Robinhood’s new debit card will automatically invest in crypto
Aimed at helping new investors
Robinhoaunches has announced a new debit card, called the Robinhood Cash Card, “to help a new generation start their investing journey”.
Replacing Robinhood’s Cash Management debit card, the new card will give users the option to automatically invest in assets like stocks and crypto every time they spend money. Robinhood will round up transactions made using the card to the nearest dollar and use that money to buy an asset of the user's choice.
Robinhood will gift anyone who enables the round-up feature an extra 10 to 100 percent every week (capped at $10). Users of the card will also be able to receive cheques up to two days in advance via direct deposit. The card also allows users to open separate accounts for investing and spending.
“The next generation has a high interest in investing, but it is out of reach for many because they're caught up in the cycle of spending” Robinhood Chief Product Officer Aparna Chennapragada told Yahoo Finance. "And so we built this spending account and a cash card ... to be able to turn spending into investing."
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