Trade Republic Card: Is It Worth Getting?
Summary
TLDRThe video script provides a detailed review of the Trade Republic card, highlighting its features such as 1% cashback on purchases, 4% interest on cash reserves, and no fees for international ATM withdrawals or currency exchange. The reviewer compares Trade Republic with Revolut, emphasizing the former's advantages in cost-effectiveness and customer treatment. They share their positive personal experience using the card for daily expenses and earning interest, while noting areas for improvement like daily spending limits and customer service. The card's security features and the company's growth are also discussed, with a strong recommendation for its use in Europe.
Takeaways
- 🏦 Trade Republic is a German broker with over 4 million customers, operating in 17 European countries and managing 35 billion in assets.
- 💳 The new Trade Republic debit card allows users to spend the cash balance on their Trade Republic account for everyday expenses, both online and in-store.
- 💰 The card offers a unique feature where uninvested funds in the account earn a 4% interest rate per year, up to €50,000, secured by a €100,000 bank deposit guarantee.
- 🔄 The 1% save back feature provides cash back on purchases, which must be invested the following month through commission-free recurring investments.
- 💳.3 Card versions include a free virtual card, a classic card for a one-time fee of €5, and a premium metal mirror card costing €50.
- 🌐 There are no fees for ATM withdrawals worldwide as long as the withdrawal amount is €100 or more, and no currency exchange fees are charged.
- 🔒 Security features include no card number or expiration date printed on the physical card, notifications for new online payments, and the ability to freeze or lock the card within the app.
- 📈 Trade Republic is one of the best low-cost brokers in Europe for ETFs, stocks, and bonds, with a flat fee for direct orders and no commission.
- 🚀 The card is set to roll out across all 16 countries outside of Germany in the second week of April.
- 💬 The reviewer has had a positive experience with the card, citing its features, benefits, and customer service improvements as key advantages.
- 🔗 The reviewer encourages viewers to use their affiliate link to open a Trade Republic account and supports the platform with a like and subscription to their channel.
Q & A
What is the primary purpose of the Republic card and how does it differ from traditional bank offerings?
-The primary purpose of the Republic card is to enable users to make everyday payments using the cash balance on their Trade Republic account, while still earning a high interest rate on uninvested funds. Unlike traditional banks, the card offers up to 4% interest per year on cash reserves and a 1% cash back on purchases, which is reinvested the following month. This feature is unique as most banks do not offer such interest rates on savings accounts or charge fees for ATM withdrawals and foreign currency transactions.
How does the interest rate on uninvested funds with Trade Republic compare to traditional bank accounts?
-Trade Republic offers an interest rate of 4% per year on up to €50,000 worth of uninvested funds, which is significantly higher than what traditional banks typically offer. Additionally, Trade Republic's interest rate is secured by a €100,000 bank deposit guarantee, making it a more attractive option for individuals looking to earn more on their cash reserves.
What are the different versions of the Trade Republic card and their associated costs?
-There are three versions of the Trade Republic card: the virtual card, which is free and can be used online or in-store for contactless payments; the classic card, which costs a one-time fee of €5 primarily covering shipping costs; and the metal mirror card, which costs €50 and offers a premium look and feel.
How does the 1% save back feature work on the Trade Republic card?
-The 1% save back feature provides users with 1% cash back on their card payments, which accumulates each month and must be invested the following month via a commission-free monthly saving plan. The maximum save back that can be accumulated in a month is capped at €15, which translates to €1,500 of monthly card payments.
Are there any fees associated with ATM withdrawals using the Trade Republic card?
-There are no fees for withdrawing cash at ATMs using the Trade Republic card, as long as the withdrawal amount is €100 or more at once. This applies to both local currency and foreign currency withdrawals, globally.
How does the currency exchange rate work with the Trade Republic card for transactions in different currencies?
-Trade Republic uses the exact rate set by Visa for currency exchanges, without any additional markup or fees. This ensures that users get the real-time exchange rate without extra charges, making it cost-effective for international transactions.
What security features does the Trade Republic card offer to protect users' sensitive information?
-The Trade Republic card offers several security features, including not printing sensitive information such as the card number, expiration date, and verification code on the card itself. Users also receive notifications for new merchant payments and card usage, and the card can be quickly frozen or settings changed within the Trade Republic app.
What is the user's personal experience with the Trade Republic card and its customer service?
-The user has been using the Trade Republic card daily for three weeks and has found it beneficial due to the high interest rate on uninvested funds, 1% cash back on purchases, and no fees for ATM withdrawals or currency exchanges. However, they mention that customer service can be slow at times due to the rapid growth of Trade Republic's customer base.
What improvements or additional features would the user like to see with the Trade Republic card?
-The user would like to be able to change the daily spending limit and split funds into a savings and spending bucket, both of which would continue to earn interest. They also hope for improvements in customer service response times as Trade Republic scales up.
How does the Trade Republic card stack up against competitors like Revolut in terms of fees and features?
-Compared to Revolut, the Trade Republic card offers a higher interest rate on cash reserves, no fees for ATM withdrawals or currency exchanges, and no limits on the number of ATM withdrawals. It also provides a 1% save back feature and the ability to invest in ETFs and stocks with low costs, making it a more attractive option for users looking to maximize their savings and investment opportunities.
What is the user's overall verdict on the Trade Republic card and its suitability for everyday expenses?
-The user considers the Trade Republic card to be the best debit card currently available in Europe due to its combination of high interest rates, cash back rewards, and lack of fees for common banking services. They plan to continue using it for their everyday expenses.
Outlines
💳 Introduction to Trade Republic Card and Its Features
The speaker shares their experience with the Trade Republic card, highlighting its unique features such as 1% cashback on purchases and the ability to earn 4% interest annually on cash reserves. They clarify that they are not sponsored and have received the card as an affiliate, but their opinions are their own. Trade Republic is introduced as a German broker with a wide customer base and assets under management, regulated by the Buffin and the German Bundesbank. The card allows users to spend their account balance directly, with the unique aspect that unspent cash continues to earn interest.
💰 How the 1% Save Back Function Works and Additional Card Features
The 1% save back function is explained as cashback on purchases that must be invested the following month, with a maximum accumulation of €15 per month. The speaker discusses the benefits of using the card, such as commission-free recurring investments and equal treatment of all clients regardless of their account balance. The card's round-up feature is introduced, which invests the extra change from each purchase. The speaker also addresses potential fees, noting that there are no fees for ATM withdrawals over €100 and no currency exchange fees, comparing these advantages to those of Revolut.
🔒 Security Measures and Personal Experience with the Trade Republic Card
Trade Republic's security measures are highlighted, including the absence of sensitive card information on the physical card and immediate notifications for all card transactions. The card can be managed through the app, where users can freeze it or change settings. The speaker shares their positive personal experience with the card, emphasizing its benefits such as no account fees, high interest earnings, and unlimited free ATM withdrawals. They mention areas for improvement and slow customer service due to rapid growth but remain optimistic about future improvements. The speaker concludes that the Trade Republic card is the best available debit card in Europe based on its features and their experience.
Mindmap
Keywords
💡Trade Republic
💡Interest on Cash Reserves
💡ETFs
💡Debit Card
💡1% Save Back
💡ATM Withdrawals
💡Currency Exchange Fees
💡Security Features
💡Customer Service
💡Personal Experience
Highlights
User has been using the new trade, Republic card for several weeks and wants to share their experience.
trade, Republic offers 4% interest per year on cash reserves, which is higher than most traditional banks.
The card provides a unique feature of 1% save back on purchases, which is not commonly offered by other banks in Europe.
There are no fees for cash withdrawals at ATMs if the user withdraws €100 or more at once, regardless of the currency.
The card allows users to earn interest on their uninvested funds with a €100,000 bank deposit guarantee.
trade, Republic is one of the best low-cost brokers in Europe for ETFs, stocks, and bonds.
The card enables direct use of cash balance on trade Republic for payments both online and physically.
The interest rate on uninvested funds is 4%, which is higher than the rate offered by the ECB to banks at its deposit facility.
Users can invest in fractional shares through recurring investments, allowing for smaller investment amounts.
The card has three versions: virtual, classic, and mirror card, each with different costs and features.
The save back feature requires the accumulated amount to be invested the following month, with a maximum of €15 per month.
Roundup is a feature that rounds up each payment to the nearest Euro and invests the difference.
trade, Republic does not charge currency exchange fees and uses the exact rate set by Visa.
The card has security features such as not displaying sensitive information and requiring app verification for new online payments.
The card is automatically locked after several incorrect PIN entries, adding an extra layer of security.
User's personal experience has been positive, with no account fees, clear guidelines, and the ability to earn interest on expenses.
trade, Republic is considered the best debit card currently available in Europe by the user due to its features and benefits.
Transcripts
I've now been using the new trade
Republic card for the past few weeks so
I wanted to share my experience with all
of you I know a lot of you have been
patiently waiting to get it as well as
many of you are already using trade
Republic to buy ETFs or to earn 4%
interest per year on cash reserves we'll
be covering all of the cards features
like the 1% save back on your purchases
using the card something no other Bank
in Europe is currently offering and if
there are any fees to be aware of for
example when picking up cash at an ATM
or when paying in a different currency
we're even going to compare it to
revolute to see which option comes out
on top you'll of course also find out
how everything works in detail and my
personal opinion and experience so far
after using it every single day for the
past 3 weeks hopefully this video will
help you figure out if it's worth
getting yourself but before we get right
into it I'd like to clarify that I've
not been paid by anyone to make this
video I've never accepted money to
mention anything in a video as I don't
do sponsored content out of principle
and I have no intention of ever changing
that you guys are not for sale and
neither am I I did however receive my C
early as a trade Republic affiliate and
I do receive a small commission if you
use my link in description below to open
a trade Republic account which is a
great way to support me if you'd like to
I just wanted to get that out of the way
before we begin first off who is trade
Republic in the first place trade
Republic is a German broker with over 4
million customers in 17 European
countries and 35 billion in assets under
management strictly regulated by the
buffin and the German bundesbank and
received its full banking license at the
end of last year having its own banking
license enabled it to issue a payment
card so they were now able to pay for
everyday expenses using the cash on our
account a reason why you may want to
hold your Euros in your account is that
trade Republic currently pays 4%
interest per year on up to 50,000 worth
of uninvested funds secured by a €
100,000 bank deposit guarantee because
of that my wife and I have been using
them to earn interest on our own cash
reserves which would otherwise be
earning zero on our Austrian bank
accounts with our banks pocketing
whatever the earning in interest
themselves interest is paid out at the
start of every every single month
meaning it compounds as well so the
annual rate actually ends up being
slightly higher at around 4.07% per year
right now if you leave the interest you
earn on your account as well apart from
the high interest rate basically the
rate the ECB is paying banks at its
deposit facility right now trade
Republic is one of the best lowcost
brokers in Europe for ETFs stocks and
bonds and has become a second most used
broker right after interactive brokers
that's because you only pay a flat onee
fee for direct orders no matter the
amount amount and no commission
whatsoever if you set up a recurring
investment which is perfect for smaller
investment amounts you also get
fractional shares when you invest so
you're always able to invest the entire
amount you want not only that your
shares only belong to you and are never
lent out the broker is strictly
regulated in Germany as I already
mentioned and you can transfer your
portfolio to another broker if you ever
change your mind a feature That's
essential for long-term investors all
right now let's finally get to the new
debit card that was launched which let's
be honest is the reason you're watching
this video in the first place the card
enables you to directly use the cash
balance on trade Republic for payments
no matter if online or physically either
using the card itself or Google and
Apple pay on your smartphone you can now
also withdraw cash at an ATM directly
from your trade Republic account what
makes this unique is that whatever money
is sitting on the account waiting to be
spent is still earning the full 4%
interest rate normally this is not
possible you usually need to move money
between two accounts and decide if you
want to be able to spend it that account
usually earns zero interest or have it
sitting on a separate savings account
earning a bit of interest but which you
can't access directly when making
everyday payments and just to give you
an example having an average monthly
balance of €2,000 sitting on a zero
interest spending account basically cost
you €6 and. 70 cents in interest per
month you could have otherwise earned at
a 4% rate luckily we don't have that
problem when using trade Republic now
getting back to the card there are three
different versions first the virtual
card which is free and has all of the
same features as the other cards and can
be used online or in store for
contactless payments using your phone
via Google or Apple pay then the classic
card for a onetime fee of €5 which
basically covers the shipping costs to
you and lastly the fancy Mirror card
made out of metal which I have right
here which costs 50 and has a nice
weight to it I really like how it looks
and feels in the hand it definitely
stands out still I want to disclose that
I got this one for free as an affiliate
otherwise I think the classic card for
€5 would have been enough for me that's
because I rarely pull out my card for
payments and mostly use my phone instead
the only real advantage of the two
physical cards is that they enable you
to withdraw cash at an ATM otherwise
everything is exactly the same still I
think having that added flexibility is
definitely worth paying 5 once I have to
say this is something I really
appreciate about trade Republic every
single client no matter if you're a new
one or an older existing client no
matter if you have a lot of money or
you're just starting small everyone is
treated the same and gets the full 4%
interest rate on cash the the same 1%
save back using any version of the card
and access to commission free recurring
Investments nobody is trying to upsell
you to a random paid premium tier or
anything like that to get these benefits
speaking of the 1% save back function
here's what it is and how it works save
back is basically cash back on your
purchases but the amount you accumulate
every calendar month needs to be
invested the following month let me
explain whenever you use your card for
payments of any type trade Republic
gives you 1% of the amount you spent in
the form of save back the maximum save
back you can accumulate every single
month is kept at € 15 which doesn't
sound like a lot at first Until you
realize that translates to €1,500 of
monthly payments using the card I don't
know about you but I rarely spent more
than that using a debit card also
considering the fact that we're not able
to pay for larger recurring expenses
like rent using a card in the first
place now the save back you accumulate
needs to be invested via commission free
monthly saving plan AKA recurring
investment of at least €50 you can also
have several smaller saving plans as
long as their monthly total is 50 or
more in that case you can pick which of
the plans you want your money to be
added to by clicking on the save back
button under benefits in the cash tab
you can always sell whichever amount was
invested including the save back that
was added as soon as your commission
free savings plan is executed in case
you were not planning on having this
money invested long term in fact if
you're only interested in the extra cash
perhaps because you were only using
trade Republic to earn 4% interest on
your uninvested f and now also to get 1%
back on your expenses an option could be
to set up a savings plan for the XT
trackers overnight rate ETF which
reflects the Euro short-term rate which
is currently close to 4% per year you
can find this ETF using the tickeron on
trade Republic you can sell these shares
anytime as well but in this case you're
able to avoid the price swings you would
otherwise have when investing in the
stock market personally I'm happy to
just have this money added to a monthly
saving plan going into my favorite ETF
the accumulating Vanguard footy o World
which you can find VI the ticker bwce
Roundup is another card feature you can
activate if you want once again you can
find it under cash benefits Roundup
payments if you activate it each payment
you make with your card will be rounded
up to the next Euro so for example if
you're spending €250 on a coffee your
payment will be automatically rounded up
to €3 and that 50 Cent difference will
be deducted from your balance as Roundup
this is with a 1x multiplier which you
can also increase if you want for
example if you select 2x then that that
50 Cent difference I just mentioned will
be multiplied by two and € will be
deducted instead as Roundup the Roundup
amount you accumulate this way will then
be automatically invested each week into
whichever ETF or stock you choose once
again commission free I'm not going to
use this feature personally since my
wife and I already invest a few thousand
on a monthly basis but it could be an
interesting option if you need some
extra motivation to start investing
regularly okay so far I think all of
that sounds pretty great but you're
probably wondering if there are any fees
to be aware of when using the card what
about cash withdrawals using ATMs for
example luckily there are zero fees for
withdrawing cash at ATMs using your card
as long as you withdraw €100 or more at
once I tested this myself a few days ago
so I can confirm that there were no fees
if you withdraw less than that amount a
withdrawal costs € not only that this
applies to other currencies as well
globally trade Republic doesn't charge
any withdrawal fees no matter the
currency as long as the withdrawal
amount is over €100 there is no limit on
the number of ATM withdrawals each month
either the conditions always remain the
exact same the only thing you have is a
cash withdrawal limit of 1,500 per day
and €6,000 per week for security reasons
now compar it to revolute where you can
only withraw up to €200 of cash at ATMs
each month without fees using its free
plan after that you pay a 2% fee which
is a lot speaking of paying or
withdrawing money in other currencies
there are no currency exchange fees
either the money is simply converted
using the exact rate set by Visa each
day and there is no markup or any other
fee that's added by trade Republic I did
a few tests comparing currency exchange
rates between Visa rates and what I paid
on revolute on a few different occasions
sometimes Visa ends up being cheaper for
example on March 19th I could have saved
0.3% if I had paid using trade Republic
instead of revolute for this $20 payment
in US Dollars and other times revolute
ends up being slightly cheaper either
way so far based on my testing the
differences are minimal and always
significantly below the 1% save back so
in my opinion it's worth using the
Republic card for payments in other
currencies over revolute and on weekends
the Visa rates used by trade Republic
always end up being better than revolute
in my experience since revolute charges
an extra 1% weekend exchange fee also
keep in mind that revolute capts free
currency conversions at €1,000 per month
after that you pay an extra one or fee
meanwhile there are no monthly
conversion limits using trade Republic
which is great you simply have a very
high card spending limit of €10,000 per
day and €20,000 per week for security
reasons as far as I can tell we're not
able to adjust these limits ourselves
yet hopefully this feature will be added
later let's actually use that as a
transition to talk about Security in
more detail as you can see here trade
Republic actually decided not to print
the card number expiration date and
verification code on the card itself for
safety reasons so that you can safely
pull it out when making payments without
anyone seeing this sensitive information
when you want to make an online payment
to a new Merchant the first time for
example when you want to buy something
with it for the first time using it in
your Amazon account you get a
notification from the trade Republic app
to verify that payment this is another
important security feature and I'm glad
it's there you also get a notification
right away whenever your card is used
for payments of any sort you can find
all the card settings and details at the
top right within the trade Republic app
where you can also quickly freeze it
change your pin and activate or
deactivate specific features like
contactless or online payments the last
thing worth mentioning in this context
is that your card is automatically
locked if the wrong PIN is entered
several times in a row which once again
is an important feature in case you were
to lose it or if it gets stolen if you
made that mistake yourself you can
unlock it again within the app or you
can also change your PIN meanwhile if
you lost it you can terminate it and
order a new card all right let's finish
things off with my personal experience
and what I consider to be the pros and
cons of using the card so far my wife
and I have been using the card every
single day for the past 3 weeks I simply
added it to Google pay on our two phones
so that we're both able to use the same
account for payments and to earn a 1%
save back on each purchase I like that
there are no account fees and everything
is clearly outlined the money is secured
by € 100,000 bank deposit guarantee
while earning 4% interest per year we
now get 1% save back on up to 1,500 of
expenses each month there are no
currency conversion fees and we can do
an unlimited number of free cash
withdrawals at ATMs no matter where we
are and no matter in which currency as
long as we withdraw €100 or more at once
of course there's still room for
improvement here as well nothing is
perfect for example I would like to be
able to change the daily spending limit
or to split my funds in into a savings
and a spending bucket as long as both
keep earning interest of course and
trade Republic's customer service can be
a bit slow at times which is clearly the
result of them growing so quickly to
over 4 million customers across 17
European countries in such a short
amount of time their regional manager
has however informed me that scaling and
improving customer service is their top
priority right now so things should get
better soon luckily I've rarely needed
to reach out to the support team myself
as I've had zero issues over the past 3
and a half years and neither have any of
my friends and family members who use
trade Republic to buy stocks and ETFs
and to earn interest on their cash
either way because of all of its
features and benefits in my opinion
trade Republic has managed to make this
the best debit card that's currently
available in Europe which is why my wife
and I will keep using it for our
everyday expenses they're planning to
roll out the card in all of the 16
countries outside of Germany starting in
the second week of April so don't be
upset if you didn't get yours yet they
simply sent it to me a bit earlier so
that I could already test it out if
you'd like to check out tra Republic for
yourself and support the work that I put
into this video feel free to use my link
in the description below and don't
forget to gently tap the like button and
to subscribe to the channel if you
haven't yet I'm also curious to know
what you guys think about the new card
are you looking forward to using it as
well thank you guys so much for watching
have a wonderful week and until next
time
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