Trading 212 launches 1.5% cashback card

Trading 212

Share trading app Trading 212 has branched out and launched a debit card with 1.5% cashback until October, and no foreign transaction fees.

Feature-rich investing platform Trading 212 has launched a free debit card, called the 212 Card, which offers cashback, no monthly or foreign transaction fees and low exchange rates.

Known for its minimal fees and innovative features, Trading 212 is looking to compete with the likes of Revolut, Wise and Chase. But is this as good a deal as you could get from rival cashback cards?

What does the 212 Card offer?

The 212 Card is a multi-currency card which also pays you cashback on your spending. Its main selling points are:

  • 1.5% cashback up to £20 a month until 1 October, 2024 (0.5% after that)
  • 0.15% foreign exchange fees and interbank rate (the rate that banks pay each other)
  • 5.25% annual percentage yield (APY) on uninvested pounds in your account
  • 13 currencies are supported
  • No monthly fees
  • Free to use at home and abroad

Although it’s a card, it also acts as a multi-currency account – a place where you can store your uninvested cash and earn some interest on it. APY is a rate that takes into account the effect of compounding interest as well as how often interest is paid, to reflect what you’ll earn over the course of a year.

What’s the catch?

The card has no monthly subscription but you do need to open a Trading 212 Invest account to get one. The good news is that there’s no platform fee to open or hold an account.

Other things to be aware of are that cashback is capped at £20 a month and that ATM withdrawals are free up to £400 a month (a 1% fee applies after this).

There’s also a charge of £4.95 if you order a physical card. However, if you opt for a virtual card, this is free.

How does it compare?

Trading 212 has positioned its card alongside Revolut, Wise, Monzo and Chase – and it holds its own against these. If you’re looking for a top rate of cashback, though, there are better deals to be had with some cashback credit cards, including the intro bonus on the Amex Cashback Everyday Credit Card.

The foreign exchange rate on the 212 Card is lower than you get with Revolut and Wise, but can’t compete with the 0% on offer from the digital banks. You can compare options in our guide to the best UK debit cards to use abroad.

The interest on uninvested cash is the most competitive rate we’ve seen from trading platforms. Plus its promotional rate of cashback is one of the highest. But, this will change when the rate drops to 0.5% in October 2024.

As an investing platform, Trading 212 is Finder’s top pick for low fees and has a Finder Score of 4.7 out of 5. So if you’re looking to start investing and are interested in a card which has low foreign transaction fees, this card could tick both boxes for you. But it’s important to compare platforms before you dive in, as they all offer different benefits.

For the latest popular stocks, see our guide that looks at the best shares to buy now across a range of exchanges, including the Nasdaq, New York Stock Exchange and London Stock Exchange, and the biggest indices, including the S&P 500 and FTSE 100.

This article offers general information about investing and the stock market, but should not be construed as personal investment advice. It has been provided without consideration of your personal circumstances or objectives. It should not be interpreted as an inducement, invitation or recommendation relating to any of the products listed or referred to. The value of investments can fall as well as rise, and you may get back less than you invested, so your capital is at risk. Past performance is no guarantee of future results. If you're not sure which investments are right for you, please get financial advice. The author holds no positions in any share mentioned.
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