Robinhood Cash Card review
- Fee
- $0 per month
- Minimum deposit to open
- $0
Our verdict
This card is fee-free and rounds up your investments, but is it worth it?
The Robinhood Cash Card is a fee-free, solid choice for new investors, as it automates investments when you swipe. Linked to the Robinhood spending account, the Cash Card has no monthly fees and offers cash back, and the roundup program lets you invest spare change with up to a $10 weekly match. However, to reap the benefits, you’ll need a brokerage account first, which takes about five minutes to open online.
Best for: Investors looking for a low-cost way to manage daily spending.
Pros
-
$0 maintenance fees, overdraft fees or opening deposits
-
Auto-invest with purchases made with your card
-
Cash back, early paychecks and round-ups
Cons
-
No cash or check deposits
-
No incoming wires
-
No APY earned on uninvested funds in your account
-
International limitations
Who is the Robinhood Cash Card best for?
The Robinhood Cash Card is best for those new investors who want an easy, automated way to invest while making everyday purchases. It’s also best for those who want a convenient way to earn cash back and round up spare change to invest without actively managing a portfolio.
The Robinhood Cash Card also has no maintenance or overdraft fees, making it ideal for people who seek a low-maintenance prepaid card.
What we like about the Robinhood Cash Card
While Robinhood isn’t a bank itself, it partners with various banks, so your money is FDIC-insured up to $250,000. The Robinhood Cash Card is a prepaid card issued by Sutton Bank, Member FDIC.
Like many modern cards, the Robinhood Cash Card lets you get paid up to two days early with its early paycheck deposit.
Low-maintenance account
One of the biggest perks of the Robinhood Cash Card is it doesn’t charge routine fees — no monthly maintenance, overdrafts, card replacement fees, foreign transaction fees or inactive account fees.
There is no minimum balance requirement, so you don’t have to worry about keeping a balance. Robinhood also doesn’t allow its cardholders to overdraw, and it simply declines a transaction if funds aren’t available.
Invest your spare change
If you already have a Robinhood brokerage account, you get access to more perks.
By linking the debit card to the brokerage account, you can opt in to rounding up and investing spare change into crypto or stocks. Robinhood also offers a match, matching up to $10 a week. This feature can add up to $480 a year in your pocket!
Where it falls short
You need a brokerage account to earn rewards offered by the Robinhood Cash Card, which may not appeal to those who already have brokerage accounts elsewhere. Plus, the cashback rewards offered on the Robinhood Cash Card may not be as competitive as other rewards programs.
The cash card also does not pay an APY. You must subscribe to Robinhood Gold (for a monthly fee) and opt in to the brokerage cash sweep program to earn interest on any uninvested cash.
International limitations
If you travel internationally, check if you can use your Robinhood Cash Card at your destination. Currently, you cannot use your card in 88 countries, including ATM withdrawals.
Minimal deposit options
You are limited to only electronic funds — ACH or direct deposit — to fund your card electronically. You can’t deposit cash or checks or receive wire transfers through the partnering’s bank routing number, which means it may not be a suitable all-around banking solution for some.
Robinhood Cash Card’s fees and access
| Type of fee | Fee details |
|---|---|
| Monthly service | $0 |
| Opening deposit | $0 |
| ATMs |
|
| Debit card fees |
|
| Overdraft or nonsufficient funds | $0 |
| Wire transfers |
*Note: you can only wire into your brokerage account directly from Robinhood’s platform and not through your ACH routing to your cash card. |
| Other fees |
|
Compare Robinhood Cash Card to other accounts
Narrow down top accounts by their monthly fees, minimum deposit requirements and available APYs. Tick the Compare box next to each provider to compare up to four accounts side by side.
How to open the Robinhood Cash Card
Signing up for the Robinhood cash card is pretty easy, and it takes about five minutes.
- Go to the Robinhood Cash Card landing page.
- Select Sign up now and sign up for the Robinhood spending account.
- Enter your information and apply.
- Choose whether you want a physical and/or virtual card.
- Done!
Customer reviews and ratings
| BBB accredited | No |
|---|---|
| BBB rating | A- |
| BBB customer reviews | 1.12 out of 5 stars, based on 224 customer reviews |
| Trustpilot score | 1.2 out of 5 stars, based on 3,737 customer reviews |
| Customer reviews verified as of | 21 October 2024 |
While Robinhood is one of the pioneers of user-friendly investing fintech, there are low customer ratings on the Better Business Bureau (BBB) and Trustpilot. Robinhood also has over 1,800 complaints, many of which are customers claiming their accounts were closed unexpectedly and issues contacting customer support.
The Consumer Financial Protection Bureau (CFPB) also had a spike in consumer complaints for Robinhood around January 2021, likely related to controversy around trade restrictions during that time. Some users question the company’s mission of making trading accessible for all because of this.
However, it’s important to know that most negative reviews are about Robinhood’s brokerage services and unresponsive service department — not its spending accounts or the Cash Card specifically.
What do people on Reddit say?
- “Consumer Complaint Database,” CFPB, October 2024
- “Why you shouldn’t use Robinhood,” Reddit, 2020
Your reviews
Summer Finder
Contributor
Hi there, looking for more information? Ask us a question.
You are about to post a question on finder.com:
- Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
- finder.com is a financial comparison and information service, not a bank or product provider
- We cannot provide you with personal advice or recommendations
- Your answer might already be waiting – check previous questions below to see if yours has already been asked
Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our finder.com Terms of Use and Privacy and Cookies Policy.
This site is protected by reCAPTCHA and the Privacy Policy and Terms of Service apply.