Robinhood unveiled a waiting list for its new debit card, the Robinhood Cash Card. The cash management card – Robinhood’s former debit card – has been discontinued in preparation for the launch of the payment card.
This new debit card will allow you to earn crypto and stock rewards on your transactions. You will have the option to round up your purchases to the nearest dollar and invest the difference in crypto or stocks. Then, at the end of each week, Robinhood will award you a bonus of 10% to 100% of your investments rounded up, up to a maximum of $10 per week.
Since Robinhood does not support the ability to move crypto to yours, your crypto rewards will only be custodians – so you will need to convert them to USD to use the value. It’s unclear which stocks and cryptos will be available as reward currencies, as Robinhood didn’t immediately respond to our inquiries, but we’ll keep you updated.
The Robinhood Cash Card does not require a separate bank account. It connects directly to your Robinhood brokerage account and you can add funds by transferring money from linksWhere accounts. Alternatively, you can have your paychecks deposited directly into your Robinhood account. Uninvested funds can then be used to cover trades, and there is no minimum balance requirement.
Robinhood has yet to respond as to whether you can access margin funds — a loan with your account assets as collateral — with this card. As it is a debit card, there is also no credit check.
There are no annual, ATM or overdraft fees associated with the Cash Card. The Robinhood brokerage account is FDIC insured up to $250,000, which minimizes the risk associated with. You will also be able to send checks from this account.