New Robinhood Debit Card Waitlist Opens: Invest and Earn Crypto and Stock
If you're looking to dabble in crypto, Robinhood's new debit card offers a lower-risk way to get started.
Jaclyn DeJohn
Jaclyn DeJohn
Editor
Jaclyn is a CNET Money editor who found the sweet spot between her love for numbers and words. With several years covering business, personal finance and economics, she has consulted small businesses on their content strategies along the way. She is also experienced in real estate investing and contracts. Her tech interests include Tesla, SpaceX, The Boring Company and Neuralink.
CNET editors pick the products and services we write about. For partner offers, we get a commission. Advertiser Disclosure
Advertiser Disclosure
CNET editors independently choose every product and service we cover. Though we can't review every available financial company or offer, we strive to make comprehensive, rigorous comparisons in order to highlight the best of them. For many of these products and services, we earn a commission. The compensation we receive and other factors, such as your location, may impact how ads and links appear on our site.
OK
How we make money
We are an independent publisher. Our advertisers do not direct our editorial content. Any opinions, analyses, reviews, or recommendations expressed in editorial content are those of the author’s alone, and have not been reviewed, approved, or otherwise endorsed by the advertiser.
To support our work, we are paid in different ways for providing advertising services. For example, some advertisers pay us to display ads, others pay us when you click on certain links, and others pay us when you submit your information to request a quote or other offer details. CNET’s compensation is never tied to whether you purchase an insurance product. We don’t charge you for our services. The compensation we receive and other factors, such as your location, may impact what ads and links appear on our site, and how, where, and in what order ads and links appear.
Our insurance content may include references to or advertisements by our corporate affiliate HomeInsurance.com LLC, a licensed insurance producer (NPN: 8781838). And HomeInsurance.com LLC may receive compensation from third parties if you choose to visit and transact on their website. However, all CNET editorial content is independently researched and developed without regard to our corporate relationship to HomeInsurance.com LLC or its advertiser relationships.
Our content may include summaries of insurance providers, or their products or services. CNET is not an insurance agency or broker. We do not transact in the business of insurance in any manner, and we are not attempting to sell insurance or asking or urging you to apply for a particular kind of insurance from a particular company.
OK
Our Editorial Mission
In a digital world, information only matters if it's timely, relevant, and credible. We promise to do whatever is necessary to get you the information you need when you need it, to make our opinions fair and useful, and to make sure our facts are accurate.
If a popular product is on store shelves, you can count on CNET for immediate commentary and benchmark analysis as soon as possible. We promise to publish credible information we have as soon as we have it, throughout a product's life cycle, from its first public announcement to any potential recall or emergence of a competing device.
How will we know if we're fulfilling our mission? We constantly monitor our competition, user activity, and journalistic awards. We scour and scrutinize blogs, sites, aggregators, RSS feeds, and any other available resources, and editors at all levels of our organization continuously review our coverage.
But you're the final judge. We ask that you inform us whenever you find an error, spot a gap in our coverage, or have any other suggestions for improvement. Readers are part of the CNET family, and the strength of that relationship is the ultimate test of our success. Find out more here.
OK
Advertiser Disclosure
CNET editors independently choose every product and service we cover. Though we can't review every available financial company or offer, we strive to make comprehensive, rigorous comparisons in order to highlight the best of them. For many of these products and services, we earn a commission. The compensation we receive and other factors, such as your location, may impact how ads and links appear on our site.
OK
How we make money
We are an independent publisher. Our advertisers do not direct our editorial content. Any opinions, analyses, reviews, or recommendations expressed in editorial content are those of the author’s alone, and have not been reviewed, approved, or otherwise endorsed by the advertiser.
To support our work, we are paid in different ways for providing advertising services. For example, some advertisers pay us to display ads, others pay us when you click on certain links, and others pay us when you submit your information to request a quote or other offer details. CNET’s compensation is never tied to whether you purchase an insurance product. We don’t charge you for our services. The compensation we receive and other factors, such as your location, may impact what ads and links appear on our site, and how, where, and in what order ads and links appear.
Our insurance content may include references to or advertisements by our corporate affiliate HomeInsurance.com LLC, a licensed insurance producer (NPN: 8781838). And HomeInsurance.com LLC may receive compensation from third parties if you choose to visit and transact on their website. However, all CNET editorial content is independently researched and developed without regard to our corporate relationship to HomeInsurance.com LLC or its advertiser relationships.
Our content may include summaries of insurance providers, or their products or services. CNET is not an insurance agency or broker. We do not transact in the business of insurance in any manner, and we are not attempting to sell insurance or asking or urging you to apply for a particular kind of insurance from a particular company.
OK
Our Editorial Mission
In a digital world, information only matters if it's timely, relevant, and credible. We promise to do whatever is necessary to get you the information you need when you need it, to make our opinions fair and useful, and to make sure our facts are accurate.
If a popular product is on store shelves, you can count on CNET for immediate commentary and benchmark analysis as soon as possible. We promise to publish credible information we have as soon as we have it, throughout a product's life cycle, from its first public announcement to any potential recall or emergence of a competing device.
How will we know if we're fulfilling our mission? We constantly monitor our competition, user activity, and journalistic awards. We scour and scrutinize blogs, sites, aggregators, RSS feeds, and any other available resources, and editors at all levels of our organization continuously review our coverage.
But you're the final judge. We ask that you inform us whenever you find an error, spot a gap in our coverage, or have any other suggestions for improvement. Readers are part of the CNET family, and the strength of that relationship is the ultimate test of our success. Find out more here.
OK
Oscar Wong/Getty Images
The financial services company Robinhood has unveiled a waiting list for its new debit card, the Robinhood Cash Card. This debit card incentivizes investments in stocks and cryptocurrency, and can be considered an early pioneer of both rewards types. Unlike traditional debit cards and credit cards, you'll have to go a step beyond making transactions to earn rewards.
With the Cash Card, you'll have the option to round your purchases to the nearest dollar and invest the difference, aka "spare change," in crypto or stock. This approach is reminiscent of the financial services company Acorns, which automatically invests the change from rounded up transactions. But the Robinhood Cash Card won't require a fee to maintain the account, like Acorns does. And at the end of each week, Robinhood will award you a bonus of 10% to 100% of your rounded-up investments -- up to a maximum of $10 per week -- making this a more valuable program than Acorns.
You'll be able to choose to invest and earn rewards in any of the seven cryptocurrencies Robinhood currently offers: bitcoin, bitcoin cash, bitcoin SV, dogecoin, ethereum, ethereum classic and litecoin.
Robinhood is currently in the process of rolling out the capability to move crypto off the platform and to your own wallet. According to a company representative, 250,000 users are already enrolled in the crypto wallet program. The popular stock and crypto trading app expects 500,000 users within the coming weeks.
The Robinhood Cash Card will have its own "spending account" in the app, separate from your brokerage account, so it doesn't require you to open a separate bank account. You can add funds by transferring money from linked savings or checking accounts. Alternatively, you can get your paychecks deposited directly to your Robinhood account. There is no minimum balance requirement for your spending account to get or maintain the Cash Card. And because this is a debit card, there is no credit check.
There are no ATM or overdraft fees associated with the Cash Card. The Robinhood Brokerage Account is FDIC-insured up to $250,000, minimizing the risk associated with other crypto cards. You'll also be able to send checks from this account. The Cash Management card -- Robinhood's previous debit card -- has been discontinued in preparation for the launch of the Cash Card.
Robinhood told us in an email that, as early as this summer, the company expects to enable a feature for cash back and savings at specific brands and retailers. We'll keep you updated with more details as we learn them.
The editorial content on this page is based solely on objective, independent assessments by our writers and is not influenced by advertising or partnerships. It has not been provided or commissioned by any third party. However, we may receive compensation when you click on links to products or services offered by our partners.
