Trading212 Spending Pot

slinger2

Trading212 have changed the way uninvested cash is handled in their "invest" (non-ISA) account. It is a strange feature of this account that you can use it for trading but it also comes with a debit card which can be used for spending.

They are introducing a "Spending Pot" with cash held separately from the main trading pot. Spending on the card will only come out of the Spending Pot. It's very easy to move money between the two pots via the app It's going to be a mandatory feature so I decided to sign up for it now. I can see some sense in it since previously if you sold some shares (or whatever) that money was immediately spendable via the card, which I guess was not the most secure system. The new pot doesn't affect the amount of "interest" you get. Looks like interest goes to the main pot but cashback goes to the spending pot (correct me if I'm wrong).

With the cashback only 0.5% now (from 1 Jan) I'm wondering whether the debit card is worth the hassle. I do get 4.60%AER for £s in either pot so perhaps that's a good reason for keeping it

Voyager2002

They promote the debit card as being good for travel, since there is no foreign currency loading. Note, however, that there is a hefty delivery fee for the physical card, while the virtual card has no PIN.

wiseonesomeofthetime

What is the hefty delivery fee?

Conveniently omitted from the email.

slinger2

I paid £5 for the physical card last year, but my cashback in 2024 came to £40 (rate then was higher, up to 1.5%) so don't feel too bad about that.

wmb194

Voyager2002 said:

They promote the debit card as being good for travel, since there is no foreign currency loading. Note, however, that there is a hefty delivery fee for the physical card, while the virtual card has no PIN.

I use my virtual card via ApplePay. It works well.

BarGin

Can you just put money in the spending pot, earn interest on it and spend it with the debit card?
Do they allow recurring card payments?

slinger2

BarGin said:

Can you just put money in the spending pot, earn interest on it and spend it with the debit card?
Do they allow recurring card payments?

1. That's exactly what it is. 0.5% cashback too (on qualifying spending). I've found it reliable for spending but not had so much luck in ATMs.

2. Not as far I know. It's just a debit card.

wiseonesomeofthetime

slinger2 said:

BarGin said:

Can you just put money in the spending pot, earn interest on it and spend it with the debit card?
Do they allow recurring card payments?

1. That's exactly what it is. 0.5% cashback too (on qualifying spending). I've found it reliable for spending but not had so much luck in ATMs.

2. Not as far I know. It's just a debit card.

But that is what a debit card can do......usually.

slinger2

wiseonesomeofthetime said:

slinger2 said:

BarGin said:

Can you just put money in the spending pot, earn interest on it and spend it with the debit card?
Do they allow recurring card payments?

1. That's exactly what it is. 0.5% cashback too (on qualifying spending). I've found it reliable for spending but not had so much luck in ATMs.

2. Not as far I know. It's just a debit card.

But that is what a debit card can do......usually.

I've always thought that recurring payments (eg DD, SO) were a feature of my current account. The debit card to me is just a way of paying for some shopping (or whatever) out of that account. Maybe I'm just very old-fashioned.

wiseonesomeofthetime

slinger2 said:

wiseonesomeofthetime said:

slinger2 said:

BarGin said:

Can you just put money in the spending pot, earn interest on it and spend it with the debit card?
Do they allow recurring card payments?

1. That's exactly what it is. 0.5% cashback too (on qualifying spending). I've found it reliable for spending but not had so much luck in ATMs.

2. Not as far I know. It's just a debit card.

But that is what a debit card can do......usually.

I've always thought that recurring payments (eg DD, SO) were a feature of my current account. The debit card to me is just a way of paying for some shopping (or whatever) out of that account. Maybe I'm just very old-fashioned.

To me, a recurring payment on a debit card is a CPA (Continuous Payment Authorisation).

DD and SO are not connected to the debit card.

So I'm in agreement with you, if that's what Bargin was asking 👍

slinger2

wiseonesomeofthetime said:

slinger2 said:

wiseonesomeofthetime said:

slinger2 said:

BarGin said:

Can you just put money in the spending pot, earn interest on it and spend it with the debit card?
Do they allow recurring card payments?

1. That's exactly what it is. 0.5% cashback too (on qualifying spending). I've found it reliable for spending but not had so much luck in ATMs.

2. Not as far I know. It's just a debit card.

But that is what a debit card can do......usually.

I've always thought that recurring payments (eg DD, SO) were a feature of my current account. The debit card to me is just a way of paying for some shopping (or whatever) out of that account. Maybe I'm just very old-fashioned.

To me, a recurring payment on a debit card is a CPA (Continuous Payment Authorisation).

DD and SO are not connected to the debit card.

So I'm in agreement with you, if that's what Bargin was asking 👍

I've got a 16 digit card number, expiry date and CVC. And of course I know my full name, address etc. Does that mean I can set up a CPA to the T212 debit card?

Edit: In fact it's clear to me now that that's what I'm doing already: monthly giffgaff, monthly TV subscription (both from T212). Excuse my lack of knowledge of the terminology.