CONSUMER LAW | AGCM fines Trade Republic for misleading cashback promotion

On 9 June 2026, the Italian Competition Authority (AGCM) concluded proceeding PS12985 and imposed a fine of EUR 2.5 million on Trade Republic Bank GmbH for unfair commercial practice. The investigation concerned the company’s advertising campaign promoting its payment card and the “Saveback Programme” under the slogan “1% makes the difference”. According to the AGCM, the omission or misleading presentation of essential information about the nature and limits of the Saveback Programme led consumers to believe that purchasing the Trade Republic card entitled them to a traditional cashback system providing partial reimbursement of certain spending categories. In reality, the promotion constitutes a proposal to subscribe to a savings plan under specific conditions, and Trade Republic only transfers an amount equal to 1% of qualifying purchases into the plan if the consumer accepts the subscription offer.

Newsletter n. 119 – June 2026