Can the fees of 0.7% be removed from the credit and debit card deposit method? This is quite discouraging especially if someone were to fund the account. I know the first £2,000 is free but after that any deposits using credit or debit card is charged at 0.7%
I think Trading212 has the ability to remove this fee.
This method is very instant in terms of depositing or funding an account.
As @topher mentioned - the fee’s purpose is to cover the costs levied by payment providers and card companies. Waving it completely would mean that a portion of cash otherwise intended for product improvements and sustainability would have to be used in that direction.
Instant bank transfers and bank wires remain free of charge.
That’s interesting, I wonder if they periodically review and would remove those points as I can see how this could allow an infinite loop of getting rewards. (see my other post in this thread above how)
Yes, I saw your post and did wonder myself. Having tried to look at the Ts & Cs, I’m having trouble finding whether they would be excluded or not, although “cash related payments” are excluded. Perhaps that covers it?
Personally, I can’t really see why it should be a problem. To “abuse” it, you would really need to do a lot for 1 point worth 1p for every £4 spent. My monthly contribution of £50 to T212 would net me 12p worth of points, even if I went up to my monthly credit limit of £7,000 it would still be less than £20 I would gain from it.
Why is it not possible to use the Autoinvest feature to fund a Pie via a bank account ? With Autoinvest I can only see options to fund via a card or ApplePay or free funds, all of which seem to incur the 0.7% fee over £2k.
I think it complicates things. Especially if I want to withdraw money. I read something that said they for AML purposes they allow withdrawal on the method you used for deposit? You can withdraw using other methods but it will lengthen the time (checks etc).
The whole purpose is that this method of deposits is very convenient. they can also up the limit to say £10k? Or more? Or just on a case by case basis if someone requested they can increase the limit.
Have to admit, I don’t get what’s so inconvenient about bank transfers? I log into my Lloyds account, I transfer whatever amount I wish to transfer to the details that I have saved under my Payees and it can’t be 10 seconds later before the funds are in my T212 account.