Robinhood launched a new ‘cash card’ debit card with merchant offers for instant savings and roundup matching.
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.
- No fees (fee schedule pdf)
- Earn a 10-100% bonus on your weekly round-ups. And it’s all invested in your choice of stocks and crypto. Round-ups are capped at $100 per week and bonuses are capped at $10 per week.
- Unlock everyday savings: Save money when you shop at some of your favorite spots—no activation required.
- Automatically invest part of every paycheck in your choice of stocks and crypto.
- Up to $250,000 FDIC insured
- Ability to send checks
- Access to 90,000 fee-free ATMs
Might be a bit interesting for small purchases to make a few dollars on the roundup. And maybe their merchant offers will be decent. These kinds of things of often better at launch and then get watered down, so it could make sense to sign up for the waitlist, especially if you’re already part of the Robinhood ecosystem.