Loot Card Review



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THE LOOT DEBIT CARD

BACKGROUND INFORMATION

FOUNDED: 2014

FCA:  N/A

CURRENCIES: GBP, EUR

ATM LIMIT: £250 per day

ATM FEE: 2 free per month then £1 each

VIP OPTION: No

APP: Android and iOS

CUSTOMER SUPPORT: Email, Chat, Telephone

IBAN: Yes

MONTHLY FEE: No

TRANSFERS: Yes

LOADING OPTIONS: Bank Transfer, Debit Card

CARD DELIVERY CHARGE: Free

What is the Loot Debit Card?

The Loot debit card has been around for quite a while now. Established in 2014, Loot is an online-only bank which relies on customers managing their accounts via an app on their smart phone. Although this concept is not really a new thing, Loot has quickly gained a solid reputation for creating a simple but innovative way to manage finances.

The Loot card was originally targeted at students and the younger generation which an emphasis on budget management, particularly tracking day to day spend. This is one of the main reasons that Loot has become preferred over traditional banks, where typically the apps are dated and don’t offer any features other than simple transactions and balance information. The introduction of “Loot Goals” is another way that Loot helps customers save money towards a goal such as buying a car or saving for a holiday etc.

What are the Loot Card fees?

So, you are probably wondering about the fees and limits of the Loot debit card. This is a good question and it’s worth spending some time checking the fees.

Basically you get two free ATM withdrawals every month. This means no fees will be added when you make the transaction (obviously check the ATM you are using first as some add their own fees which are nothing to do with the card company). After you make two withdrawals, you will be charged a flat rate of £1 per withdrawal. This is the same no matter how big or small the transaction. For this reason it’s probably best to spend using the card rather than taking out cash where possible.

The maximum balance you are allowed in your account at any one time is £25,000. The maximum amount you can withdraw from an ATM is £250 per day, £3000 per month and £15,000 per year. With the Loot debit card you aren’t charged any monthly fees which is nice, and also if you lose your card there is no cost to have it replaced and mailed to your registered address.

It is worth mentioning that you can also use your Loot Debit Card whilst abroad. Basically, anywhere that accepts Mastercard will accept the card. You also benefit from the wholesale rate on currency conversions without fees and charges. While the card is not one of the best to use for foreign currency, you certainly won’t find it too expensive using the Loot debit card abroad. The limits mentioned above also include transactions abroad.

Is my money safe with Loot?

The loot card itself is protected by the card issuer which in this case is Mastercard. When you deposit money into your account it is worth noting that it is not protected by the FSCS. However, the money is help separately in a secure account which means it is controlled by Wirecard. Although highly unlikely, if the company was to go bankrupt, your money would be fully protected. As Loot is primarily designed for every day spending rather than holding large sums of money, we believe that it is safe and fit for purpose.

Pros and Cons of the Loot Debit Card

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Loot Debit Card
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