Interactive Brokers is a leading name in the brokerage industry that offers debit cards to investors. It is a financial product that facilitates traders and investors to manage their money.
This debit card not only provides seamless access to investors but also manages trading capital in a convenient manner.
Interactive Brokers, a trusted brokerage firm providing a wide range of financial services to traders and investors around the world.
The card offers various features for customers like global acceptance, currency conversion, contactless payments and much more.
In this article, we will cover all features along with eligibility criteria, debit card limit, withdrawal limit, fees, application process and more.
Features
The Interactive Brokers Debit Card gives you the flexibility to access assets in your brokerage account. You shop wherever this debit card is accepted around the world.
- Global Acceptance: The Interactive Brokers Debit Card is a MasterCard, which ensures worldwide acceptance at millions of merchants and ATMs around the world.
- Mastercard ID Theft Protection: This allows you to track the risk level of your identity and detect potential fraud. If suspicious activity is observed, you will be alerted and suggested actions to take for your safety.
- Real-time Management: This debit card will be linked to your Interactive Brokers account, which allows you to manage your funds in real-time.
- Zero Liability: The zero liability policy for debit card agreements states that you are not responsible for unauthorized charges.
- MasterCard Airport Concierge: Mastercard Airport Concierge Services are available at over 700 airports around the world.
- Price Protection: The cover is to reimburse the difference between the price paid by the debit card and the lower price available for it.
- Currency Conversion: The card supports multiple currencies, making it ideal for international travellers and businessmen. You can save on currency conversion fees by using your card in the local currency.
- Direct Access to Trading Funds: This debit card allows you to access your trading funds instantly without waiting for transfers or withdrawals.
- Contactless Payments: The card does not support direct contactless payments, It allows contactless payments through the use of Samsung Pay, Apple Pay and Google Pay apps.
See also – Remove Debit card from Cash App
Benefits
There are many benefits of this debit card which are mentioned below:
- Instant Access: You can instantly access your trading funds to manage your investments.
- Cost Savings: By using the card for transactions in local currencies, you can reduce currency conversion costs and avoid unnecessary fees.
- Convenience: The card simplifies financial management, allowing you to deposit, withdraw or transfer funds without any hassle.
- Enhanced Trading Experience: Instant access to funds can enhance your trading experience during market opportunities.
Fees
There is no monthly or annual fee for the debit card. But for ATM withdrawals, you will be charged $0.05 per transaction. There is a daily ATM withdrawal limit of $1000 and purchases above $1000 require you to authorize two-factor authentication through the IBKR mobile application.
See also – Link Credit Card in Cash App
Is Interactive Brokers a Bank?
The company went public on the NASDAQ in 2007 under the symbol IBKR. Interactive Brokers has received several awards for its trading platform. It charges low fees and allows access to global markets and choices for active traders and institutional investors.
So, Interactive Brokers is a brokerage firm, not a bank, that provides financial services and products for traders, investors and institutions. It offers debit cards, like banking products to manage your funds, which are linked to your trading accounts.
The company provides advanced trading platforms, research tools and market access to help execute investment strategies. It also provides some banking facilities like cash balance, debit cards etc. But, the primary focus is on brokerage services rather than traditional banking services.
See also – Change Bank in Cash App
Eligibility Criteria
The eligibility criteria for getting an Interactive Brokers Debit Card are based on the policies laid down by the company, which are as follows:
- Account: You need to open a trading account with Interactive Brokers to be eligible for the Debit Card. These can be individual, joint, IRA or trust accounts.
- Age: You may need to be of a certain age to be eligible for the debit card. You must be 18+ to get a debit card.
- Account Status: You must have a minimum balance in your account which may change over time. Check here to get the latest minimum balance requirement.
- Documents: You need to submit documents like identity proof- address proof, date of birth and others.
- Residence: Interactive Brokers have specific eligibility criteria based on different regions.
- Compliance: You will have to abide by the terms and conditions set by Interactive Brokers.
Note: The eligibility criteria may change over time, so for accurate information on Interactive Brokers Debit Card, visit the official Interactive Brokers website or contact their customer support directly.
How to Get Interactive Brokers Debit Card?
To get the debit card you need to visit the official website:
- Account Opening: First, you have to open an Interactive Brokers account. Visit the Interactive Brokers website and click on the “Open Account” tab on the home page.
- Follow the on-screen instruction and submit the application.
- Login: Once your account is activated, log in to your Interactive Brokers account.
- Debit Card Application: Click on the Debit Card section within your account dashboard and follow the application process. You may be required to provide personal information and agree to terms and conditions.
- Debit Card Delivery: Once your application is approved, your Interactive Brokers Debit Card will be dispatched to your registered address.
FAQs
You can use your Interactive Brokers Debit MasterCard wherever you are, offline or online.
There is no monthly or annual fee for the Interactive Brokers Debit Card. But, the fee structure may change with time.
Yes, there is a withdrawal limit of $1000 on daily ATM withdrawals for the Interactive Brokers Debit Card. ,
No, it is a brokerage firm and does not act as a traditional bank under any circumstances. But there are some banking-type products like debit cards and cash balances.
It allows linking multiple bank accounts to a single Interactive Brokers account.
Important links:
| Official website | Check here |
| Home page | Check here |
Conclusion
The Interactive Brokers Debit Card serves as a financial tool for traders and investors. It provides global acceptance, real-time fund management, currency flexibility and security. If you are an active investor, the Interactive Brokers Debit Card can be very useful. Make sure you understand the terms, charges and benefits associated with the card before applying.
