Trade Republic Card: Is It Worth Getting?

Angelo Colombo
2 Apr 202413:15

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.
  • πŸ’³ 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.
  • πŸ’° 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.
  • πŸ”„ The 1% save back feature provides cash back on purchases, which must be invested the following month through commission-free recurring investments.
  • πŸ’³.3 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.
  • πŸ”’ 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.
  • πŸ“ˆ 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.
  • πŸš€ The card is set to roll out across all 16 countries outside of Germany in the second week of April.
  • πŸ’¬ The reviewer has had a positive experience with the card, citing its features, benefits, and customer service improvements as key advantages.
  • πŸ”— 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

πŸ’³ 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

πŸ’° 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

πŸ”’ 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

πŸ’‘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.

πŸ’‘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.

πŸ’‘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.

πŸ’‘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.

πŸ’‘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.

πŸ’‘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.

πŸ’‘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.

πŸ’‘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.

πŸ’‘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.

πŸ’‘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

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I've now been using the new trade

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Republic card for the past few weeks so

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I wanted to share my experience with all

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of you I know a lot of you have been

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patiently waiting to get it as well as

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many of you are already using trade

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Republic to buy ETFs or to earn 4%

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interest per year on cash reserves we'll

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be covering all of the cards features

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like the 1% save back on your purchases

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using the card something no other Bank

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in Europe is currently offering and if

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there are any fees to be aware of for

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example when picking up cash at an ATM

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or when paying in a different currency

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we're even going to compare it to

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revolute to see which option comes out

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on top you'll of course also find out

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how everything works in detail and my

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personal opinion and experience so far

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after using it every single day for the

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past 3 weeks hopefully this video will

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help you figure out if it's worth

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getting yourself but before we get right

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into it I'd like to clarify that I've

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not been paid by anyone to make this

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video I've never accepted money to

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mention anything in a video as I don't

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do sponsored content out of principle

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and I have no intention of ever changing

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that you guys are not for sale and

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neither am I I did however receive my C

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early as a trade Republic affiliate and

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I do receive a small commission if you

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use my link in description below to open

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a trade Republic account which is a

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great way to support me if you'd like to

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I just wanted to get that out of the way

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before we begin first off who is trade

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Republic in the first place trade

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Republic is a German broker with over 4

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million customers in 17 European

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countries and 35 billion in assets under

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management strictly regulated by the

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buffin and the German bundesbank and

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received its full banking license at the

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end of last year having its own banking

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license enabled it to issue a payment

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card so they were now able to pay for

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everyday expenses using the cash on our

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account a reason why you may want to

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hold your Euros in your account is that

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trade Republic currently pays 4%

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interest per year on up to 50,000 worth

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of uninvested funds secured by a €

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100,000 bank deposit guarantee because

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of that my wife and I have been using

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them to earn interest on our own cash

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reserves which would otherwise be

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earning zero on our Austrian bank

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accounts with our banks pocketing

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whatever the earning in interest

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themselves interest is paid out at the

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start of every every single month

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meaning it compounds as well so the

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annual rate actually ends up being

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slightly higher at around 4.07% per year

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right now if you leave the interest you

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earn on your account as well apart from

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the high interest rate basically the

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rate the ECB is paying banks at its

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deposit facility right now trade

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Republic is one of the best lowcost

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brokers in Europe for ETFs stocks and

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bonds and has become a second most used

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broker right after interactive brokers

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that's because you only pay a flat onee

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fee for direct orders no matter the

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amount amount and no commission

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whatsoever if you set up a recurring

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investment which is perfect for smaller

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investment amounts you also get

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fractional shares when you invest so

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you're always able to invest the entire

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amount you want not only that your

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shares only belong to you and are never

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lent out the broker is strictly

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regulated in Germany as I already

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mentioned and you can transfer your

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portfolio to another broker if you ever

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change your mind a feature That's

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essential for long-term investors all

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right now let's finally get to the new

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debit card that was launched which let's

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be honest is the reason you're watching

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this video in the first place the card

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enables you to directly use the cash

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balance on trade Republic for payments

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no matter if online or physically either

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using the card itself or Google and

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Apple pay on your smartphone you can now

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also withdraw cash at an ATM directly

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from your trade Republic account what

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makes this unique is that whatever money

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is sitting on the account waiting to be

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spent is still earning the full 4%

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interest rate normally this is not

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possible you usually need to move money

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between two accounts and decide if you

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want to be able to spend it that account

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usually earns zero interest or have it

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sitting on a separate savings account

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earning a bit of interest but which you

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can't access directly when making

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everyday payments and just to give you

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an example having an average monthly

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balance of €2,000 sitting on a zero

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interest spending account basically cost

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you €6 and. 70 cents in interest per

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month you could have otherwise earned at

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a 4% rate luckily we don't have that

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problem when using trade Republic now

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getting back to the card there are three

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different versions first the virtual

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card which is free and has all of the

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same features as the other cards and can

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be used online or in store for

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contactless payments using your phone

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via Google or Apple pay then the classic

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card for a onetime fee of €5 which

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basically covers the shipping costs to

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you and lastly the fancy Mirror card

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made out of metal which I have right

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here which costs 50 and has a nice

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weight to it I really like how it looks

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and feels in the hand it definitely

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stands out still I want to disclose that

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I got this one for free as an affiliate

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otherwise I think the classic card for

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€5 would have been enough for me that's

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because I rarely pull out my card for

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payments and mostly use my phone instead

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the only real advantage of the two

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physical cards is that they enable you

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to withdraw cash at an ATM otherwise

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everything is exactly the same still I

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think having that added flexibility is

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definitely worth paying 5 once I have to

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say this is something I really

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appreciate about trade Republic every

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single client no matter if you're a new

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one or an older existing client no

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matter if you have a lot of money or

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you're just starting small everyone is

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treated the same and gets the full 4%

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interest rate on cash the the same 1%

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save back using any version of the card

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and access to commission free recurring

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Investments nobody is trying to upsell

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you to a random paid premium tier or

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anything like that to get these benefits

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speaking of the 1% save back function

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here's what it is and how it works save

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back is basically cash back on your

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purchases but the amount you accumulate

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every calendar month needs to be

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invested the following month let me

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explain whenever you use your card for

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payments of any type trade Republic

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gives you 1% of the amount you spent in

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the form of save back the maximum save

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back you can accumulate every single

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month is kept at € 15 which doesn't

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sound like a lot at first Until you

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realize that translates to €1,500 of

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monthly payments using the card I don't

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know about you but I rarely spent more

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than that using a debit card also

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considering the fact that we're not able

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to pay for larger recurring expenses

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like rent using a card in the first

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place now the save back you accumulate

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needs to be invested via commission free

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monthly saving plan AKA recurring

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investment of at least €50 you can also

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have several smaller saving plans as

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long as their monthly total is 50 or

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more in that case you can pick which of

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the plans you want your money to be

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added to by clicking on the save back

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button under benefits in the cash tab

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you can always sell whichever amount was

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invested including the save back that

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was added as soon as your commission

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free savings plan is executed in case

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you were not planning on having this

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money invested long term in fact if

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you're only interested in the extra cash

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perhaps because you were only using

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trade Republic to earn 4% interest on

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your uninvested f and now also to get 1%

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back on your expenses an option could be

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to set up a savings plan for the XT

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trackers overnight rate ETF which

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reflects the Euro short-term rate which

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is currently close to 4% per year you

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can find this ETF using the tickeron on

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trade Republic you can sell these shares

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anytime as well but in this case you're

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able to avoid the price swings you would

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otherwise have when investing in the

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stock market personally I'm happy to

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just have this money added to a monthly

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saving plan going into my favorite ETF

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the accumulating Vanguard footy o World

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which you can find VI the ticker bwce

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Roundup is another card feature you can

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activate if you want once again you can

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find it under cash benefits Roundup

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payments if you activate it each payment

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you make with your card will be rounded

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up to the next Euro so for example if

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you're spending €250 on a coffee your

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payment will be automatically rounded up

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to €3 and that 50 Cent difference will

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be deducted from your balance as Roundup

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this is with a 1x multiplier which you

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can also increase if you want for

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example if you select 2x then that that

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50 Cent difference I just mentioned will

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be multiplied by two and € will be

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deducted instead as Roundup the Roundup

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amount you accumulate this way will then

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be automatically invested each week into

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whichever ETF or stock you choose once

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again commission free I'm not going to

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use this feature personally since my

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wife and I already invest a few thousand

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on a monthly basis but it could be an

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interesting option if you need some

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extra motivation to start investing

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regularly okay so far I think all of

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that sounds pretty great but you're

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probably wondering if there are any fees

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to be aware of when using the card what

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about cash withdrawals using ATMs for

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example luckily there are zero fees for

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withdrawing cash at ATMs using your card

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as long as you withdraw €100 or more at

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once I tested this myself a few days ago

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so I can confirm that there were no fees

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if you withdraw less than that amount a

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withdrawal costs € not only that this

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applies to other currencies as well

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globally trade Republic doesn't charge

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any withdrawal fees no matter the

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currency as long as the withdrawal

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amount is over €100 there is no limit on

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the number of ATM withdrawals each month

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either the conditions always remain the

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exact same the only thing you have is a

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cash withdrawal limit of 1,500 per day

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and €6,000 per week for security reasons

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now compar it to revolute where you can

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only withraw up to €200 of cash at ATMs

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each month without fees using its free

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plan after that you pay a 2% fee which

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is a lot speaking of paying or

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withdrawing money in other currencies

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there are no currency exchange fees

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either the money is simply converted

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using the exact rate set by Visa each

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day and there is no markup or any other

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fee that's added by trade Republic I did

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a few tests comparing currency exchange

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rates between Visa rates and what I paid

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on revolute on a few different occasions

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sometimes Visa ends up being cheaper for

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example on March 19th I could have saved

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0.3% if I had paid using trade Republic

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instead of revolute for this $20 payment

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in US Dollars and other times revolute

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ends up being slightly cheaper either

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way so far based on my testing the

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differences are minimal and always

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significantly below the 1% save back so

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in my opinion it's worth using the

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Republic card for payments in other

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currencies over revolute and on weekends

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the Visa rates used by trade Republic

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always end up being better than revolute

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in my experience since revolute charges

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an extra 1% weekend exchange fee also

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keep in mind that revolute capts free

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currency conversions at €1,000 per month

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after that you pay an extra one or fee

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meanwhile there are no monthly

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conversion limits using trade Republic

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which is great you simply have a very

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high card spending limit of €10,000 per

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day and €20,000 per week for security

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reasons as far as I can tell we're not

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able to adjust these limits ourselves

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yet hopefully this feature will be added

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later let's actually use that as a

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transition to talk about Security in

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more detail as you can see here trade

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Republic actually decided not to print

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the card number expiration date and

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verification code on the card itself for

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safety reasons so that you can safely

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pull it out when making payments without

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anyone seeing this sensitive information

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when you want to make an online payment

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to a new Merchant the first time for

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example when you want to buy something

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with it for the first time using it in

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your Amazon account you get a

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notification from the trade Republic app

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to verify that payment this is another

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important security feature and I'm glad

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it's there you also get a notification

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right away whenever your card is used

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for payments of any sort you can find

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all the card settings and details at the

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top right within the trade Republic app

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where you can also quickly freeze it

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change your pin and activate or

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deactivate specific features like

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contactless or online payments the last

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thing worth mentioning in this context

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is that your card is automatically

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locked if the wrong PIN is entered

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several times in a row which once again

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is an important feature in case you were

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to lose it or if it gets stolen if you

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made that mistake yourself you can

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unlock it again within the app or you

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can also change your PIN meanwhile if

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you lost it you can terminate it and

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order a new card all right let's finish

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things off with my personal experience

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and what I consider to be the pros and

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cons of using the card so far my wife

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and I have been using the card every

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single day for the past 3 weeks I simply

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added it to Google pay on our two phones

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so that we're both able to use the same

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account for payments and to earn a 1%

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save back on each purchase I like that

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there are no account fees and everything

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is clearly outlined the money is secured

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by € 100,000 bank deposit guarantee

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while earning 4% interest per year we

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now get 1% save back on up to 1,500 of

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expenses each month there are no

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currency conversion fees and we can do

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an unlimited number of free cash

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withdrawals at ATMs no matter where we

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are and no matter in which currency as

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long as we withdraw €100 or more at once

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of course there's still room for

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improvement here as well nothing is

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perfect for example I would like to be

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able to change the daily spending limit

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or to split my funds in into a savings

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and a spending bucket as long as both

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keep earning interest of course and

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trade Republic's customer service can be

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a bit slow at times which is clearly the

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result of them growing so quickly to

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over 4 million customers across 17

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European countries in such a short

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amount of time their regional manager

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has however informed me that scaling and

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improving customer service is their top

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priority right now so things should get

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better soon luckily I've rarely needed

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to reach out to the support team myself

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as I've had zero issues over the past 3

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and a half years and neither have any of

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my friends and family members who use

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trade Republic to buy stocks and ETFs

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and to earn interest on their cash

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either way because of all of its

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features and benefits in my opinion

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trade Republic has managed to make this

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the best debit card that's currently

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available in Europe which is why my wife

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and I will keep using it for our

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everyday expenses they're planning to

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roll out the card in all of the 16

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countries outside of Germany starting in

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the second week of April so don't be

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upset if you didn't get yours yet they

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simply sent it to me a bit earlier so

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that I could already test it out if

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you'd like to check out tra Republic for

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yourself and support the work that I put

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into this video feel free to use my link

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in the description below and don't

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forget to gently tap the like button and

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to subscribe to the channel if you

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haven't yet I'm also curious to know

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what you guys think about the new card

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are you looking forward to using it as

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well thank you guys so much for watching

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have a wonderful week and until next

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time

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Trade RepublicDebit CardFinancial TechInterest EarningCashback RewardsATM WithdrawalsCurrency ExchangeEuropean BankingInvestment OptionsPersonal Finance