Since its launch in 2017, Trading 212 has been the most popular commission free trading platform in the UK. Recently it announced the launch of its ‘212 card’, a multi currency debit card designed to facilitate international transactions.
On its release I opted to play guinea pig and try it out – It instantly became my go to debit card. Read on to find out why.
What is the Trading 212 card?
It’s a Mastercard debit card Trading 212 have released that allows you to spend the cash you have in your Trading 212 investing account.
The card can be used for spending online, at the point of sale, or for withdrawing money from ATMs, both in the UK and abroad.
212 Cards are issued by Paynetics which provide all payment services. T212 provides customer support and user interface.”
The 212 Card is connected with an INVEST Account
Trading 212 card features
- 3.8% AER interest on deposits
- 0.5% Cashback on spending
- True interbank exchange rate
Cashback on spending
0.5% cashback on purchases up to £20. Though in order to max that out you’d have to spend £4,000 a month on your Trading 212 Visa card which isn’t something I see many people doing. The being said, if you’re spending anyway, then the cashback is a nice little bonus, especially when combined with spending via a cashback website.
In the wake of Chase severely limiting its 1% cashback deal, the Trading 212 is now on of the top cashback debit cards around.
Currency exchange
The currency exchange feature is an interesting one, and is a market that is seeing increasing competition with a number of new service to launched to challenge the domination of Wise and Revolut.
Trading 212’s new card allows currency exchanges at just 0.15%, and no additional mark up. That beats Zing which carries a 0.2% fee, and is also cheaper than Wise.
There’s also no additional market up on weekends (when the money markets are closed). Both Revolut and HSBC via its Global Money Account, charge additional fees when exchange currency on the weekends. With Trading 212, you get a single flat rate of 0.15%.
Interest on deposits
The interest on cash deposits is also the highest around at 3.8% AER (subject to change), it beats every instant access savings account we can think of, including our favourites Kroo 2.65% AER, and Chip 3.11% AER.
There is a caveat here though. That is the interest on deposits is earned through qualifying money market funds rather than being held at a bank. As such, there’s no FSCS protection, and although extremely unlikely, there is a small risk your pot could shrink.
Personally, I don’t see this as an issue, as my view is that if a large money market fund were to fail, the economy itself would likely be in serious trouble.
That being said, if you’d feel more comfortable placing your money in a FSCS protected account, then consider the new Trading 212 cash ISA, or a top savings account such as Chip mentioned above.
Get more with Trading 212
Trading 212 offers 3.8% AER on uninvested deposits making it one of the highest paying easy access accounts around.
If you open an acocunt via our link and enter code "MSA212" you'll get a free fractional share worth up to £100
Which currencies can I hold?
At launch users can hold 13 popular currencies in their Trading 212 card account. All of these earn interest at different rates, with the interest payable daily into that currencies pot.
The initial currencies at the time of writing are:
- GBP
- USD
- EUR
- CAN
- CHF
- DKK
- NOK
- PLN
- SEK
- CZK
- RON
- BGN
- HUF
What is the exchange rate?
Trading 212 uses the interbank exchange rate. This is basically the live rate of currency exchange between banks, and typically the best rate you’ll ever get on currency exchange.
Most providers such Monzo, Starling, Chase etc.. use either the Visa or Mastercard rate. This is set at a certain time each day, so in theory could be higher or lower than the interbank exchange rate depending on the fluctuations that day.
Typically though the interbank exchange rate beats the Visa and Mastercard rate most of the time, so with Trading 212, you’re actually getting a better exchange rate, but this is partially offset by the 0.15% currency exchange fee.
Is the Trading 212 card good for travel?
Trading 212 Visa card is now my top travel debit card. Interbank exchange rates, and cashback on spending are the big draws. It also offers fee free ATM withdrawals up to £400 a month.
The 0.15% exchange fee, when not spending in a currency you hold, is competitive but it’s bettered by our top credit and debit cards for spending abroad, but the better exchange rate you get from the Trading 212 card more than makes up for that.
Backpackers and long stay travellers looking to earn interest on their travel money will enjoy the 3.8% AER variable interest rate. and you’ll also get 0.5% cashback on spending.
On a long stay trip, the vast majority of your expenditure will be by card. If you spend £1,000 a month equivalent, with the Trading 212 card you’ll earn £5 cashback. After the 0.15% exchange fee, that would be £3.5 Not quite enough to buy an Aperol spritz in Palermo, but close.
With Barclaycard Rewards, that same spend would net you £2.50, and with Chase, you’d get £10 but only provided you pay in at least £1,500 a month.
For more on travel see our guide to the best credit and debit cards to use abroad.
One downside of the card when travelling is the lack of a magnetic strip. In countries with modern banking systems and ATMs it isn’t a problem, but some places such as Ecuador, the ATMs won’t even read a card that doesn’t have a magnetic strip.
In others such as the US, and Curacao in the Caribbean, payments via swiping the strip are still common.
What are the drawbacks of the Trading 212 card?
The physical card costs £4.95 which Trading 212 says covers the manufacturing and postage of the card. You don’t need to order one, but I think it’s worth to have as a backup to mobile payments.
The final drawback is the lack of bank details. Despite the availability of 13 different currencies, you don’t get any bank details for these. Instead they are more like virtual pots.
That means you can’t make or receive bank transfers or pay direct debits directly from the account. In a way, that is understandable given Trading 212 is an investment platform, but it does limit prevent you using the account as a substitute for your bank.
Is the Trading 212 card worth it?
My opinion is that the new Trading 212 card is a no brainer for those currently using the platform for investing. As a cashback card its use is limited. The main reason to get this card is the interest, which ironically you can get without the card, just by opening up a regular Trading 212 account.
The card though does give you another avenue to withdraw or spend your Trading 212 balance.
Alternatives to the Trading 212 card
If you aren’t planning on using Trading 212 for investing, then there a number of alternatives. For general travel and fee free foreign spending then Monzo is a good choice. You’re getting fee free foreign spending and withdrawals (up to £400 a month), and a 2.75% AER savings pot. It does lack the cashback of T212 though.
If you need currency exchange and the ability to make bank transfers to foreign accounts, then Wise would be out choice.
Want to know more about Trading 212? See our long-form Trading 212 review for our thoughts on the platform after nearly 7 years of use.
Frequently Asked Questions
1. What is the Trading 212 card?
It’s a Mastercard debit card linked to your Trading 212 investing account, allowing you to spend or withdraw funds directly from your account.
2. How can I use the Trading 212 card?
You can use it for online purchases, at physical point-of-sale terminals, and for ATM withdrawals both in the UK and abroad.
3. What are the key features of the card?
- Cashback: Earn 0.5% on purchases (up to £20 cashback per transaction).
- Competitive Currency Exchange: Enjoy exchanges at a flat 0.15% fee using the true interbank rate.
- Attractive Interest: Earn interest on cash deposits at competitive rates (e.g., 4.9% for GBP) across multiple currencies.
4. Which currencies can I hold on the Trading 212 card?
At launch, you could hold 13 popular currencies such as GBP, USD, EUR, CAD, CHF, DKK, NOK, PLN, SEK, CZK, RON, BGN, and HUF—each with its own interest rate.
5. What is the currency exchange fee?
The card charges a single flat rate of 0.15% on currency exchanges, with no extra weekend markups.
6. How is the exchange rate determined?
Trading 212 uses the live interbank exchange rate, which is typically better than the daily-set rates offered by many other providers.
7. Is the Trading 212 card suitable for travel?
Yes. Its competitive exchange rate, fee-free ATM withdrawals (up to £400 per month), and cashback rewards make it a strong choice for travelers. However, note that the card lacks a magnetic strip, which can be a drawback in some regions.
8. What about the interest on deposits?
The interest is paid into each currency’s pot daily and can be among the highest available, though it’s earned through money market funds rather than traditional bank accounts.
9. Is my money FSCS protected?
No. Since funds are held in qualifying money market funds, they aren’t covered by FSCS protection. This is a common trade-off for higher interest rates. That being said, on £1,000 deposit I made, I found that most of my money was held in banks and not in MMF.
10. What are the costs associated with the card?
There is a one-time fee of £4.95, which covers the manufacturing and postage of the physical card.
11. Can I use the Trading 212 card like a traditional bank account?
No. While you can spend and withdraw your funds, you won’t have bank details to receive transfers or set up direct debits, as the card acts more like a multi-currency wallet linked to your investment account.
3 comments on “Trading 212 debit card review”
Avoid. They charge £5 for the card and give you a month or so with reasonably generous cashback. The snag is they don’t actually send you the card. I ordered mine on 12 may and despite 5 conversations with them I am still waiting. Meanwhile the cashback period has expired. Not worth the £5 and certainly not worth the stress. Much better off with other forex fee free debit and credit cards….
I’m not paying for a card, but I have added the virtual card to my Google Pay to use when I can abroad or in the UK when I don’t get cashback from Chase.
This is the only time I’ve ever seen a charge for a physical card, even a replacement one.
Good move. And yeah, I never pay for physical cards. I always wait for offers where the physical card is free or like you, just stick with the virtual one. This seems to be the way with non-banks.
Currensea, Wise, Curve, and even Revolut all charge a card delivery.
P.S, at the moment T212 is doing 1.5% cashabck if you invest the cashabck in a pie. You can just choose something super stable, then withdraw the money to your card at a later date.