Trade Republic is celebrating its fifth anniversary with a credit card: The new Trade Republic card is free and offers cashback – or saveback, as the broker calls it. Payments via the app are currently still carried out via a waiting list.
Upon receipt of the Full banking license Last December it was clear that Trade Republic wanted to expand its offering beyond interest accounts and trading stocks, ETFs, bonds and cryptocurrencies. And now it’s starting: Trade Republic is now offering its customers a free credit card. And it stands out from the competition with one feature in particular: cashback for investing in stocks, ETFs and crypto. With every card payment you get 1 percent of the amount incurred back. But not in the form of a payout or points, but as an increase for a securities savings plan of your choice. Trade Republic calls this saveback. The saveback amounts can also be rounded up immediately after payment so that more money ends up in the savings plan.
Trade Republic: Visa payment card free
The Trade Republic credit card is specifically a debit card from Visa. It comes with no monthly or annual fees and comes as either a virtual or physical card. If you want to have something in your hand when paying, you can get a Mirror (50 euros) or Classic card (5 euros) for a one-off issuing fee. Applying for the virtual card is completely free. When withdrawing cash, there are costs of 1 euro for amounts under 100 euros; there are no fees for larger amounts. Top: For transactions in foreign currencies, Trade Republic does not want to charge a surcharge on the currency exchange rates. This makes the card also suitable for withdrawals while on vacation. The card is linked to the Trade Republic deposit clearing account to which it is linked currently 4 percent interest pa gives. Savings are also worthwhile here.
Trade Republic: Apply for a card with a waiting list
The Trade Republic credit card is not there yet. Customers can first register on a waiting list. The option appears in the Trade Republic app when you install the latest update. Some users pointed out that only uninstalling and reinstalling the app brings up the desired option. Trade Republic wants to gradually release the card to interested parties in the coming weeks.
Trade Republic: On course for growth
The announcement of the credit card comes on the fifth anniversary of the German neobroker. The company now has four million customers in 17 countries. According to the company’s own information, the assets under management amount to around 35 billion euros. According to Handelsblatt Trade Republic also wants to introduce even more account functions as part of the credit card. Accordingly, standing orders or transfers should be possible at some point.
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