On Tuesday, Robinhood announced that it was unveiling a new debit card that would allow customers to automatically invest in cryptocurrency with their paycheck.
The Robinhood Cash Card allows customers to make digital and in-person payments and automatically invest in cryptocurrencies and stocks when making transactions.
The company is offering weekly bonuses ranging from 10% to 100% on money they round-up to the nearest dollar. Customers can choose what to do with the extra cash that Robinhood rounds up, such as investing in stocks or crypto through new rewards features. The card replaces the previous Cash Management debit card and comes with no monthly fees, subscription fees, in-network ATM fees, overdraft fees or account minimum fees.
“We’ve seen a new generation change their relationship with money, moving away from credit card debt, cash, and making more digital transactions,” Robinhood said.
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Among Gen Z, only 17% say credit cards are their preferred method to pay for goods and services. The figures are higher for millennials (46%) and baby boomers (47%).
"With the new Cash Card, we’ll be there with them when they spend on their daily needs—from morning coffee to weekend groceries—and help them build their investing habits for their future along the way," the company said.