eToro (Nasdaq: ETOR), which began offering debit cards in the United Kingdom in 2021, is now enhancing its proposition by allowing customers to receive 4 per cent of their everyday spending back in the form of stocks.
Spending Reward in Stocks
Announced today (Tuesday), users of the eToro Visa debit card can choose any UK-listed stock from a selection of equities to receive as cashback on their daily spending. They can either sell the awarded stocks or keep them as investments.
“Now, eligible eToro UK clients can efficiently manage their money while earning rewards on everyday purchases and continue to invest in a wide range of assets, including stocks, crypto, commodities, and ETFs via the eToro app,” said Doron Rosenblum, Executive Vice President, Business Solutions at eToro.
According to the eToro Money website, the platform will allow debit card holders to earn up to £1,500 worth of stocks in monthly cashback rewards.
The rewards programme in stocks follows just over a month after eToro publicly listed its shares on the US-based Nasdaq. The Israeli company raised $403 million from the listing, including stock options exercised by IPO underwriters. Existing shareholders also received $310 million from the sale of their holdings during the public debut.
“This card redefines cashback by turning every purchase into a slice of stock ownership, aligning everyday spending with long-term investing goals,” said Dan Moczulski, Managing Director of eToro UK. “From a morning coffee to the weekly shop, every purchase will quietly add to your portfolio, lowering the barrier to entry and turning investing into a simple, repeatable habit.”
Aggressive Campaigns to Get Customers
Meanwhile, eToro is not the only company launching attractive offers to grow its user base. Many retail brokers are now providing interest on uninvested cash parked by users on their platforms.
London-listed IG Group went as far as offering 8.5 per cent interest on GBP holdings — double the Bank of England’s current 4.25 per cent base rate. Germany-based NAGA also began offering 2.77 per cent APY on uninvested euro cash balances.
This article was written by Arnab Shome at www.financemagnates.com.
