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

  #1 (permalink)
Site Administrator
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Interactive Brokers Debit MasterCard linked to Brokerage account

Hi guys,

Today I received an email from IB:


Quoting 
Introducing Interactive Brokers Debit Mastercard®

Spend and borrow directly against your account(s) U****** with our new Interactive Brokers Debit Mastercard®. Use your card to make purchases and ATM withdrawals anywhere Debit Mastercard® is accepted around the world. Click here to apply today.

BY USING THIS CARD YOU AGREE WITH THE TERMS AND CONDITIONS OF THE CARDHOLDER AGREEMENT AND FEE SCHEDULE, IF ANY. This card is issued by Metropolitan Commercial Bank (Member FDIC) pursuant to a license from Mastercard International. "Metropolitan Commercial Bank" and "Metropolitan" are registered trademarks of Metropolitan Commercial Bank© 2014.

All interest and borrowing activity is through Interactive Brokers LLC. Please see your customer agreement with Interactive Brokers LLC for further details.

Card program marketed and administered by Interactive Brokers LLC, the Program Manager of the Interactive Brokers Debit Mastercard.

I think this is a very useful development in this space.

What do you guys think?

Mike

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  #2 (permalink)
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  #3 (permalink)
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I would think this is a nice way to lose the debit card, or it get hacked, and your trading account to be drained...

But maybe that is just me - I refuse to use a debit card, or even have one. I use credit cards for everything.

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  #4 (permalink)
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kevinkdog View Post
I would think this is a nice way to lose the debit card, or it get hacked, and your trading account to be drained...

But maybe that is just me - I refuse to use a debit card, or even have one. I use credit cards for everything.

Of course. But I've never lost a card in my life.

For me, living abroad, it presents a nice convenience factor of skipping the wire transfers.

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  #5 (permalink)
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Pointing out the obvious perhaps, but with multiple IB accounts, you can do an internal transfer of whatever smaller amount you wish to the account with the debit card, then go shopping or to the ATM.

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  #6 (permalink)
Market Wizard
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Great stuff indeed

One does not need to withdraw - waiting for the amount hours or days and then transfer it
from the bank account to the credit card - way too long.
What I did not read from the announcement - can you get such a debit card (Mastercard)
worldwide or just US habitants only.

GFIs1

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  #7 (permalink)
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GFIs1 View Post
One does not need to withdraw - waiting for the amount hours or days and then transfer it
from the bank account to the credit card - way too long.
What I did not read from the announcement - can you get such a debit card (Mastercard)
worldwide or just US habitants only.

GFIs1

Good question, hopefully someone can find out and update this thread.

Mike

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  #8 (permalink)
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Business is business

I also received the email.
This is a great smart move of IB and I like this additional service.

This will create customer retention (stickyness) based on depth of service as well as allow IB to tap into extra revenues.

The Masterard payment scheme (as is the Visa and some others) is a 4 party payment scheme,
as illustrated in the following diagram :

Please register on futures.io to view futures trading content such as post attachment(s), image(s), and screenshot(s).


While IB might not be a principal member of the card scheme, they have teamed up with a party called an 'issuer',
an issuer is responsible for issuing a card and providing card services. IB in this case most likely has a co-branding
agreement. The arrow from Acquirer to Issuer with the Interchange fee, this is a remuneration, that flows from the
acquirer to the issuer (likely to be split with IB)

This move also allows IB to keep the funds longer in their perimeter, because you can move money 'just-in-time'
to where you need it.

I think in some jurisdiction this could become very popular, it allows you make big trading profits and transfer
the profits 'under-the-radar' and spend them on some luxury expenses... This is even better than buying bitcoins...
To be watched closely.

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  #9 (permalink)
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GFIs1 View Post
One does not need to withdraw - waiting for the amount hours or days and then transfer it
from the bank account to the credit card - way too long.
What I did not read from the announcement - can you get such a debit card (Mastercard)
worldwide or just US habitants only.

GFIs1

Only US

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  #10 (permalink)
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Obelixtrader View Post
Only US

Are you sure ?

I'm not in the US and they know that. Then it' s a very badly targeted mass mailing.

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