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Fintech Greenlight launches credit card for parents

Wednesday 18 May 2022 11:18 CET | News

Greenlight, a US-based fintech company that pitches parents on kid-friendly bank accounts, has launched a credit card.

The Greenlight-branded card, offered through Mastercard, offers up to 3% unlimited cashback on all purchases and gives parents the option to automatically invest those cash rewards in stocks and ETFs to spend on family-related expenses, according to TechCrunch.

Parents must opt into the automatic investment feature, and if they don’t want their funds invested in the ETFs Greenlight pre-determines are relatively safe, they can also choose to invest that cash in other ways through Greenlight’s investment app or opt for the cash to go directly to their bank account.

The card’s differentiator is in its ability to allow parents to invest those rewards automatically rather than having to do so manually if they choose that option. Plenty of investment platforms offer credit cards that automatically invest cash rewards into the market, but Greenlight hopes its focus on families and their needs will help it stand out.

The company considered designing the card so cash back accrued into a 529 plan, a tax-advantaged educational savings account parents can open on behalf of their children. 


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Keywords: fintech, product launch, credit card, cashback, investment
Categories: Banking & Fintech
Companies: Greenlight
Countries: United States
This article is part of category

Banking & Fintech

Greenlight

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