The new card will replace Robinhood’s existing Cash Management product.

Robinhood (NASDAQ: HOOD) announced today its Robinhood Cash Card that promises debit card customers the same benefits and rewards once reserved for credit card holders. “We’re introducing the Robinhood Cash Card to help a new generation start their investing journey—and get rewarded—while spending on the things they need and love,” the company said. (Robinhood)

The company will no longer accept signups for the cash management product, but is opening up a waitlist for the new cash card. However, a percentage of current cash management customers get their hands on the new card commencing this week.

Benefits on the Robinhood Cash Card

• In the old product, investing and spending reflected in the same (brokerage) account. With the launch of the cash card, customers will see separate accounts for investing and spending.
• Robinhood Money will give customers a bonus of 10-100% (capped at $10) on their weekly round-ups. As they spend, customers can choose to round-up their change to the nearest dollar and invest it in their choice of assets.
• Savings shopping at some favorite spots like H&M, Chevron and Chipotle, with many more coming soon.
• Customers can set up their direct deposit and apply to get access to their paycheck up to two days early.
• No monthly fees, no subscription fee, no in-network ATM fees, no overdraft fees and no account minimum fees.

“We were there for our customers at the beginning of their investment journey with commission-free trading and fractional shares,” the company said in a statement. “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.”

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