Robinhood has launched a new debit card with a big feature allowing customers to invest spare change in stocks and cryptocurrencies as they spend. According to Robinhood, users can choose to round up their spending figure to the nearest dollar and invest in digital assets or currencies of their choice with the newly launched Robinhood debit card.
The new debit card unveiled by Robinhood Markets Inc. is set to benefit users as it will also reward them with a weekly bonus. A new subsidiary of the online brokerage called Robinhood Money is offering the debit card, which is going to replace Robinhood's current Cash Management debit card that was announced in 2019.
Apart from Robinhood's new debit card, spare change investing is being offered by consumer finance apps like Chime and Acorns Grow Inc. Spare change investing is a feature that allow consumers to invest very small amount of money in assets and is appealing to younger consumers.
Robinhood Debit Card Spending Limits
- Robinhood debit card daily spending limit - $5,000
- Robinhood debit card monthly spending limit - $15,000
- Robinhood debit card ATM Withdrawal daily limit - $1,010
- Robinhood debit card ATM Withdrawal monthly limit - $5,000
How and Where can you use your Robinhood debit card?
Customers can use their Robinhood debit card virtually anywhere in the world where Mastercard is accepted. Customers can make purchases online, or at stores, get cash apart from doing hotel reservations, and get other benefits by using the new Robinhood card.
Robinhood's virtual debit card can be used online and through Google Pay, Apple Pay, and Samsung Pay. The card can be used 24/7 depending on the availability of cash in your brokerage account to cover your purchases.
Robinhood Debit Card Banned in These Countries
Robinhood has notified through its official website that the use the new debit card is currently banned in the following countries:
- Afghanistan
- Angola
- Albania
- Algeria
- Azerbaijan
- Argentina
- Belarus
- Bangladesh
- Bosnia
- Herzegovina
- Brunei Darussalam
- Botswana
- Brazil
- Burundi
- Bulgaria
- Central African Republic
- Cambodia
- Cuba
- Cyprus
- Czech Republic
- Cote d'Ivoire
- Democratic People's Republic of Korea
- Dominica
- Democratic Republic of the Congo
- Ethiopia
- Georgia
- Ecuador
- Guyana
- Ghana
- Honduras
- Haiti
- Hong Kong
- Iraq
- Iran
- Indonesia
- Kyrgyzstan
- Kuwait
- Kazakhstan
- Kenya
- Latvia
- Lebanon
- Namibia
- Nigeria
- North Macedonia
- Nicaragua
- Palestine
- Poland
- Panama
- Pakistan
- Paraguay
- Philippines
- Papua New Guinea
- Qatar
- Sao Tome
- Principe
- Sierra Leone
- Russia
- South Sudan
- Somalia
- Sudan
- Suriname
- Sri Lanka
- Syria
- Tajikistan
- Tanzania
- Taiwan
- Trinidad
- Thailand
- Tobago
- Turkmenistan
- Turkey
- Ukraine
- United Arab Emirates
- Uganda
- Uzbekistan
- Zimbabwe
- Yemen
- Vanuatu
- Vietnam
- Venezuela
- Lao People's Democratic Republic
- Libya
- Liberia
- Mongolia
- Mali
- Morocco
- Myanmar
- Montenegro
- Nepal
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