Trade Republic Card: Is It Worth Getting?

Summary

The 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

00:00

💳 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.

05:01

💰 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.

10:01

🔒 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.

Keywords

💡Trade Republic

Trade Republic is a German broker with over 4 million customers across 17 European countries. It is strictly regulated by the BaFin and the German Bundesbank, and offers a variety of financial services including a payment card, ETFs, stocks, and bonds trading, and cash reserves with interest. In the video, the user shares their experience with the Trade Republic card and its features.

💡Interest on Cash Reserves

Interest on cash reserves refers to the annual 4% interest paid by Trade Republic on uninvested funds up to €50,000, secured by a €100,000 bank deposit guarantee. This feature allows users to earn passive income on their cash holdings, which would otherwise earn little to no interest in a traditional bank account.

💡ETFs

Exchange-Traded Funds (ETFs) are investment funds and exchange-traded products, traded on stock exchanges much like individual stocks. They hold a collection of securities, such as stocks, bonds, or commodities, and are designed to track specific indexes or sectors. In the context of the video, Trade Republic is noted as one of the best low-cost brokers in Europe for trading ETFs.

💡Debit Card

The Trade Republic debit card is a financial tool that allows users to spend the cash balance from their Trade Republic account for everyday expenses, both online and in physical stores. It also supports contactless payments through Google and Apple Pay and enables cash withdrawals at ATMs directly from the account.

💡1% Save Back

The 1% save back feature is a cashback benefit provided by Trade Republic, where users receive 1% of the amount spent back on their purchases every month. This cashback is then required to be invested in the following month through a commission-free monthly saving plan.

💡ATM Withdrawals

ATM withdrawals refer to the process of taking out cash from an ATM using a debit or credit card. In the context of the Trade Republic card, users can withdraw cash at ATMs without any fees, as long as the withdrawal amount is €100 or more.

💡Currency Exchange Fees

Currency exchange fees are charges applied by financial institutions when converting one currency to another. Trade Republic does not charge any currency exchange fees, instead using the exact rate set by Visa, which allows users to avoid additional costs when making transactions in different currencies.

💡Security Features

Security features refer to the measures and technologies implemented to protect users' financial information and transactions from unauthorized access and fraud. In the video, the Trade Republic card has several security features such as no visible card number, automatic card freezing after several incorrect PIN entries, and transaction notifications.

💡Customer Service

Customer service refers to the support provided by a company to its clients, assisting them with inquiries, issues, or transactions. In the context of the video, the user mentions that Trade Republic's customer service can be slow due to the rapid growth of the company and its customer base.

💡Personal Experience

Personal experience refers to an individual's direct encounters or involvement with a particular product or service. In the video, the user shares their personal experience using the Trade Republic card, highlighting its benefits and drawbacks based on their day-to-day use over a period of three weeks.

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