌐 Trading 212 Debit Card Features and Use Cases
The second paragraph delves into the features of the Trading 212 debit card, highlighting its appeal for both everyday spending and travel. The card offers 0.5% cash back on transactions, up to a £20 monthly limit, and a 0.15% fee on foreign currency transactions across 13 currencies. There are no hidden monthly charges, but there are minor fees for cash withdrawals over a certain amount and for obtaining a physical card. The daily spending limit is set at £99,000. The use cases discussed include using the card for daily expenses to earn cash back and for travel to save on currency exchange fees. The host of the video is considering getting the card for its benefits, particularly for travel, and is open to audience opinions on whether they should get the card. The video concludes with a free offer of a PDF guide on dividend investing for viewers who join the email list.
Mindmap
Keywords
💡Investment app
💡Debit card
💡Interest rate
💡Cash back
💡Foreign exchange (FX) fee
💡Monthly charges
💡Wait list
💡Promo code
💡Sponsor
💡Daily limit
💡Travel
💡Dividend experiment
Highlights
Investment app Trading 212 announced the launch of a debit card in February.
The debit card offers a high level of interest on cash in the account.
The interest rate is subject to change based on the Bank of England rate.
Provides 0.5% cash back on spending, up to £20 a month.
There is a 0.15% fee on the true interbank rate for 13 currencies.
No monthly charges for owning the card.
The card is being marketed as a potential 'Revolut killer'.
There are fees for withdrawing large amounts of cash monthly.
A physical card costs £5.85, covering manufacturing and shipping.
There is a £99,000 daily limit on the card.
The card is suitable for everyday spending with cash back rewards.
The card is ideal for travelers with a low FX fee of 0.15%.
The speaker plans to get the card for its cash interest and travel benefits.
The card may not replace the speaker's current credit card for everyday spending.
The speaker will use the card for its high cash interest rate and foreign travel.
The speaker is giving away a PDF guide on dividend investing.
Transcripts
in one of the biggest shakeups to the
Investment app trading 212 in recent
times they've announced in February that
they'll be launching a debit card at the
end of March if you were on the wait
list you could even be receiving your
invite to get your card as this video
comes out so what's the deal with this
card and should I get one in this video
we'll cover what we know so far about
the card The Good the Bad and the Ugly
and finally I will give some use cases
and let you know whether I'll will be
getting the trading 22 debit card hello
and welcome back to the dividend
experiment the channel that helps you a
portfolio that pays your bills the
content that we discussed is intended
for information and educational purposes
only and should not be considered
investment advice or investment
recommendation so what do we know about
the card so far if you have the app
already you should see a new cool little
tab at the bottom menu that looks like a
little minimalist card if you don't have
the app already then I asked trading 2
on2 if they could give me a unique code
that you guys can simply type into the
promo code section Capital At Risk so if
you've opened a new account recently or
planning to open an account then here it
is div XP or divv exp short for the
dividend experiment so you have 10 days
from opening your account to type this
in and receive shares worth up to £100 I
also get something as this is my custom
code so this helps you support the
channel too so thanks to you if you do
use this code and thanks to training 22
for sponsoring the channel but anyway
back on that little card tap on that and
it should bring up the details that
currently look like this so the features
we can see here are that this debit card
has a very high level level of interest
paid on cash on your account comparing
this to an easy access current account
and it might well be one of the most
competitive out there of course the
interest rate is subject to change
depending on the bank of England rate
but it is quite an appealing amount of
Interest 0.5% cash back on your spending
so for example if you buy your groceries
and spend 00 you get 50 P back the total
is limited to20 a month but that would
require a monthly spending of £4,000 a
month anyway I don't know how much you
spend per month but for me I won't be
reaching that 20 for sure the 0.15% f
fee on the true interbank rate and this
is on 13 currencies this is again very
competitive for foreign currency
transactions much better rate than any
cards I own currently if you're
wondering what the currencies are you
can see them on this graphic here and on
top of that Canadian dollars finally the
last box as you can see is that there
are no monthly charges for owning the
card which is a bit of a relief as the
monthly charge could be a deal breaker
for a lot of us so this all looks pretty
compelling as a card option I asked on
the social Community if anyone was
thinking of getting the card some
responses were that they never even
heard of this card yet and that my post
was the first time that they had heard
of it some responses were they're
already happy with the card they
currently using typically this was the
case if they're using a credit card with
rewards other responses were saying that
they're on the wait list and patiently
waiting for the invites to be sent out
overall the response seems to be
positive and thus understandable is the
offering here on the card no monthly
fees low transaction fees on Foreign
Exchange transactions and high levels of
interest when you don't spend some
comments were saying saying that they
might replace their revolute card and
others I saw online tting as a revolute
killer not my own words revolute don't
close my bank account but are there any
downsides to the card so there are no
fees for monthly holding but there are
fees that you might not realize but
you'd have to be using the card in a
very unusual way to experience it at the
bottom of the card landing page it says
this and we see here that if you're
withdrawing hundreds of pounds a month
as cash then you can run into a bit of a
difficulty with the 1% fee but as I said
I think you wouldn't be likely to
encounter this kind of issue on a
regular basis or maybe I just withdraw
cash at a much lower rate than the
average person and the only other cost I
could see listed was that it'll cost
£585 if you want a physical card which
ostensibly covers the manufacturing in
shipping which seems quite reasonable as
you can still use the virtual card on
your phone or however you prefer to pay
this will obviously run up quite a
significant Bill if you continually lose
your card and require a physical one but
again quite unusual behavior that
probably doesn't apply to most of us
finally the only other real restriction
that I can see is the £99,000 daily
limit which again I don't think will
negatively impact us too much I
personally haven't ever spent £99,000 in
a single day or 54,000 in a month on a
card but who knows maybe this is a deal
breaker for
you what are the use cases the two main
use cases I can think of for this card
and its Market proposition for everyday
spending and travel so everyday spending
the trading to 212 debit card offers a
convenient solution for everyday
spending allowing users to earn cash
back reward and save money on a variety
of expenses whether it's purchasing
groceries dining out commuting shopping
for Essentials or enjoying entertainment
users can earn 0.5% cash back on their
transactions which is effectively saving
on their purchases additionally the card
provides the opportunity to earn over 5%
on pounds further enhancing the benefits
of using it for daily expenses with its
versatile use across multiple categories
of spending the train 212 debit card
offers a simple yet effective way for
users to manage their finances while
maximizing rewards and savings travel
the trading212 debit card is an ideal
companion for travelers offering a low
FX fee of just
0.15% this feature allows users to save
significantly on currency exchange fees
when using the card abroad ensuring
costeffective spending during their
travels with no rate markup or weekend
fees users can enjoy hassle-free
transactions while exploring new
destinations whether it's booking accom
dining at local restaurants or indulging
in shopping sprs abroad the card
provides a seamless and cost-efficient
payment solution for travelers making it
valuable asset for international
Adventures should I get the trading 2
on2 card at the time of making this
video I'm still on the wait list and
definitely planning to get the card I
think with no monthly fee there's no
real downside to getting it unless you
truly don't think it'll be useful at all
for you it probably won't replace my
current credit card for everyday
spending for me I prefer spending on a
credit card for multiple reasons and the
car doesn't have quite enough to replace
that currently even with a 0.5% cash
back when traveling abroad to any of the
countries or using the supported
currencies I think this card will become
very useful and this is an easy win for
me over the credit card which charges
much more for me I will be getting this
card taking advantage of the 5.2% rate
on cash currently and then do some
spending abroad if and when I travel
should you get the card no idea that
depends on your own situation I've given
you the breakdown now but i' would love
to hear your thoughts in the comments if
you like this video and if you made it
this far I'm guessing you probably did
then I have some good news for you I'm
giving away my PDF Guide to the 10
dividend investing Commandments or the
criteria that I use to pick dividend
paying stocks and I'm giving it away to
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hope to see you on the next video see
you
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