Anyone have the Interactive Brokers debit card (MasterCard)?

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corp_sharecropper
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Anyone have the Interactive Brokers debit card (MasterCard)?

Post by corp_sharecropper »

I don't really see anything compelling from what I've read so far about this card. I suppose if you want to use their BillPay service you need it. The main reason I'm thinking of it is simply as another tool in the emergency "tool chest" so to speak, you never know sometimes when and how you need to access your money & this is one way to do it. I'm fully assuming it would utilize margin if you didn't have the cash, so basically a very good interest rate compared to credit cards if your needs extend beyond one credit card billing cycle. If this is wrong, let me know. I've heard there's some required security steps if you have the card that can make things difficult if you're connecting/trading through their API. That's something that's on the back burner for me right now so not a deal killer.

Wondering if anyone has it, why, what should I know, what don't I know, likes/dislikes, worth it/not, comments/anything, etc.. have at it.
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Raraculus
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Re: Anyone have the Interactive Brokers debit card (MasterCard)?

Post by Raraculus »

corp_sharecropper wrote: Sat Apr 17, 2021 3:39 pmI don't really see anything compelling from what I've read so far about this card. I suppose if you want to use their BillPay service you need it.

...

Wondering if anyone has it, why, what should I know, what don't I know, likes/dislikes, worth it/not, comments/anything, etc.. have at it.
I have this card, too. But, it's sitting in a drawer. Why activate it? It will just become a security risk should I misplace the card or if someone has the card numbers. There is a reason why I haven't used debit cards in a few blue moons.

That said, I recently checked into the BillPay feature, and it requires the debit card to be activated?!? Why is the debit card needed if I just want to use their BillPay feature?!?
tomsense76
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Re: Anyone have the Interactive Brokers debit card (MasterCard)?

Post by tomsense76 »

Raraculus wrote: Sat Apr 24, 2021 1:04 pm
corp_sharecropper wrote: Sat Apr 17, 2021 3:39 pmI don't really see anything compelling from what I've read so far about this card. I suppose if you want to use their BillPay service you need it.

...

Wondering if anyone has it, why, what should I know, what don't I know, likes/dislikes, worth it/not, comments/anything, etc.. have at it.
I have this card, too. But, it's sitting in a drawer. Why activate it? It will just become a security risk should I misplace the card or if someone has the card numbers. There is a reason why I haven't used debit cards in a few blue moons.

That said, I recently checked into the BillPay feature, and it requires the debit card to be activated?!? Why is the debit card needed if I just want to use their BillPay feature?!?
The card can be locked. So one could activate it and then just lock it. Not sure how that would interact with BillPay (if at all)
"Anyone who claims to understand quantum theory is either lying or crazy" -- Richard Feynman
tomsense76
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Re: Anyone have the Interactive Brokers debit card (MasterCard)?

Post by tomsense76 »

Also curious about this.

Already have Fidelity and Schwab setup, which reimburse transaction fees for ATM withdrawals and have no foreign transaction fees.

So figure I'd use those before using the IBKR card. Though maybe it would be useful to have a 3rd option. That said, there are some fees. For example $0.50 per ATM withdrawal. Wouldn't break the bank, but still rather avoid a fee if possible.

The other thing I'm interested in is whether one can exchange currency before a trip on IBKR and then withdraw that exchanged currency later. This might be a useful feature that Fidelity and Schwab don't have AFAIK.
"Anyone who claims to understand quantum theory is either lying or crazy" -- Richard Feynman
Marseille07
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Re: Anyone have the Interactive Brokers debit card (MasterCard)?

Post by Marseille07 »

tomsense76 wrote: Mon Jul 12, 2021 2:59 pm The other thing I'm interested in is whether one can exchange currency before a trip on IBKR and then withdraw that exchanged currency later. This might be a useful feature that Fidelity and Schwab don't have AFAIK.
It's hard to test unless you actually go abroad. I have an account carrying $10 USD and $8 worth of forex, my local US ATM just said $18 in my account.
Last edited by Marseille07 on Mon Jul 12, 2021 5:54 pm, edited 1 time in total.
tomsense76
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Re: Anyone have the Interactive Brokers debit card (MasterCard)?

Post by tomsense76 »

Marseille07 wrote: Mon Jul 12, 2021 4:12 pm
tomsense76 wrote: Mon Jul 12, 2021 2:59 pm The other thing I'm interested in is whether one can exchange currency before a trip on IBKR and then withdraw that exchanged currency later. This might be a useful feature that Fidelity and Schwab don't have AFAIK.
It's hard to test unless you actually go abroad. I have an account carrying $10 and $8 worth of forex, my local US ATM just said $18 in my account.
Yeah that's true. Hoping someone tested it before I do :wink:

Though maybe I can try this on a short international trip in the future (like Canada or Mexico) where the stakes are not too high.
"Anyone who claims to understand quantum theory is either lying or crazy" -- Richard Feynman
Count of Notre Dame
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Re: Anyone have the Interactive Brokers debit card (MasterCard)?

Post by Count of Notre Dame »

Does the card itself allow you to use the account like checking for paying credit cards etc.?
Marseille07
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Re: Anyone have the Interactive Brokers debit card (MasterCard)?

Post by Marseille07 »

Count of Notre Dame wrote: Mon Mar 07, 2022 12:59 pm Does the card itself allow you to use the account like checking for paying credit cards etc.?
Not sure if I understand your question correctly but I have paid CCs out of my IBKR account. They're just ACH transactions, have little to do with your debit card though.
Finance Doc
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Re: Anyone have the Interactive Brokers debit card (MasterCard)?

Post by Finance Doc »

As far as I see the credit card needs to try and pull the autopay from ibkr, and each time this happens this transaction needs to be manually approved (and even occasionally requires a phone call). It doesn’t figure out that monthly withdrawal is okay. Is that your experience?
Marseille07 wrote: Mon Mar 07, 2022 1:04 pm
Count of Notre Dame wrote: Mon Mar 07, 2022 12:59 pm Does the card itself allow you to use the account like checking for paying credit cards etc.?
Not sure if I understand your question correctly but I have paid CCs out of my IBKR account. They're just ACH transactions, have little to do with your debit card though.
CCD
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Re: Anyone have the Interactive Brokers debit card (MasterCard)?

Post by CCD »

You got me thinking so I went to the IBRK app to check on the debit card section, there is a "how much I can spend" option. In my account I have xx,xxx€ and x$ it says that I can only spend x$. If this is the same at the ATM it may mean that you always need to have $ available, at least for USA based accounts.
Marseille07
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Re: Anyone have the Interactive Brokers debit card (MasterCard)?

Post by Marseille07 »

Finance Doc wrote: Fri Jul 15, 2022 10:55 am As far as I see the credit card needs to try and pull the autopay from ibkr, and each time this happens this transaction needs to be manually approved (and even occasionally requires a phone call). It doesn’t figure out that monthly withdrawal is okay. Is that your experience?
Marseille07 wrote: Mon Mar 07, 2022 1:04 pm
Count of Notre Dame wrote: Mon Mar 07, 2022 12:59 pm Does the card itself allow you to use the account like checking for paying credit cards etc.?
Not sure if I understand your question correctly but I have paid CCs out of my IBKR account. They're just ACH transactions, have little to do with your debit card though.
I believe so. I wouldn't recommend paying out of IBKR regularly. It is *possible* if you need to.
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