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Interactive Brokers Debit MasterCard linked to Brokerage account
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Interactive Brokers Debit MasterCard linked to Brokerage account

  #11 (permalink)
Elite Member
Cary, NC
 
Futures Experience: Advanced
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RFID chip-enabled?

Despite there being a lot of information out there on how easy it is to hack RFID/chip-enabled cards people still aren't taking safeguards (just check out all the videos on YouTube).

Just make sure to shield them with a sleeve or shielded wallet.

My .02,
-Guy

p.s. I still might considering getting one for my "salary account" if it's easier for withdrawals that way...

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  #12 (permalink)
Elite Member
Sydney + Australia
 
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The press release seems to suggest it is US only for now.

I have an IB account in Australia and I didn't get an email about this.

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Interactive Brokers Debit MasterCard linked to Brokerage account-ib-besi-press-release.pdf  
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  #13 (permalink)
Market Wizard
Switzerland
 
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Debit Mastercard only for US residents


My call with European HQ of Interactive Brokers in Zug, Switzerland
revealed that Debit Mastercard is only for US residents...

GFIs1

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  #14 (permalink)
Elite Member
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Received my debit card yesterday against my equity PM account. I'll report back on how it works out. Note that in TWS, there is now a row in accounts > balances > pending debit card charges.

Applying for the card was quick, took under 5 minutes as IB already has all your info. Basically just agreeing to the card terms. Regarding card theft, it sounds like there are typical card monitoring protections in place; in addition, for large transactions you would need to pre-approve with your IB 2fa app, so there is that. I'm just happy equity backed borrowing is available to retail customers, where similar offerings have always been available to the super wealthy.

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  #15 (permalink)
Trading Apprentice
bangkok
 
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GFIs1 View Post
My call with European HQ of Interactive Brokers in Zug, Switzerland
revealed that Debit Mastercard is only for US residents...

GFIs1

That is quite unfortunate..

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  #16 (permalink)
Market Wizard
Switzerland
 
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Some hope


coccigelus View Post
That is quite unfortunate..


was to hear from the HQ: "If this debit card will be a success in US - then
on further continents the same card might be introduced with local MasterCard
Banks" - just wait - BUT:
Call your IB contact and ask too! This will make them think of the need....


GFIs1


Last edited by GFIs1; August 29th, 2017 at 06:22 AM.
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  #17 (permalink)
Trading Apprentice
bangkok
 
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BTW before to waste time.. What is the % applied for the currency fee exchange ? Example account denominated in $ and purchase done in Euro?

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  #18 (permalink)
Elite Member
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What is the purpose of debit cards ?

I understand credit cards...

---

I read more carefully Big Mike's 1st post in this thread and I think now I got it

It takes nothing to be a Pig
Go With The Flow

Last edited by Scalpguy; August 29th, 2017 at 10:10 AM.
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  #19 (permalink)
Trading Apprentice
bangkok
 
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Scalpguy View Post
What is the purpose of debit cards ?

I understand credit cards...

---

I read more carefully Big Mike's 1st post in this thread and I think now I got it

Far to be an expert in this area.. but c.c. can be issued only from bank.

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  #20 (permalink)
Elite Member
Helsinki, Finland
 
Futures Experience: None
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coccigelus View Post
Far to be an expert in this area.. but c.c. can be issued only from bank.

That makes sense.

Anyway now I understand Debit Card is handy while you do not have to make any transfers to your local bank until you can spend your huge trading profits

It takes nothing to be a Pig
Go With The Flow
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