Trade Republic launching a debit card with 1% cashback

Otacon

Otacon

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Unspent money earns 4% p.a. interest paid monthly

Earn 1 % Saveback on your card payments into your savings plan.

Round up your card payments and invest your spare change on the go.

No monthly subscription fee. Unlimited Free ATM withdrawals worldwide.
 

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Otacon said:
Unspent money earns 4% p.a. interest paid monthly

Earn 1 % Saveback on your card payments into your savings plan.

Round up your card payments and invest your spare change on the go.

No monthly subscription fee. Unlimited Free ATM withdrawals worldwide.
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Also they will be offering "competitive" FX. Looks like a bit of competition for Revolut.

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I hope Revolut ups the FX limit from 1k assuming TR offers the same interbank FX rates. I am a TR customer but I don't want yet another card!
 
Lightning said:
Interesting indeed.

You have to join a wait list to get access. I have put my name down.
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So have I. Will report back when complete.

I top up my Revolut by €400 per week from my current account and it all goes out via Debit Card payments. May as well do that via TR instead and get a return of 200 quid per year, which, I believe would attract no taxation?
 
redstar said:
I wonder would 4% interest attract DIRT ?
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Yes, but the DIRT isn’t deducted at source, so you need to do it yourself with Revenue.

PoundMan said:
How do existing TR users join the waiting list? I looked on https:// traderepublic. com/en-ie/card but don't see the option to join a waiting list.
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Update the App to the latest version and you can click on the card button in the top right.
 

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Am I correct in thinking that it sounds like the 1% cashback has to be invested into an ETF savings plan, or can it be added to your uninvested cash in order to earn 4% interest on it? I have been a TR user for a year now but have never bothered investing in their ETF savings plans due to the nightmare deemed disposal tax issues in Ireland.
 
T&Cs on their German site have this limited to €15 a month.
Interesting to see what limit they put here. I'm already getting €12 a month cashback from Avant, but probably have enough runaway spending to spread between both.

Does anyone know offhand what the stamp duty implications are for a debit card for an account in (presumably) a bank with a non Irish IBAN?
 
PoundMan said:
Am I correct in thinking that it sounds like the 1% cashback has to be invested into an ETF savings plan, or can it be added to your uninvested cash in order to earn 4% interest on it? I have been a TR user for a year now but have never bothered investing in their ETF savings plans due to the nightmare deemed disposal tax issues in Ireland.
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Good question. I had naively assumed you can just take the cash, but maybe you are right: https://support.traderepublic.com/en-nl/768-How-can-I-create-a-savings-plan

Might be fun to put 20 quid a month into some random stocks.
 
Okokokoknic said:
T&Cs on their German site have this limited to €15 a month.
Interesting to see what limit they put here. I'm already getting €12 a month cashback from Avant, but probably have enough runaway spending to spread between both.

Does anyone know offhand what the stamp duty implications are for a debit card for an account in (presumably) a bank with a non Irish IBAN?
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Don't kn ow implications but there must be precedent from when Revolut had a Lithuanian IBAN.
 
Okokokoknic said:
Does anyone know offhand what the stamp duty implications are for a debit card for an account in (presumably) a bank with a non Irish IBAN?
Click to expand...

If you're only using the debit card for payments and not ATM withdrawals you should be okay.
Stamp duty on debit cards only applies to ATM withdrawals

Stamp duty on financial cards

Stamp duty is charged on credit cards and charge cards annually. A transaction fee is charged on ATM withdrawals.
www.citizensinformation.ie www.citizensinformation.ie
 
From their German website, using Google Translate Chrome extension

What is Saveback?​

Saveback allows you to earn money while you spend it. You receive 1% saveback for your eligible card payments, which is invested in a savings plan of your choice.
How it works:
You collect saveback as soon as you order your card and start spending money. In order for the accumulated amount to be invested, you must activate Saveback and select an existing savings plan:
  1. To activate Saveback, scroll down from Cash to Benefits and tap Saveback. Then select the savings plan you would like to invest in. If you haven't set up a savings plan yet, you'll be guided to create one.
  2. To get Saveback:
    -The first time you activate Saveback, you need to create a savings plan for €50 for the next month.
    -To receive Saveback in the following months, you must invest at least €50 per calendar month in savings plans (Qualified savings plans: weekly, twice a month, monthly). Quarterly savings plans do not count towards Saveback. The €50 in a savings plan can be spread over several savings plans. Please note that you can earn a maximum of €15 from Saveback per calendar month.
  3. Once Saveback is activated, 1% of transactions made with your card will be accumulated monthly and invested in your selected savings plan. Please see this article for a list of excluded transactions: Why didn't I receive my saveback? . The amount of your saveback will be invested on the second of the following month (if the second falls on a weekend or other day that is not a banking day, the investment will take place on the next banking day), provided you have met the above conditions in the previous month. Otherwise the reward will be forfeited.

Why didn't I receive my saveback?​

Saveback allows you to earn money while you spend it. However, this does not apply to all transactions. If you have not received your saveback, the transaction may be excluded from the saveback benefits.
Here is a list of transactions that do not qualify for saveback:
  • Cash withdrawals from ATMs
  • 0 € authorizations
  • Transactions to fund the account (e.g. top-ups from other banks, top-ups on a pre-paid card)
  • Cash-like transactions (e.g. traveler's checks, money/crypto orders, purchase of casino chips)
  • Bank transfers and money letters
  • Gambling transactions
  • Securities/investment transactions
 
This is a lot of hassle and to get the cap of €15 a month you'd need min €1,500 of transactions.

Just like their 8% interest refer-a-friend promotion from Xmas week, their T&Cs have ruined it
 
TheJackal said:
This is a lot of hassle and to get the cap of €15 a month you'd need min €1,500 of transactions.

Just like their 8% interest refer-a-friend promotion from Xmas week, their T&Cs have ruined it
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Good to see something different been tried instead of the Irish banks predominantly fee based system.
 
TheJackal said:
This is a lot of hassle and to get the cap of €15 a month you'd need min €1,500 of transactions.

Just like their 8% interest refer-a-friend promotion from Xmas week, their T&Cs have ruined it
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What is the hassle? You just use the card.
 
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