Popular trading platform Robinhood is announcing the launch of a new debit card that allows customers to earn crypto rewards as they use it.
According to a recent company blog post, the Cash Card will give debit card users benefits that are traditionally reserved for credit card holders.
“The Cash Card builds on our mission to democratize finance for all by giving debit card customers the same benefits and rewards that were once reserved for credit card holders.”
Customers will get bonuses based on their weekly round-ups and can choose to invest them in their choice of assets, including a slew of cryptocurrencies.
Currently, Robinhood offers support for seven different crypto assets: leading digital asset Bitcoin (BTC), top smart contract platform Ethereum (ETH), dog-themed meme token Dogecoin (DOGE), Bitcoin alternative Litecoin (LTC), and spin-off virtual assets Bitcoin Cash (BCH), Bitcoin SV (BSV), and Ethereum Classic (ETC).
Robinhood’s product officer Aparna Chennapragada told financial services website GOBankingRates that the Cash Card is geared toward helping younger generations invest.
“We’re growing with a new generation of debit-first customers for whom investing still feels out of reach. Spending is a fact of life, and we want to help this generation turn everyday spending into opportunities that will help build good habits for the future. Start early, and every little bit matters.
This is what the future of spending looks like for a new generation that’s mobile-first and who expects more from the institutions they bank with.”
The card will have no monthly fees, subscription fees, overdraft fees, and account minimum fees, according to the blog post.