Trade Republic launching a debit card with 1% cashback

[someCitizen]

I'm 1,322,966 on the "wait list"

Seriously what a load of codswallop.

It's probably just scalability issues?

 

[someCitizen]

I've been in the queue since it started and I'm still at 250k.

I'm not sure I fully understand the cashback.

It sounds like you have to set up €50 min saving plan, up to 15 of which can be your cash back. Is that correct?

I'm not sure about that. I spent 11 euros yesterday and saw that I got this in the app then. I haven't tried to do anything with it though so I don't know if there are restrictions

 

[shipship]

I just got my card today.

If you read through the saving plan, it will tell you that you have to set up a 50 per month savings plan to actually get the save back. You can earn up to 15 euro a month, and that goes into your savings plan.

I think I'd rather just get 0.5% cash from my AIB card.

 

[PoundMan]

I just got an email this morning to tell me I can now order my Trade Republic debit card. Trying to weigh up if it is worth doing or not. Like @shipship in the previous post, I already get 0.5% cashback on my AIB credit card. I don't know if I want to be locked into the Trade Republic savings plan at €50 per month with the headache of ETF taxation in this country.

 

[TheJackal]

Just got my card offer as well. So looks like they rolled it out to Irish customers this week maybe.

I already had a savings account for buying ETFs so linked that.

I had thought those savings would get the 1% up to €15 a month but no, it seems those do not count, you need to use the card to buy other items online (virtual card) or in person (physical card) to get the 1% cashback.

So if that is true, surely this is only worth if you have over 50K in your TR account, as you get 4% on uninvested savings up to 50K. So why would I spend some of that to only get 1% back?