Interactive Brokers Master Card

I always imagined Thomas Peterffy would be an America-born American. I never expected he would speak English with such heavy accent. And I never knew I can allow them to loan my stocks out and would share 50/50 with them the interest that they earn. I have never been approached by them for that.
 
freedinner said:
interesting development here. IB now offers a "Integrated Financial Management Account" that includes a debit Master Card. Using the card will create a margin loan in your IB account, with IB's rock-bottom margin interest rates.

Peterffy is personally promoting it in a video: ibkr.com/message


With it, IB starts to extend its reach and customer-friendly rates into the banking industry.

Using an IB-linked debit card is clearly a better option than using a high-interest credit card (with potential late payment penalties etc.).

And maybe this also helps IB to sign up new customers who especially value this combination, like asset-rich folks who have been wooed by Wall Street banks with margin loans (no doubt at much higher rates than IB is offering).

However, we'll also likely have to prepare ourselves for tales of customers who will complain that IB made it too easy for them to irresponsibly spend away their savings.
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This actually could be a very competitive product. How is it that this got approval from regulators?.... Interesting.
 
JSOP said:
I always imagined Thomas Peterffy would be an America-born American. I never expected he would speak English with such heavy accent. And I never knew I can allow them to loan my stocks out and would share 50/50 with them the interest that they earn. I have never been approached by them for that.
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According to wiki, he arrived in NYC at age 21 without speaking english.

I remember he once said that he got into computer programming (an obscure or emerging task at the time) because learning computer language seemed easier than learning english.

So, without his troubles learning english, IB might not even exist today.
 
eastern_warrior said:
If you have 100000 cash in your account, then no loan - debit.
If you have 100000 in securities in your margin account, you can borrow against that
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I showed my ignorance. I thought all debit cards were prepaid. Obviously I've never used a debit card other than the prepaid ones. I've used an ATM only once. (I don't have a cell phone, either. And no, I'm not a Luddite... just a KISS kind of guy.) :)
 
Scataphagos said:
I showed my ignorance. I thought all debit cards were prepaid. Obviously I've never used a debit card other than the prepaid ones. I've used an ATM only once. (I don't have a cell phone, either. And no, I'm not a Luddite... just a KISS kind of guy.) :)
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How powerful is your Dell workstation?
 
just21 said:
How powerful is your Dell workstation?
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Not all that powerful. 8 years old, Precision T3500, Xeon W3570 CPU, 4GB RAM, Win7-32bit. However when I first started trading the ES, it was on a lesser machine with a 56K dial-up modem.
 
Scataphagos said:
Not all that powerful. 8 years old, Precision T3500, Xeon W3570 CPU, 4GB RAM, Win7-32bit. However when I first started trading the ES, it was on a lesser machine with a 56K dial-up modem.
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Time for an upgrade. What are the deals at the moment?
 
just21 said:
Time for an upgrade. What are the deals at the moment?
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Upgrade for you or for me?

If I were going to upgrade right now, my first choice would be Dell Precision T5810, with Xeon E5-1620 CPU or better. I'm thinking it won't be long before a slew of them come available off-lease for ~$350-$400. The best price on Dell Outlet right now is ~$700-$750, including current discount promotion, with full 3-yr warranty.
 
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