Robinhood Cash Card | Robinhood (2023)

Robinhood Cash Card

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Using your Robinhood Cash Card

Using your Robinhood Cash Card

Where can I use my Robinhood Cash Card?

You can use your Robinhood Cash Card virtually anywhere that Mastercard® is accepted around the world. You can make purchases at stores or online, reserve a hotel or open a tab at a restaurant, get cash, and more.

If you opted for the virtual card only, you can use it online and through Apple Pay, Google Pay, and Samsung Pay.

You can use your Robinhood Cash Card 24 hours a day, 7 days a week, as long as you have enough available cash in your spending account to cover purchases.

(Video) Robinhood Cash Card (Debit Card) Full Review (2022)

What’s available cash?

Available cash is any cash that you have in your spending account that you can withdraw or spend. You can find the amount of available cash you have at the top of the Spending tab.

How do I get cash with my Robinhood Cash Card?

You can use your Robinhood Cash Card to get cash at any in-network ATM or by asking for cash back after typing in your PIN at participating stores.

You can search in your app to find the closest in-network ATM. You can also use your card at an out-of-network ATM; however, you may need to pay the ATM operator a fee.

Can I make deposits with my Robinhood Cash Card?

We do not currently support cash or check deposits.

Can I use my Robinhood Cash Card abroad?

You can use your Robinhood Cash Card virtually anywhere in the world that Mastercard® is accepted. Mastercard® will automatically convert currencies for you at a rate selected by Mastercard, and Robinhood won’t charge any foreign transaction fees on debit card transactions. Please note that if you choose to pay a foreign debit card transaction in US Dollars, or choose to withdraw funds from a foreign ATM in US Dollars, the merchant or ATM operator may charge you a currency conversion fee. See our Cash Card Agreement for information about foreign currency exchange.

You can also use your Robinhood Cash Card at over 15,000 free international ATMs in addition to the over 75,000 free ATMs available in the United States. In order to search for the nearest in-network ATM, use the “Find Fee-Free ATMs” section in your app to find the nearest withdrawal locations.

Keep in mind, your card won’t work in a few banned countries and with some merchants that aren’t connected to the internet.

What happens when I use my Robinhood Cash Card?

When you use your Robinhood Cash Card, we’ll hold money from your account to cover the cost of your purchase. You’ll see a Pending item in the Recent History section of the Spending tab. Your transaction will show up as Pending until the purchase amount is final and the money is actually moved out of your account.

In most cases, the original amount of the transaction won’t change. That being said, the original amount charged could be larger than the final amount. Some merchants markup transactions to cover incidentals or tips (for example, holds for gas, hotels, or restaurant tips). This means that an original charge may be larger than the final amount that you have to pay. If the original markup charge is for more than what's available for you to spend, we’ll decline the transaction.

On the other hand, sometimes the original amount authorized will be for less than the final transaction amount (for example, if you’re leaving tips on paper receipts at restaurants). Your transaction amount will change once the merchant processes the actual amount they’re charging.

No Overdrafts

We’ll decline transactions that you don’t have enough cash or margin available to cover. Keep in mind that there are some exceptions when the final amount of a transaction exceeds the amount we originally approved. For example, if you leave a large tip on your Robinhood Cash Card at a restaurant and the final transaction value exceeds the cash in your account, you may experience an account deficit. That said, if the final amount of your transaction is greater than the value of the cash and any margin available in your account, we’ll decline the transaction.

(Video) Robinhood Cash Card Review #robinhood

How do I change my PIN?

You can change your PIN at any time from the Robinhood app. Just tap the card in the Cash tab and select Change PIN. Your new PIN will be ready to use immediately.

Can I set up my card through my mobile wallet?

Yes. Your Robinhood Cash Card supports Apple Pay, Samsung Pay, and Google Pay. You can do this by taking a photo of your card or manually entering your card information from the mobile wallet app of your choice.

Where can I learn more about my spending account’s security features?

You can learn more about debit card protection and other spending account security features here.

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FAQ

FAQ

My card says it’s issued by Sutton Bank. What’s that all about?

We work with Sutton Bank to issue the Robinhood Cash Card. That's why you may see Sutton Bank when you link your card to third parties, like Venmo or Square.

I used my Robinhood Cash Card, but I don’t see a charge yet. What’s happening?

Some merchants wait before charging your debit card. This is very common with merchants like Amazon.

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Can I overdraft?

Robinhood Money will decline transactions that would cause you to exceed your available cash. However, there are some circumstances when the final amount of a debit card transaction will exceed the amount we originally authorized. For example, in the event that you leave a large tip at a restaurant, the final transaction amount could be more than we approved and it could cause your account to go negative.

Can I transfer my Instant Deposits in my brokerage account to my spending account?

No. You cannot use Instant Deposits for debit card purchases, cash withdrawals, or transfers within your spending account. You can use your Instant Deposits to make trades in your brokerage account.

What do I do if a charge in my app disappeared?

If a charge doesn’t settle, we’ll expire the hold and give you back the money. When this happens, the charge will disappear from the “Recent” section in your app.

Why did the amount I was originally charged change?

Sometimes the amount that you’ve been charged changes between the time you made your purchase and the time the transaction settles. This is common for transactions at hotels, car rentals, gas stations, and restaurants.

Why are there several transaction entries from my one purchase?

Sometimes merchants may charge you several times if the pricing of the item updates. This is common for online transactions where pricing often changes such as Uber or Lyft. Contact support if you feel like something’s off.

What if I don’t recognize a transaction on my statement?

If you don’t recognize the amount, the time, or the merchant description of a transaction, please contact support immediately so we can look into the charge.

Keep in mind, sometimes the data on merchants isn’t always what you expect it to be. For example, if a merchant does business under another name, you may see a different merchant name from the one you were expecting.

Why are the dates different between my statement and my app?

We’ll show you the date that your card was charged in your app, but your statement will show the date that those charges settled. This means that it’s possible that charges that settle after the statement closing date may not show up until the next month’s statement.

What happens if I want to use my card while far away from my phone but Location Protection is on?

You can always turn Location Protection off in the app from the settings page.

What if I don’t want the physical debit card?

If your wallet can’t fit another debit card, you have the option to get the virtual debit card only when you first sign up for a Robinhood spending account. You can use the virtual card online and through Apple Pay, Google Pay, or Samsung Pay. If you ever change your mind, we’ll mail you a debit card anytime.

Can I change my card design?

Once you’ve confirmed your debit card design and shipping address, you’re unable to change the design from that point forward. Choose wisely! If you opted for the virtual card only, your last chance to change your card design is if/when you request a debit card in the mail.

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Limits on your Robinhood Cash Card

Limits on your Robinhood Cash Card

Spending Limits

TypeDaily LimitMonthly Limit
Debit Card Spending$3,000$10,000
ATM Withdrawal$510$5,000

Banned Countries

Use of your Robinhood debit card is currently banned in the following countries:

Afghanistan, Albania, Algeria, Angola, Argentina, Azerbaijan, Bangladesh, Belarus, Belize, Bolivia, Bosnia and Herzegovina, Botswana, Brazil, Brunei Darussalam, Bulgaria, Burundi, Cambodia, Central African Republic, Côte d'Ivoire, Cuba, Cyprus, Czech Republic, Democratic People’s Republic of Korea, Democratic Republic of the Congo, Dominica, Ecuador, Ethiopia, Georgia, Ghana, Guyana, Haiti, Honduras, Hong Kong, Indonesia, Iran, Iraq, Kazakhstan, Kenya, Kuwait, Kyrgyzstan, Lao People’s Democratic Republic, Latvia, Lebanon, Liberia, Libya, Mali, Mongolia, Montenegro, Morocco, Myanmar, Namibia, Nepal, Nicaragua, Nigeria, North Macedonia, Pakistan, Palestine, Panama, Papua New Guinea, Paraguay, Philippines, Poland, Qatar, Russia, Sao Tome and Principe, Sierra Leone, Somalia, South Sudan, Sri Lanka, Sudan, Suriname, Syria, Taiwan, Tajikistan, Tanzania, Thailand, Trinidad and Tobago, Turkey, Turkmenistan, Uganda, Ukraine, United Arab Emirates, Uzbekistan, Venezuela, Vanuatu, Vietnam, Yemen, and Zimbabwe.

More Information

For more information about the terms applicable to the Robinhood Cash Card, please see the Robinhood Cash Card Agreement.<br>The Robinhood Cash Card is issued by Sutton Bank, member FDIC, pursuant to license by Mastercard®. Neither Robinhood Money LLC nor any of its affiliates are banks.

Your spending account is offered through Robinhood Money, LLC ("RHY") (NMLS ID: 1990968), a licensed money transmitter. RHY is not a bank. The Robinhood Cash Card is a prepaid card issued by Sutton Bank, Member FDIC, pursuant to a license from Mastercard®.

Out-of-network ATM fees and other fees may apply. See the Robinhood Cash Card Agreement and the Robinhood Spending Account Agreement.

(Video) The TRUTH About the NEW Robinhood Debit Card

Still have questions? Contact Robinhood Support

FAQs

Why does my Robinhood card declined? ›

We'll decline transactions that you don't have enough cash or margin available to cover. Keep in mind that there are some exceptions when the final amount of a transaction exceeds the amount we originally approved.

Is the Robinhood cash card worth it? ›

Robinhood Cash Management gives customers access to many convenient banking features, like direct deposit, online bill pay and a debit card. The account also earns a fairly competitive high-yield interest rate, making it one of the best cash management accounts around.

Can you withdraw cash from Robinhood card? ›

Robinhood has announced a new debit card, branded as the Robinhood Cash Card. The card will be linked to a spending account separate to users' brokerage accounts, and work for in-person and online payments as well as ATM withdrawals.

What is the difference between Robinhood cash card and debit card? ›

The Cash Card features round-up investments with a weekly bonus, few fees, early direct deposit, and a split-check feature for recurring investments. The new debit card will replace the company's current debit card as well as its Cash Management program.

Why is my card declining when I have enough? ›

Your card may be declined for a number of reasons: the card has expired; you're over your credit limit; the card issuer sees suspicious activity that could be a sign of fraud; or a hotel, rental car company, or other business placed a block (or hold) on your card for its estimated total of your bill.

Why does my card keep getting declined? ›

The transaction may be declined due to a high level of recent activity on a card, a lack of matching AVS information, the card is over its limit or a range of other reasons known only to your bank. Resolve the error by contacting your bank to find out why the transaction is being declined.

How do I qualify for Robinhood cash card? ›

You must have a brokerage account with Robinhood Financial, LLC, or a cryptocurrency account with Robinhood Crypto LLC to participate in these features. RHF, RHY, RHC and RHS are affiliated entities and wholly owned subsidiaries of Robinhood Markets, Inc. RHF, RHY, RHC and RHS are not banks.

Is it smart to keep money in Robinhood? ›

YES–Robinhood is absolutely safe. Your funds on Robinhood are protected up to $500,000 for securities and $250,000 for cash claims because they are a member of the SIPC (Securities Investor Protection Corporation).

What bank does Robinhood cash use? ›

The Robinhood Cash Card is a prepaid card issued by Sutton Bank, Member FDIC, pursuant to a license from Mastercard®.

What is the max withdrawal on Robinhood card? ›

You can make up to 5 withdrawals per business day from your account. You can withdraw up to $50,000 to a linked bank account and $5,000 with instant transfers per day from Robinhood.

What is the limit on Robinhood debit card? ›

Are There Limits On My Robinhood Debit Card? There are limits set by Robinhood for using your debit card: Daily limit of $5,000 debit card spending; $1,010 ATM withdrawals. Monthly limit of $15,000 debit card spending; $5,000 ATM withdrawals.

How does a Robinhood cash card work? ›

The Robinhood Cash Card is a prepaid card issued by Sutton Bank, Member FDIC, pursuant to a license from Mastercard® International Incorporated. For round-ups and split your paycheck, you authorize Robinhood Money to transfer funds from your spending account to your Robinhood brokerage or crypto account(s).

How do I add money to my Robinhood cash card? ›

Deposit money into your Robinhood account
  1. Tap Account.
  2. Tap Transfer money.
  3. Choose the external debit card or bank account you'd like to transfer money from.
  4. Enter the deposit amount.
  5. Choose to transfer the deposit to your brokerage or spending account.
  6. Review the deposit.
  7. Tap Transfer.

Is Robinhood cash a cash account? ›

Cash Accounts

This means you can trade stocks, ETPs, and options without worrying about your number of day trades. With a cash account, deposits must clear before they are available to invest. This may take up to 5 business days, depending on your method of deposit and deposit history at Robinhood.

What ATM is free for Robinhood card? ›

Maintenance fees: We don't charge fees to open, close, or maintain a brokerage account. In-network ATM fees: As long as you use one of the 75,000+ ATMs in the Allpoint or MoneyPass networks, you won't pay any fees.

Why is my card not working when I have money? ›

Common reasons for payment denied.

Card has been blocked due to unusual spending activity. The money is in a different account than the card is linked to. The personal info you entered doesn't match bank records.

Will a debit card be declined for insufficient funds? ›

Insufficient funds are the main reason that debit cards are declined. Having insufficient funds means that there isn't enough money in your account to cover your purchase. Even though you may have enough money in your checking account, there is a difference between your bank account balance and your available funds.

Why does my debit card says insufficient funds when I have money? ›

This can happen if there are other transactions in your account for which there is temporary authorization. An authorization can block the amount of the transaction in your account, thus reducing the available balance. Time-wise, the authorization has a limited duration.

What can I do if my debit card is declined? ›

What Do I Do if My Card Is Declined?
  1. #1 | Stay Calm.
  2. #2 | Ask the Merchant to Re-Try the Transaction.
  3. #3 | Offer Another Payment Method.
  4. #4 | Call Customer Service.
Jan 2, 2023

How do I Unrestrict my debit card? ›

Generally, there are two ways for unblocking the ATM card – either the banks do it automatically or you have to request the banks online, through SMS/call, or by paying a personal visit at the branch.

How do I make a Robinhood cash only account? ›

Customers who wish to trade options in a cash account can click here or open the app and navigate to the Account tab → Menu → Investing → Day trade settings → Switch to cash account. On Web, navigate to Account → Settings → Investing → Account type → Switch to cash account.

What is Robinhood cash sweep? ›

The cash sweep program is an added feature to your Robinhood Financial LLC brokerage account. Interest is earned on uninvested cash swept from your brokerage account to the program banks. Program banks pay interest on your swept cash, minus any fees paid to Robinhood.

How do I activate my Robinhood cash card? ›

To activate your Robinhood Cash Card card:
  1. Go into the Spending tab.
  2. At the top of the page, tap Let's get spending. Activate card.
  3. Tap the Yes button.
  4. Turn on Spend Alerts (optional)
  5. Turn on Location Protection (optional)

What is the downside of Robinhood? ›

The main downside of Robinhood is that the investment selection is limited for hands-off, passive investors: The broker offers no mutual funds or index funds, which financial advisors typically suggest using as the basis of a diversified portfolio.

Does your money grow in Robinhood? ›

Interest is earned on uninvested cash swept from your brokerage account to program banks. Program banks pay interest on your swept cash, minus any fees paid to Robinhood. As of February 3, 2023, the Annual Percentage Yield (APY) that you will receive is 1.5%, or 4.15% for Gold customers.

What happens if you make a lot of money on Robinhood? ›

Your gains aren't all yours to keep

Whenever you sell an asset at a price that's more than what you paid for it, you're subject to capital gains taxes. The amount of those taxes will depend on how long you held the assets in question before selling them.

Is Robinhood cash a checking account? ›

You may know Robinhood as a financial services company that makes it easy to invest. The Robinhood Cash Management Account is its hybrid savings and checking account. It pays a relatively high interest rate like a high-yield savings account, but it comes with a debit card like a checking account.

How much instant cash does Robinhood give? ›

Our Instant Deposit feature gives you immediate access to $1,000 after you initiate a deposit.

Why is my Robinhood cash not withdrawable? ›

You may not be able to withdraw money while your account is restricted. Robinhood sometimes restricts users' accounts. That can happen if the user has a negative balance, had a bank account transaction reversed, if the user is suspected of fraud, or for a few other reasons.

Does Robinhood card have fees? ›

At Robinhood, we aim to cut all the fees we can. This means that for the spending account, we do not charge: Maintenance fees: We don't charge fees to open, close, or maintain a spending account.

Why cant I purchase on Robinhood? ›

There are a few reasons why you may be missing the buy or sell button on a stock's Detail page: It's a foreign stock, which we don't support. For guidelines on eligible stocks, check out Assets Available on Robinhood. It's an over-the-counter (OTC) stock or a warrant, which Robinhood generally doesn't support.

Do debit cards work on Robinhood? ›

Link and verify your debit card

You can link a non-Robinhood Visa or Mastercard debit card to your account that allows you to make instant transfers. We only support debit cards issued by a US bank in the Visa and Mastercard networks. We don't accept prepaid or credit cards.

How do I unlock my Robinhood debit card? ›

You can lock or unlock your card at any time by tapping the debit card image in the Cash tab and toggling Lock Card. Locking your card won't prevent pending transactions from settling or changing.

What is the limit on Robin Hood debit card? ›

Are There Limits On My Robinhood Debit Card? There are limits set by Robinhood for using your debit card: Daily limit of $5,000 debit card spending; $1,010 ATM withdrawals. Monthly limit of $15,000 debit card spending; $5,000 ATM withdrawals.

How long am I restricted from buying on Robinhood? ›

If you're flagged as a pattern day trader and you don't have $25,000 at the end of the trading day, you'll be issued an Equity Maintenance call and be restricted from day trading for 90 calendar days or until you end a trading day with a portfolio value of $25,000.

Why wont my Robinhood make money? ›

Your money might be unavailable for a few reasons, including: One of your pending transfers was reversed because of an issue with your bank account. The money from that transfer will not be available in your spending or brokerage account. One of your pending transfers failed due to a one-time system error.

How does a Robinhood cash account work? ›

Cash Accounts

This means you can trade stocks, ETPs, and options without worrying about your number of day trades. With a cash account, deposits must clear before they are available to invest. This may take up to 5 business days, depending on your method of deposit and deposit history at Robinhood.

What are the perks of Robinhood cash card? ›

Introducing the Robinhood Cash Card
  • Here's how it works:
  • Get a weekly bonus on round-ups. When customers invest in themselves, Robinhood Money will give them a bonus of 10-100% (capped at $10) on their weekly round-ups. ...
  • Instant Savings (coming soon) ...
  • Get paid early & split your paycheck. ...
  • No Hidden Fees.
Mar 22, 2022

Can I use Robinhood card to pay bills? ›

You can use your Robinhood Cash Card and routing and account numbers to buy groceries, pay bills, send checks, and more.

What is the new Robinhood cash card? ›

The Robinhood Cash Card is a prepaid card issued by Sutton Bank, Member FDIC, pursuant to a license from Mastercard® International Incorporated. For round-ups and split your paycheck, you authorize Robinhood Money to transfer funds from your spending account to your Robinhood brokerage or crypto account(s).

Is Robinhood Cash Management going away? ›

With the new card, customers can sign-up and see separate accounts for investing and spending. Robinhood said it will cease taking sign-ups for Cash Management and open a waitlist for the card. However, some existing Cash Management customers will get access to the cash card beginning this week.

How come i can t withdraw from Robinhood? ›

You may not be able to withdraw money while your account is restricted. Robinhood sometimes restricts users' accounts. That can happen if the user has a negative balance, had a bank account transaction reversed, if the user is suspected of fraud, or for a few other reasons.

Can I deposit money on my Robinhood debit card? ›

Instant Deposits are only available through bank transfers to your Robinhood brokerage account. This feature is not available for debit card transfers made to either your brokerage account or your spending account.

Is Robinhood card free? ›

There's no dollar minimum to open or maintain a brokerage account. You only need 1 cent to start earning interest. You also don't need to worry about overdraft fees because your Robinhood debit card does not charge them.

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