💳 Introducing the 212 Card

[KrisG]

@HorizonJ

When do the monthly limits on the card reset? Do they reset at the start of the month or are they rolling?

The limits are reset at the beginning of each month

@Richard.W

My Trading 212 card is not being accepted by ATMs in Turkey. The ATMs here will not even let me push the card into the slot. I cannot make the cash withdrawals I want. Could this be because the card does not have a magnetic strip?

Yes, it’s due to the lack of magnetic stripe. Our focus with the T212 card is keeping your funds as safe as possible. That’s why we decided to remove the least secure element on our cards—the magnetic stripe.

The magnetic stripe on a debit card contains sensitive information such as the cardholder’s account number, expiration date, and sometimes even the cardholder’s name. However, it’s considered less secure compared to newer technologies for a few reasons:

1. Easy to Copy: The data stored on the magnetic stripe can be easily copied using skimming devices, which are small gadgets that thieves attach to card readers at ATMs or point-of-sale terminals. These devices can quickly capture all the information stored on the magnetic stripe when a card is swiped.
2. Static Data: The information stored on the magnetic stripe remains static. Once it’s copied, it can be used multiple times until the card is reported stolen or the bank detects fraudulent activity, making it vulnerable to unauthorized use.
3. Limited Encryption: The data on the magnetic stripe is not typically encrypted, making it easier for hackers to read and exploit. In contrast, newer technologies like EMV (chip) cards use dynamic authentication methods and cryptographic protocols, making it much harder for thieves to clone cards or create counterfeit transactions.
4. International Weakness: Magnetic stripe cards are more common in the United States and some other countries. However, many regions have transitioned to chip-based cards due to security concerns. This can make magnetic stripe cards stand out as targets for fraud in regions where chip cards are the norm.

Because of these vulnerabilities, many banks and financial institutions are gradually phasing out magnetic stripe cards in favour of more secure alternatives like EMV chip cards and contactless payments. Mastercard officially mandated that new cards should be preferably issued without a magnetic strip from April 2024.