Trading 212's card cashback resets to 0% next week — the two hoops to keep 1.5%

If you have a Trading 212 card, the cashback you earn on everyday spending is about to change from a simple rebate into something with strings — and if you do nothing, it resets to 0%. The switch lands on 1 August 2026 for most accounts — those under Trading 212 UK Ltd or Trading 212 Markets Ltd — and 7 August 2026 for accounts under Trading 212 EU GmbH, which covers Germany and France. Which entity you're on is shown in the app. This is a summary of Trading 212's own published terms.

The headline number barely moves — you can still earn "up to 1.5%" — but almost everything underneath it does. Here's what actually changes, and the two things to do before your date if you want to keep earning anything at all.

The two hoops to keep any cashback

From your transition date the base rate is 0%. To earn the maximum 1.5% you have to meet both of these conditions, at the same time:

1. Cashback Reinvest switched on. You turn it on yourself in the app — it isn't automatic.
2. An active recurring subscription on the card. At least one monthly, bi-weekly or weekly payment — a Netflix, Spotify or Prime-type charge — has to be detected on your 212 Card. Annual or one-off payments don't count, and rent, bills and buy-now-pay-later are explicitly excluded.

Miss either one and you drop to 0%. There's no half-rate for meeting one condition, and no grace period — so the practical task before your date is: turn on Cashback Reinvest, and make sure a qualifying subscription is actually running on the card.

The catch: the 1.5% isn't cash anymore

This is the part the headline rate hides. Under the new model your cashback is automatically reinvested into a Pie — a basket of stocks or ETFs you pick — the moment it's paid. Trading 212 says it plainly: the cashback is "subject to investment risk," and "you may receive back less than the amount of cashback originally invested."

So the reward stops being money that lands in your account to spend, and becomes an investment that can go down. It's also capped at £15 a month on GBP accounts and €15 a month on EUR accounts. A flat cash rebate and a capped, force-invested 1.5% are not the same product, even when they wear the same percentage.

Your date, and what it's worth

Which change applies to you depends on the Trading 212 entity your account sits under:

Accounts under the German EU GmbH entity — Germany and France — give up a little more, a flat 2% instead of 1.5%, and move a week later, on 7 August; everyone else moves on 1 August. Either way the reward you keep is capped and locked into a Pie. Whether that still beats a straightforward 1% cash-back card is a judgement call that depends on how you'd actually use it; this isn't advice, and it's about the offer mechanics, not which Pie or asset to hold.

The 212 Card is a spending product, not a leveraged one, so the usual trading risk-warning doesn't apply here — the only "risk" the terms flag is that your reinvested cashback rides the market like any other holding. This is a summary of what Trading 212 has published, not investment advice.