Robinhood Replaces Its Cash Management Product With a New Cash Card

Robinhood Replaces Its Cash Management Product With a New Cash Card

by March 23, 2022

Stock trading and investment app Robinhood announced that it has rolled out a new cash card for its customers.

Robinhood said that the cash card builds on its mission to democratise finance for all by giving debit card customers the same benefits and rewards that were once reserved for credit card holders.

When customers invest in themselves, Robinhood Money will give them a bonus of 10-100% (capped at US$10) on their weekly round-ups.

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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.

Now, customers can sign-up for the Cash Card, and see separate accounts for investing, and spending.

Robinhood has retired sign-ups for the existing Cash Management product, and opening the waitlist to the public including current customers.

The company said in a statement,

“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.”