Business Insider's personal finance team compared the Robinhood Cash Card to the best prepaid debit cards and found its a standard offering.
It might be a good choice if you want a prepaid debit card that links to your Robinhood accounts and helps you set aside money for investing. However, if you're aren't looking to invest and save with the investing platform, you may prefer the best rewards checking accounts for more robust features, or a standard prepaid debit card simpler needs.
Robinhood Cash Card Option
The Robinhood Cash Card might be a great choice for people who already use the investing platform for stocks or cryptocurrency, and who want to integrate spending with investing strategy. The card offers several perks for people who have cryptocurrency or brokerage accounts with the platform.
For example, if you direct deposit your paycheck into the spending account, then you'll be able to set up an automated transfer of some of that money into the accounts you use to buy stocks and cryptocurrency.
Robinhood also offers perks like early direct deposit and cash-back on purchases through Cash Card Offers. With these, you can get your paycheck up to two days early, and you can earn cash back on select purchases you make with the card.
Overview of the Robinhood Cash Card
How the Robinhood Cash Card Works
The Robinhood Cash Card is a prepaid card. When you get a card, Robinhood creates a Robinhood Spending Account for you and links it to the card. From there, it works like a checking account; you can put money in your spending account and make purchases using that money with the cash card.
Limited to Robinhood Account Holders
You can only use the Robinhood Cash Card if you already have a Robinhood account. If you don't have an account, you'll have to make one in order to get a card.
If you aren't already interested in getting a debit card with investment rewards, and you're not interested in starting to invest with stocks or cryptocurrency, you might want to look elsewhere for a good cash-back debit card.
Managing and Tracking Expenses
Like any debit card, you'll want to keep an eye out on how much you're spending and where. You can use the Robinhood app to track what you're spending on investments on cryptocurrency, but on everything else, you might want to consider downloading an external budgeting app to keep track of your spending.
Robinhood Cash Card User Experience and Accessibility
Because Robinhood is a financial app, not a traditional brick-and-mortar bank, it comes with many of the perks and drawbacks that online banks offer. The platform is easily accessible to anyone with a phone or computer, and can be accessed easily whether you're at home or travelling. However, because it is not a bank, it does not have any branches that you can go to and get in-person help at. Things like depositing cash can also be more complicated.
That being said, the platform's financial tools and support for customers are available 24/7, so you're always able to get in contact with customer support online.
Is Robinhood Trustworthy?
We include ratings from the Better Business Bureau to show you how many complaints banks get and how quickly and completely they respond to them.
Robinhood has received an A rating from the BBB due to government action taken against the bank.
It partners with Sutton Bank to provide this service. Sutton Bank has an A+ rating from the BBB.
The investing platform also has one recent controversy.
In 2023, Robinhood entered into a consent order with the Commissioner of Financial Protection. The CFP claims that Robinhood harmed its customers by failing to create and maintain supervisory systems that would ensure compliance with the law, keep the app from experiencing outages at crucial times, and ensure that customers were qualified for the services the platform was offering them. The CFP also claimed that Robinhood did not provide ways for customers to contact them during outages, and that it did not report a high volume of customer complaints to the Financial Industry Regulatory Authority, among other claims. Robinhood does not admit or deny wrongdoing in entering into the agreement.
Robinhood Cash Card Key Features and Benefits
Earn Rewards On Purchases
You can earn cash bank on purchases you make with your Robinhood Cash Card. These are called "Cash Card Offers," and they don't require you to do anything to activate them. If you see an offer that you want to use, just purchase things as normal with your cash card, and whatever cash back you earn will be put back into your spending account, usually within two days.
Round-up Investments into Robinhood Stocks or Crypto
Round-Ups are a service for Robinhood Cash Card users. With them, you can round up all the purchases you make with the cash card to the nearest dollar, and invest that spare change in your choice of stock, ETF, or cryptocurrency.
If you're into stock trading and/or investing in cryptocurrency, these features can be a great way to ensure you have money to invest.
Robinhood Cash Card Fees and Charges
Robinhood doesn't charge any monthly fees or require a minimum deposit. It also doesn't charge overdraft fees, but that's because it doesn't let you overdraft your account at all. If you try to make a purchase that will overdraft your account, the cash card will just decline the transaction.
Some of the best banks for avoiding overdraft let you overdraft your account without incurring fees.
The Robinhood Cash Card and Robinhood Spending Account comes with some bank fees you might want to avoid: a $2.50 ATM fee for both in- and out-of-network ATMs and a variable fee up to 1.75% for bank transfers to external bank accounts.
You can get no-fee ATM access for in-network ATMs if you have at least a $300 deposit into the account in the last 34 days. This makes in-network ATMs, such as Allpoint and MoneyPass ATMs, free to use; however, this will not waive ATM fees that out-of-network ATMs charge. The best banks for avoiding ATM fees don't require you to hit certain requirements to avoid paying extra for ATM usage.
no monthly service fee
None
$0
- Several automatic investment options
- No monthly fees
- No opening deposit
- 24/7 customer service
- Get paid two days early
- Offers cash back on purchases
- $2.50 for ATM withdrawals at both in-network and out-of-network machines
- Does not allow overdrafts
- Does not pay interest
- Charges fees for money transfers (up to 1.75%)
The Robinhood Cash Card is good if you already use Robinhood, but it doesn't offer notable perks otherwise.
- Linked to the Robinhood Spending Account
- FDIC-insured through Sutton Bank
- Members can access “Robinhood Cash Card Offers,” which are specific purchases that users can get cash back on
- Allpoint and MoneyPass ATMs are in-network; Allpoint has over 55,000 ATMs, MoneyPass has around 40,000 ATMs
- ATM withdrawal fees can be waived if you recieve $300 or more in direct deposits in your account in the last 34 days
Robinhood Cash Card Pros and Cons
Robinhood Cash Card Pros
- Several automatic investment options
- No monthly fees
- $0 opening deposit
- 24/7 customer service
- Get paid two days early
- Offers cash-back on purchases
- FDIC-insured
Robinhood Cash Card Cons
- Charges ATM fees
- Does not offer overdraft protection
- Does not pay interest
- Charges fees for money transfers
Robinhood Cash Card Alternatives
Robinhood Cash Card vs. Acorns Mighty Oak Debit Card
The Mighty Oak Debit Card by Acorns is a great option if you're interested in investing but also want to earn a high annual percent yield on your checking account funds.
Acorns lets you invest directly out of your account. It also offers a "Real-Time Round-Ups" feature that works similarly to Robinhood's "Round-Ups" feature, as well as a smart deposit feature that lets you invest a part of your paycheck like Robinhood does. In addition, you can earn 2.57% APY on Checking and 4.05% APY on an Emergency Fund with Acorn. It also lets you use its ATM network for free, unlike Robinhood.
Robinhood Cash Card might be a better choice if you're more interested in Robinhood's investment opportunities, or if you already use it. In addition, the Mighty Oak Debit Card requires you to pay a monthly subscription fee (though you may be able to waive the fee). If you want a spending account you can invest with that doesn't charge monthly fees, the Robinhood Cash Card may be a better choice for you.
Robinhood Cash Card vs. Discover Cashback Debit Card
The Discover® Cashback Debit Account is a great choice if you're primarily interested in getting a great cash-back debit card. It lets you earn 1% cash-back on up to $3,000 worth of purchases each month (see website for details). You can only earn cash back on specific offers with the Robinhood Cash Card.
As with Robinhood, there are no monthly fees associated with Discover's card. It offers overdraft protection if you link another Discover account to this checking account. You can also use its extensive ATM network for free, though you will be charged a non-waivable fee if you go outside of its network.
Unlike the Robinhood Cash Card, the Discover® Cashback Debit Account does not offer any investment-related perks. If you're primarily interested in investing, Robinhood is the clear winner.
Robinhood Investing
Robinhood is more well-known for its investing services. While the cash card is connected to spending account, and therefore separate from brokerage account, people who are interested in the cash card are likely also interested in the platform's online brokerage features.
Robinhood Gold
Robinhood Gold is a paid upgrade to the online brokerage account. For $5 per month, you can earn 4.00% APY on any uninvested funds in your account, along with other perks.
You also get access to the Robinhood Gold Card, a cash-back credit card that gives 3% cash-back on your purchases.
Is the Robinhood Cash Card Right for You?
The Robinhood Cash Card offers a number of interesting perks for people who already use the platform app and want to get more into investing. Its Round-Ups feature and its direct deposit perks let you automatically invest in the stocks or cryptocurrency you're interested in, and being able to invest and manage your money all with one app makes investing more convenient.
However, people who aren't interested in investing probably won't be interested in this card, either. Since you have to have a Robinhood account to use the card, and since the card doesn't offer any interest and charges for ATM usage if you don't meet certain requirements, you'll probably want to go with another cash-back debit card that fits your particular needs better.
Why You Should Trust Us: How We Reviewed the Robinhood Cash Card
At Business Insider, we use our bank account methodology to rate all of our banking products. For checking accounts, we consider the following categories: minimum opening deposits, monthly service fees, overdraft fees/protection, ATM network/fees, customer support, mobile app, miscellaneous features, and company ethics and security. Based on these, we give each account a score from 0 to 5.
We assign star ratings can be anywhere from one to five stars. We use a weighted average to get our star rating, which means we weigh certain features, like interest rates and fees, at a higher weight percentage than others. We understand that these areas can more heavily impact a person's overall banking experience.
Robinhood Cash Card FAQs
How does the Robinhood Cash Card work?
The Robinhood Cash Card lets you make purchases, earn rewards, and automatically invest spare change from rounded-up transactions into stocks or crypto using money in your Robinhood account.
Are there any fees associated with the Robinhood Cash Card?
Yes, the Robinhood Cash Card charges you $2.50 per ATM transaction if you don't meet certain requirements. It also charges you for money transfers to external debit cards and instant bank transfers.
Can I withdraw cash using the Robinhood Cash Card?
Yes, you can use the Robinhood Cash Card to withdraw cash at ATMs. Keep in mind, though, that there are some fees associated with doing so.
How can I earn and maximize rewards with the Robinhood Cash Card?
You can earn rewards on purchases made with the Robinhood Cash Card. You can maximize benefits by participating in round-up investments. This will allow you to invest change into your Robinhood portfolio automatically.
What are the limitations of using the Robinhood Cash Card?
The card is primarily tied to the Robinhood platform, so it primarily is beneficial for Robinhood account holders. Check out online or national banks if you're looking for a traditional banking rewards program.
Is the Robinhood Cash Card legit?
Yes, the Robinhood Cash Card is FDIC-insured through Sutton Bank, so your money is save up to $250,000 per depositor.
*Annual Percentage Yield (APY). Dividends earned for first 12 months from membership open date and assume no withdrawal activity during that period. Earnings example based on a $15,000 daily average balance. Assumes Level 2 qualifications are met with earning 8.00% APY for first 3 months after account opening and 4.00% APY for remaining 9 months after account opening.
**New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/26. See full bonus and annual percentage yield (APY) terms at sofi.com/banking#1. SoFi members who enroll in SoFi Plus with Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi Plus members are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. See the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.
***Cash back earned on up to $3,000 a month in purchases. Outgoing wire transfers are subject to a service charge. You may be charged a fee by a non-Discover ATM if it is not part of the 60,000+ ATMs in the no-fee network.
****Earn $400 for opening a new Truist One Checking account online using code AFL2425TR1400 and receive at least one qualifying direct deposit of $500 or more and complete at least 15 qualifying debit card purchases within 90 days of account opening (offer expires April 30, 2025).
****Axos One: The Annual Percentage Yield (APY) is accurate as of 04/01/2025. The base and promotional interest rate and corresponding APY for Axos ONE Checking is variable and is set at our discretion. The base and promotional interest rate and corresponding APY for Axos ONE Savings is variable and is set at our discretion. Axos ONE Savings is a tiered variable rate account. Axos ONE Checking is a non-tiered variable rate account. Interest rates may change as often as daily without prior notice. Fees may reduce earnings. Promotional terms and conditions are subject to change or removal without notice. Incentive may be taxable and reported on IRS Form 1099-MISC. Consult your tax advisor. After the accounts are opened, the amount of incentive earned will depend on meeting the additional requirements outlined below. The Axos ONE Checking account will earn a base rate of 0.00% APY. The Axos ONE Savings account will earn a base rate of 1.00% APY. Axos ONE accounts are eligible to receive a promotional APY for each statement cycle where the promotional criteria are met during the Qualification Period. To receive the promotional APY on both Axos ONE Checking and Axos ONE Savings, the Axos ONE Checking account must meet both of the requirements in either Option 1 or Option 2 below during the Qualification Period: Option 1 1. Your Axos ONE Checking account has received qualifying direct deposits of at least $1,500 in total. 2. The average daily balance of your Axos ONE Checking account is at least $1,500. Option 2 1. Your Axos ONE Checking account has received qualifying deposits of at least $5,000 in total. 2. The average daily balance of your Axos ONE Checking account is at least $5,000. If both of the requirements in either Option 1 or Option 2 above are met during the Qualification Period: The Axos ONE Checking account will earn a promotional rate of 0.51% APY for the statement cycle in which the requirements are met. The Axos ONE Savings account will earn a promotional rate of up to 4.66% APY for the statement cycle in which the requirements are met. The Qualification Period is from the 1st of the month through the 25th of the month. The Qualification Period for new accounts will begin on the day the account is approved. Any qualifying direct deposits received after the 25th of the month will count toward the next Qualification Period. A direct deposit is an electronic deposit of your paycheck or government benefits, such as Social Security, Disability, etc. Other deposits (i.e., online banking transfers, ATM and mobile check deposits, etc.) or person-to-person payments are not considered a direct deposit. Qualifying deposits only include deposits from the following eligible sources: (i) ACH transfers from external accounts, (ii) inbound wire transfers from external accounts, (iii) check deposits. Qualifying deposits do not include: (i) transfers internal to the bank (i.e., transfers between an account holder's Checking and/or Savings account), (ii) interest payments, (iii) promotional bonuses, (iv) credits, reversals, and refunds. Both accounts must be in an open and active status on the date the interest is paid to receive the promotional APY for that statement cycle. Account transactions may take one or more business days from the transaction date to post to the account.
