Investing can be a powerful way to build wealth, but for many people, it can feel out of reach. That’s why we’re 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 our 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.
Here’s how it works:
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 our way to show our support for our 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, we’ll help Cash Card customers beat inflation by giving them savings when they shop at some of their favorite spots like H&M, Chevron and Chipotle, with many more coming soon.
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 our split your paycheck feature to automatically invest in assets in their brokerage and crypto accounts.
No Hidden Fees
This is spending the Robinhood way —no monthly fees, no subscription fee, no in-network ATM fees, no overdraft fees and no account minimum fees that cut into our customers’ investments.
Why are we making our debit card better than the last?
We’ve seen a new generation change their relationship with money, moving away from credit card debt, cash, and making more digital transactions. A recent survey found that only 17% of Gen Z say a credit card is their preferred payment method, compared with 46% of millennials and 47% of baby boomers. We were there for our customers at the beginning of their investment journey with commission-free trading and fractional shares. With the new Cash Card, we’ll be there with them when they spend on their daily needs—from morning coffee to weekend groceries—and help them build their investing habits for their future along the way.
As always, 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, we're retiring sign-ups for the existing Cash Management product, and opening the waitlist to the public including current customers. We’re also giving a percentage of existing Cash Management customers access to the new Cash Card starting this week.