Interactive Brokers Group launches Mastercard® prepaid card in Canada
GREENWICH, Connecticut – (COMMERCIAL THREAD) – Interactive Brokers Group (Nasdaq: IBKR), a global brokerage firm, today announced the launch of the Interactive Brokers Canada (IB Canada) Mastercard prepaid card. The Mastercard expands the cash management benefits available to IB Canada customers by adding the ability to clear transactions against their IB account balances.
Currently, IB Canada clients can trade securities in over 135 global markets through powerful trading software at some of the lowest costs in the industry through Interactive Brokers’ integrated investment account. The IB Canada Prepaid Mastercard adds cash management benefits such as purchasing power and cash withdrawal to the full range of benefits currently available to IB Canada customers.
“The advantage of Interactive Brokers has always been our low cost, advanced trading tools and the breadth of our products worldwide for sophisticated individual traders and DIY investors ”, said Jean-François Bernier, Managing Director from Interactive Brokers Canada. “The IB Canada Prepaid Mastercard offers our Canadian customers a simple and flexible option to manage their finances. ”
In addition to the Prepaid Mastercard, the main benefits of the IB Canada Integrated Financial Management account include:
Cover card transactions with funds from your brokerage account at ultra-low rates – currently 1.63% CAD or less
Benefit from market interest rates on inactive account balances * and earn additional income by lending fully paid shares
Spend and borrow directly from your IBKR brokerage account, avoiding late fees or overseas transaction fees
Invest in stocks, options, futures, bonds, funds and currencies in over 135 low-cost markets
Enjoy any of these benefits from a single account, eliminating the inconvenience of transferring funds between accounts and avoiding late fees
* Interest is paid on balances greater than CAD 10,000 and determined based on the current CAD benchmark rate.
IB Canada Integrated Financial Management account holders can access IB Canada brokerage account balances at a rate of 1.63% CAD or less – which is lower than credit cards, personal loans or lines of credit on home equity – and avoid minimum monthly payments and late fees.
“Interactive Brokers doesn’t just reduce investment costs, ”added Steve Sanders, executive vice president of marketing and product development at Interactive Brokers. “Integrated cash management makes it easier to manage finances, and the Prepaid Mastercard makes cash more accessible. If you want to borrow money from the securities in your account, you can withdraw cash or use your Interactive Brokers Prepaid Mastercard for any expense, from a cup of coffee to a car.
For added peace of mind, the IB Canada Prepaid Mastercard offers customers the ability to access their account funds wherever Mastercard is accepted in the world, all under the protection of IBKR Mobile’s security measures, including two-factor authentication, and with Mastercard’s zero liability protection.
The card program is administered by Interactive Brokers Canada Inc., the program manager of the Interactive Brokers Prepaid Mastercard card. The Interactive Brokers Prepaid Mastercard is issued by Peoples Trust Company under license from Mastercard International Incorporated. Mastercard is a registered trademark and the design of the circles is a trademark of Mastercard International Incorporated.
Use of the card is subject to the terms and conditions of the applicable cardholder agreement and fee schedule, if applicable.
The Interactive Brokers Prepaid Mastercard is currently available to Canadian residents and is subject to terms and conditions and application review. More information on the IB Canada Prepaid Mastercard, as well as prices, fees and how to apply, are available at www.ibkr.ca/prepaidcard.
About Interactive Brokers Group, Inc .:
Interactive Brokers Group subsidiaries provide automated transaction execution and custody of securities, commodities and currencies around the clock in more than 135 markets in multiple countries and currencies, from a single integrated investment account IBKR to customers all over the world. We serve individual investors, hedge funds, proprietary trading groups, financial advisors and introductory brokers. Our four decades of focus on technology and automation have enabled us to equip our clients with a particularly sophisticated platform to manage their investment portfolios. We strive to provide our clients with competitive execution prices and trading, risk and portfolio management tools, research facilities and investment products, all at low or no cost, positioning them to obtain higher returns on investments. Barron’s ranked Interactive Brokers # 1 with 5 out of 5 stars in its Best Online Broker Review of February 26, 2021.