Teaming up with global payments behemoth Mastercard, wealth platform Sharesies is launching a debit card "that invests while you spend".
People can use the card to spend like they usually do but they’ll also make an earning for their investments. Sharesies said there are no caps or minimum spend on the amount that can be earned.
“That’s $1 invested for every $100 spent on the card, pro-rata.”
“Earnings accrued from using the card will automatically be invested on a weekly basis into a nominated investment on the Sharesies app,” the wealth platform said.
But people won’t be able to make these earnings on things like cash top-ups or withdrawals, gambling transactions or travellers’ cheques.
Sharesies Personal general manager Scott Nixon said the card is designed to “harness the power” of compounding returns and “translate a simple purchase into helping people with their long-term financial goals”.
"We believe that managing spending alongside long-term financial goals is a key part of building wealth."
The payment card has been in the works for a while with Sharesies co-chief executive Leighton Roberts saying in November last year that its partnership with Mastercard would “spice up” payments competition.
Over 30,000 customers have signed up to the card’s waitlist and 6000 people have been given early access to the card in the beta phase, Sharesies said.
People will be able to manage the card when it comes to things like two-factor authentication, turning off and on online payments, and updating PINs through the Sharesies app.
Customers on a Sharesies plan will have to pay a "Spend account fee" of $12 annually while those not on a plan will pay $25, and there’s a 0.5% currency exchange fee for overseas purchases. However these will be waived until February next year.
Sharesies offers investing in shares, savings accounts, KiwiSaver, car insurance and more recently, crypto assets. Over 870,000 people across New Zealand and Australia, with $9 billion in assets, use Sharesies.
Mastercard and Visa are two of the largest global payment operators in the world. In 2024, the Commerce Commission - which regulates Visa and Mastercard credit and debit networks - reported that $95 billion of card payments are processed annually by Mastercard and Visa in New Zealand.
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