Designed to complement Plum’s budgeting features and help people keep track of their spending, the card will initially be available to existing UK premium tier ‘Plum Ultra’ customers at no additional cost. Users can load funds from a linked external bank account and from money set aside in the Plum app, and spend within their chosen allowance.
Supported by a dedicated section of the Plum app, users will be able to manage the card and keep track of purchases in the same place as their savings and investments. While many banks apply additional charges when customers spend abroad, Plum allows users to spend at Visa’s daily exchange rate, with no extra fees.
The plum-coloured debit card is made up of 57% sea salt and 43% crude oil, making it less dependent on oil than other plastics. It can be recycled up to eight times, and contains a degradable material that allows the card to decompose under the right conditions, such as a compost bin.
Plum’s debit card is the latest in a raft of new features slated for release in 2022, following its commission-free stock investing platform, which launched in May 2022. The company currently has 1.3 million customers and plans to build on its growth by expanding its investment offerings and growing its presence throughout the EU.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now