Are you investing with the Robinhood brokerage already? If yes, then you would love to know more about the Robinhood debit smart card, which Robinhood hands out in cooperation with the “Sutton Bank”.
How To Activate Robinhood Debit Card?
Steps to Activate Robinhood Debit Cards:
Step 1: Sign in to the Robinhood App.
Step 2: Navigate to the “Cash Tab“.
Step 3: Below the section where you find your Debit card, click on “Have you received your card?“.
Step 4: Click on “Yes“.
Step 5: You can click “Turn on Spend Alerts,” which is optional.
Step 6: You can “Turn on Location Protection,” which is also optional.
How To Use A Robinhood Debit Card?
The Robinhoods’ debit card can be used almost anywhere that the Mastercard® issued by banks is accepted globally. With it, you will be able to pay for goods online, book a space in a hotel, receive cash, etc.
Requesting for a Robinhood virtual card means that only you can access it online through Google, Apple Pay, and Samsung pay. This card functions 24/7, provided there is available cash for purchases.
While using your debit card, Robinhood holds money from the account to make up for your expenditure.
You will be notified with a pending commodity message in your recent transaction history located in the cash management tab. The transaction becomes successful when the purchase amount is moved from your account.
Most times, the real amount of performed transactions will not change. The implication is that this real amount might be bigger than the final amount moved out.
Also Read: Why Does Robinhood Need My SSN?
Benefits Of Robinhood Debit Card
1. Huge Investment Forum
Robinhood users have access to a huge investment forum to invest in more than 5,000 stocks. Even the United States equities and exchange funds with imitative products such as Options.
Customers can access more than 650 stocks globally via the (ADR) – American Depositary Receipts do options trading.
With a “cash management account,” every Robinhood user has access to their investment forum as they have made brokerage account opening compulsory.
2. Bankruptcy Protection
Users do not need to concern themselves with overdraft charges. The debit smart card is made to prohibit overdraft constantly.
Any transaction that will push you to negative actions on your account due to insufficient funds is impulsively rejected. There’s no fee for a rejected transaction either.
3. There Are No Card Recovery Charges
It is nothing to die for when you lose your smart card on transit or anywhere else. Even the most cautious person in the world can tell you the same.
Our traditional banks charge customers for card recovery, but Robinhood does not. If your smart card got stolen, damaged, or stolen, the brokerage firm will ensure a new one without charges.
Also Read: What Happens if Robinhood Shuts Down?
How Does Robinhood Debit Card Work?
When you succeed in upgrading your mandatory brokerage account to a cash management account, you are liable to apply for either a virtual or a physical debit card.
If you go for the physical order, Then you can make your choice of color – either Black, green, American flag, or white.
Activate the physical card immediately at your custody to make purchases and pay for bills.
Remember that this card is at no cost and no maintenance fee attached.
How To Check The Balance On Your Robinhood Debit Card?
Click on the card option in your Robinhood application below the Cash tabular key to view your balance and other card information like CVC, Expiry date, etc.
How To Change The Pin Of The Robinhood Debit Card?
Your Robinhood debit card pin can be changed anytime you want it; all you need do is;
Steps to Change the Pin of the Robinhood Debit Card:
Step 1: Sign in to the Robinhood app.
Step 2: Click on the card in the “Cash Management.”
Step 3: Choose “change pin.”
Step 4: Type in your choice pin and then confirm.
Also Read: Robinhood Social Security Number
Robinhood debit smart card is a great feature for the users of Robinhood; it is a known means to use available funds in the brokerage account.
If you are a Robinhood user, getting one is highly recommended, this way, you can enjoy every opportunity available.
Nonetheless, it’s necessary to know that Robinhood is a trading platform; therefore, losing money is a risk.