So you just started with Robinhood and want to know everything about their offers and features that you can use to your benefit? Their debit card is one of those that you might want to sign up for.
This article has everything you would expect from a Robinhood debit card. You will learn about how to get it, where you can use it, its advantages and disadvantages, and everything else you need to know about it. Because when it’s about money, everyone should look back again. Let’s roll.
What Is Available Cash on Robinhood
Available cash is simply what the term suggests; cash available on your Robinhood Cash Management account for use; withdraw or spend. You can check the amount of available cash on your account by opening the “cash” tab in your mobile app.
You realize that you cannot use your “instant deposit”. This is because you must withdraw them to your account to become “available cash” before you can spend. However, you can use your instant deposit to trade.
What Does Cash Management on Robinhood
Before we get into the nitty-gritty of this Robinhood debit card review, it is important that you understand what Robinhood Cash Management is. So first things first; what is Robinhood Cash Management, and how does it relate to Robinhood debit cards?
Once you have signed up for a Robinhood account, you will have an option to also access Robinhood Cash Management. This is a premium feature that lets you access other benefits such as a Robinhood debit card, which is just as good as a Mastercard (you can use it to withdraw on any ATMs Master Cards are accepted as well as purchase items online).
Robinhood Cash Management Features
Besides allowing you to have a Robinhood debit card, there are other features you will have access to once you upgrade to Cash Management. They include;
- Routing and account numbers for sending and receiving payments.
- A physical and/ or virtual debit card. This will be linked to your account and is issued by the Sutton Bank.
Cash Management Fees
To use all the features offered by Robinhood Cash Management, there are some fees that you will be charged. This is however nothing to worry about as their fees are reasonable. To begin with, you won’t be charged to open an account, inactivity fees, or maintenance. You won’t even be charged for international transactions.
Here is what you will be charged for;
- Currency conversion fee.
- “Out of Network” ATM fees are charged by ATM providers.
- Merchant Fees charged by some merchants for card payments.
Robinhood Debit Card Review
Before we start on the full Robinhood debit card review, note that you can only get a Robinhood debit card if you upgrade to Robinhood Cash Management. You can also get a physical or virtual debit card, according to your preference.
For physical cards, there are four designs you can choose from and use for mobile transactions, in-person, and online purchases.
Robinhood Debit Card at a Glance
As said above, once you are eligible for a Robinhood debit card, you can get it in 4 different designs and colors;
- American Flag
- Green
- White
- And Black
This is really interesting right? If you wanna get a debit card with your favorite color, here is how to order and activate your Robinhood debit card;
How to Order A Robinhood Debit Card
Ordering your card is quite easy through the Robinhood app. What you do first is join their waiting list, and once it is your turn, you can expect your card to arrive. Here is how you join their waiting list;
- Open the app and tap the “Cash” card at the top right corner of the app.
- Click, “Join The Waitlist”
- Provide your account information as required on the next page
- Choose your card design and.
- Hit “submit”
You should then get a notification from Robinhood that the request was successful and you have joined their waitlist. You will also be able to see where you are at on the waitlist, alongside your debit card design.
One thing to be mentally prepared for, however, is that you can be on the line for a long time. This is because you are not the only one wanting for the card. There are probably thousands, if not hundreds of thousands of people, on the waitlist before you.
How to Jump Robinhood Cash Management Waitlist
The good news is there is actually a way you can get ahead of the waitlist faster. Go to your mobile app and open the “cash” option. You will see your position on the waitlist, alongside the card design you chose.
To jump ahead, tap on the card and keep tapping until you can’t anymore. You are allowed up to 1000 taps every day. That means 1000 times ahead. It not only will put you ahead of the line, but you also stand multiple chances to get different bonuses. Maxing out our eligible taps every day may get you the card in just a month’s time.
How to Activate Robinhood Debit Card
To activate your card;
- Open your mobile app and go to “cash”
- Go to “Debit Card”
- Click on the “Have You Received Your Card” prompt
- Click “yes”
You will then get prompts to “Turn On Spend Alerts” and turn on “Location Protection”, both of which are optional. Once you are done with these, your card will be activated and you are set to start using it.
Where You Can Use the Robinhood Debit Card
Once your card is activated, it means it is ready for use. But where can you use your Robinhood debit card?
You can use it anywhere the Maser card is accepted. This means you can purchase items online with it, in physical stores, get cash, and everything else you use a card for. If you only opted for the virtual card, you can use it through Samsung Pay, Google Pay, and Apple Pay.
As long as you have enough cash in your account to cover all your expenses, you can use the card anywhere and at any time (24 hours a day, 7 times a week).
Costs of Holding and Using a Robinhood Debit Card
You don’t have to worry about any card fees with Robinhood Debit Cards. Opening an account is free, so are foreign transactions, maintenance, and even deposits of any amount. The only time you can expect to be charged is when you are withdrawing money from In-network and Out Of Network ATMs (charged by the ATM providers).
Benefits of Robinhood Debit Card
The benefits of using a Robinhood Debit Card are just like those of using a regular debit card;
- You can access your money anywhere in the world, as long as you can withdraw from ATMs that accepts Master Cards.
- You get to earn interest on funds in your Cash Management account.
- No fees chargeable to open or maintain your account.
- You have 4 options in the design of how you want your card to look.
- Some ATMs (at least 75,000) in the US are free to withdraw money.
Disadvantages of Using a Robinhood Debit Card
Here are some Robinhood debit card downsides;
- Robinhood and Robinhood debit cards are not available in some (many) countries
- You may incur a foreign transaction fee on Masters
- ATM fees may be applied in certain cases
- Once you choose your card, you can’t change the design
- Daily and monthly ATM withdrawal and spending limits apply.
Bottom Line
Is getting a Robinhood debit card worth it?
This Robinhood debit card has answered this question in depth. In the end, the choice is still solely yours. The important thing is to know what you gain and/ or lose by having the card.
Overall, the advantages outweigh the disadvantages. And if you are already using Robinhood to trade you might as well want to max out your benefits by using the card. Not only will you be able to access, spend, and withdraw your funds in the brokerage account, anytime, from anywhere. You will also enjoy other benefits such as the interest you earn on your invested funds. And besides, getting the card for free.
On the other side, keep in mind that this is a trading platform, which comes with risks. So if you don’t know anything about trading you might as well want to learn first before you invest your hard-earned money. It is also not a good option for travelers as currency conversion rates may add up big time.
Frequently Asked Questions (FAQ)
This Robinhood debit card review should have everything covered at this point. But to wrap it up, here are some pressing questions commonly asked;
