The introduction of the Trade Republic Visa card comes five years after Trade Republic’s launch, which has 4 million customers currently managing assets of approximately EUR 35 billion.
Per the announcement information, the newly launched card combines spending and savings, enabling customers to permanently earn a 1% Saveback reward for every card payment back into their savings plan. What is more, customers can round up their payments and invest the spare change into any asset, whilst also being able to choose between a Mirror card and a classic one for an issuance fee or create a free virtual card.
The card is free of monthly fees, and all cards come with identical benefits of the likes of worldwide free and unlimited ATM withdrawals (for amounts under EUR 100, 1 EUR fee occurs) and the debit card can be used both for online and offline payments. Currently, new, and existing customers can join a waitlist, with the cards set to be delivered in the upcoming months.
Commenting on the launch, Trade Republic officials advised that with the new card, customers are enabled to manage an additional part of their financial lives, and each act of spending comes as an act of savings, with everyone, regardless of income, being empowered to start a savings plan and build their wealth.
Adding on this, Visa representatives said that Trade Republic uniquely combines daily payments with investing, and the collaboration between the two enterprises helps ensure that each card payment counts towards wealth accumulation.
In its past five years of activity, Trade Republic has emerged as one of the largest European broker and savings platforms, having received a full banking licence from the European Central Bank (ECB) in December 2023. In the last financial and calendar year, Trade Republic generated net profits, while passing on the current ECB interest rate of 4% to its customers.
Being independent with a full banking licence, Trade Republic has advanced banking technology, and extensive financing from global investors, and seeks to provide the best offer for retail money in Europe with its brokerage offering, cash interest rates, and the Trade Republic card. With this foundation, the company seeks to build one of the most important financial institutions in Europe, and currently offers savings plans, fractional trading of shares, ETFs, and bonds as well as derivatives and crypto, in addition to the newly launched Trade Republic card with a 1% Saveback reward.
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