Robinhood Money to offer Robinhood Cash Card
Robinhood is introducing the Robinhood Cash Card to help a new generation start their investing journey—and get rewarded—while spending on the things they need and love.
The Cash Card builds on Robinhood’s mission to democratize finance for all by giving debit card customers the same benefits and rewards that were once reserved for credit card holders. The Cash Card will be offered by Robinhood Money, LLC.
- Get a weekly bonus on round-ups
When customers invest in themselves, Robinhood Money will give them a bonus of 10-100% (capped at $10) on their weekly round-ups. As they spend, customers can choose to round-up their change to the nearest dollar and invest it in their choice of assets. The weekly bonus is Robinhood’s way to show its support for its customers’ investing goals.
- Instant Savings (coming soon)
With inflation on the rise, and people paying high prices on their everyday needs from gas to groceries, starting this summer, Robinhood seeks to help Cash Card customers beat inflation by giving them savings when they shop at some of their favorite spots.
- Get paid early & split your paycheck
Customers can set up their direct deposit and apply to get access to their paycheck up to two days early. They can also use Robinhood’s split your paycheck feature to automatically invest in assets in their brokerage and crypto accounts.
New Cash Card customers will also have access to 24/7 phone support, in-app educational resources, and access to a large selection of assets through Robinhood.
The new Cash Card will replace the existing Cash Management product, where customers’ investing and spending cash were all in their brokerage account. Now, customers can sign-up for the Cash Card, and see separate accounts for investing, and spending.
Effective today, Robinhood is retiring sign-ups for the existing Cash Management product, and opening the waitlist to the public including current customers. The company is also giving a percentage of existing Cash Management customers access to the new Cash Card starting this week.
