Robinhood launches new cash card

Robinhood officials have stated that the cash card builds on its strategy to democratise finance by giving debit card customers the same benefits and rewards previously reserved for credit card holders. When customers invest in themselves, Robinhood Money will give them a bonus of 10-100% (capped at USD 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. Additionally, 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.

The 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. This will replace the existing Cash Management product, where customers’ investing and spending cash were all in their brokerage account, according to fintechnews.ch.