The Robinhood Cash Card is the company’s new debit card. The Robinhood Cash Card is a debit card that allows you to invest the money you would have spent on a round number of items. Users of the round-up feature on their credit cards can receive weekly cash rewards. However, the Robinhood debit card does have some limits and does not accept check deposits. This Robinhood account is perfect for first-time investors who want to learn the ropes.
This article examines the Robinhood debit card, how to make deposits, and withdrawal limits.
Robinhood Debit Card
When you upgrade to a Robinhood brokerage account with Cash Management features, you will receive a Robinhood debit card that you can use to make purchases in-store, online, and via mobile devices.
Withdraw cash from an ATM, make purchases in-store or online, and more with your Robinhood debit card. With sufficient funds in your account, you can use your card at any location in the world that displays the Mastercard logo. It is important to remember that your card may not be accepted in certain countries; if you have any upcoming international travel, it is best to double-check the complete list online to avoid any unpleasant surprises.
Robinhood debit cards can be used with a variety of mobile wallets, including Apple Pay, Samsung Pay, and Google Pay. As a result, you can ditch the wallet and just use your phone to make purchases at places that support mobile payments. Although Robinhood is not a traditional bank, it does provide its customers with a debit card and a Cash Management service.
What Are the Steps to Set up a Robinhood Debit Card?
Activating your Robinhood debit card is a necessary step before you can begin using it. This is how4:
- Launch the Robinhood mobile app or go to the Robinhood website and sign in.
- Select the Cash menu, then the Debit Card submenu.
- Tap “Have you received your card yet?”
- Check the box if you agree
- Activate optional location and spend alerts.
Robinhood Cash Card Basics
A debit card called the Robinhood Cash Card encourages users to make additional investments in their Robinhood brokerage accounts. If you sign up for Round-up Rewards, Robinhood will automatically add any spare change from your purchases to your brokerage account. Although a Robinhood brokerage account is not required to obtain this card, you will need one to receive Round-up Rewards.
Investors can use their reward points to purchase stocks, ETFs, cryptocurrencies, and more directly from their credit cards. The maximum weekly round-up amount is $100. Rounding up will only be available for purchases over $1.
Customers who opt into Robinhood’s Round-up Rewards program will receive a weekly bonus equal to 10% to 100% of their cumulative rounded-up total. The maximum weekly bonus you can receive is $10. In general, Robinhood offers a 40% bonus. You can then put that bonus money to use in your Robinhood brokerage account.
If you deposit at least $300 monthly into your card’s spending account through direct deposit, you will get 2% cash back on purchases of gas and groceries. Cardholders can get a rebate on their purchases made at participating stores.
Robinhood Debit Card Review
A Robinhood debit card, usable in-person or online, is available to customers who upgrade to the Cash Management tier of their Robinhood brokerage account. To withdraw money from your Robinhood brokerage account quickly and easily, consider getting a debit card. Those who are already making trades and investments through Robinhood can get a card at no cost and earn interest on their idle cash.
How Robinhood Debit Card Works
The Robinhood Spending account, which serves as the brokerage’s new cash management account, is used to load the Robinhood Cash Card, which functions like a rewards debit card.
The Cash Card streamlines the process of investing by allowing you to instantly deposit your rewards into a brokerage account of your choosing. You can also invest part of your paycheck automatically.
Use your Robinhood debit card with confidence thanks to Mastercard’s Zero Liability Policy. This guarantee applies to any purchases made via any channel (in-store, online, or mobile).
How to Use Robinhood Debit Card
If you already have a Robinhood brokerage account, you can take your trading experience to the next level by upgrading to Robinhood Cash Management3, which includes a debit card and other useful features. The Robinhood debit card makes it simple to access your money for everyday purchases and cash withdrawals at any location that accepts Mastercard.
To access your Robinhood investments with the convenience of a debit card, upgrade to a Cash Management account. For purchases and withdrawals, you can use the money in your Robinhood account with the help of a debit card.
With your Robinhood debit card, you will have access to cash at ATMs and can shop anywhere debit cards are accepted. If your balance is positive, you can use your card anywhere that accepts Mastercard worldwide.
To access your Robinhood Cash Management account, you will need the Robinhood debit card. This is not a standard checking or savings account, but it does have some of the same features. The Robinhood debit card combines the convenience of a checking account with the benefits of a savings account.
How Do You Get a Robinhood Cash Card?
Only Robinhood customers can apply for a Robinhood Cash Card via the website. You can sign up for a Robinhood account by visiting the website or by downloading the Robinhood app. The next step is to create a Robinhood spending account, which can be done in the app’s “Spending” section.
A Robinhood Cash Card is provided for your spending needs and can either be virtualized during the application process or mailed to you.
Furthermore, you will get a replacement plastic debit card if you have requested one. It will likely arrive in two weeks. You can start using your card immediately by activating it for use with digital wallets like Apple Pay, Google Pay, and Samsung Pay.
Robinhood Debit Card Limit
You can spend up to $3,000 per day and $10,000 per month with your Robinhood Cash Card. The Robinhood debit card Daily ATM withdrawal limits are $510, with a monthly maximum of $5,000. More than 75,000 ATMs in the United States and another 15,000 ATMs in other countries are available to customers without incurring any fees.
When using your debit card abroad, Robinhood does not impose any fees. However, Mastercard may charge you a foreign transaction fee if you make a purchase using a currency other than US dollars. This could result in higher prices at foreign hotels or when shopping online with international retailers.
The only currency Robinhood accepts for customer balances is the US dollar. This means that you may be charged a foreign conversion fee by Mastercard whenever you use your Robinhood debit card in a foreign country or make purchases from international online merchants.
Robinhood Debit Card Deposit
If a store accepts Mastercard, you can probably use your Robinhood Cash Card there. Unfortunately, the Robinhood Cash Card is not accepted in more than 80 countries, so keep that in mind if you plan on traveling internationally. Debit cards, direct deposits, and ACH transfers from other accounts can all be used to fund your checking balance. The Robinhood debit Card is not able to accept cash or check deposits from customers. If you frequently deposit cash or checks, it is best to have a dedicated debit card or bank account for those transactions.
With the debit card, Robinhood is a much better candidate to accept direct deposits, which is another excellent method of funding your account. They provide free direct deposit, so you can get paid and have money added to your Robinhood account without ever having to lift a finger.
What Bank is Robinhood Debit?
Robinhood Cash Cards are prepaid cards issued by Sutton Bank, Member FDIC, under a license from Mastercard® International Incorporated, and can be used exclusively for making purchases on the Robinhood platform.
How Do I Activate My Robinhood Debit Card?
The following steps will enable your Robinhood Cash Card:
- Go to “Spending” (money icon)
- Click “Let’s get spending”
- Select “Activate card”
- Choose “Yes”
- You can choose to enable Location Protection and Spend Alerts.
Can I Use Robinhood as a Bank?
The Robinhood app provides a way to manage your money that is functionally equivalent to a checking or savings account. You can not compare Robinhood to a traditional bank. To earn interest on your idle funds, Robinhood invests them in a partnership with several banks.
Does Robinhood have Zelle?
You can not add money to or take money out of your Robinhood account using Zelle® right now. There is no way to use Zelle® with Robinhood right now.
In other words, you can not use Zelle® to make or receive payments with your Robinhood account.
How Do I Withdraw Money From Robinhood to My Bank?
Instant bank withdrawal, also known as real-time payments (RTP), is a speedier alternative to traditional bank transfers. If you want your money sooner than the free option’s timeline of four to five business days, an instant transfer will take you only about 10 minutes (more or less, depending on your bank).
Here’s how to get your money out of Robinhood and into your bank account from your mobile device:
- Select “Account”
- Select “Transfers”
- To send money to a bank account (or a debit card): click “Transfer to your bank.”
- Pick the bank account you use the most.
- Put in the withdrawal amount you would like to make
- Verify the particulars and the sum.
- Click the “Transfer” button.
Is Robinhood a bank in the USA?
Robinhood Financial is a commission-free online brokerage that facilitates trading in stocks and other securities. Robinhood provides a way to manage your money that is functionally equivalent to a checking or savings account.
Is Robinhood safe?
Robin Hood is completely secure. Due to Robinhood’s membership in the SIPC, your securities and cash deposits are protected up to $500,000 and $250,000 respectively. And since Robinhood deals in securities, it falls under the purview of the SEC, which governs the industry as a whole.
Conclusion
The Robinhood Cash Card stands out from the competition. It is not a cash-back debit card in the traditional sense because it does not give you a percentage of what you spend back, but its round-up rewards program can help you build up your savings or investment account.
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