How to Activate Robinhood Card
Those who sign up for a Robinhood account have the possibility to get a physical debit card that is directly linked to their account’s balance.
The Robinhood app is widely used for more than 13 million users all around the world, so it’s imperative for a Robinhood customer to know how to get and activate this card.
In case you count on Robinhood as your main online-only financial institution or free-stock trading service provider, then this post will be in your best interests.
Keep on reading so you can get detailed information about the following topics:
- How to activate Robinhood Card;
- Important things you must know about the Robinhood debit card;
- What happens after you activate your Robinhood debit card?
Robinhood Debit Card 101: What You Need to Know
Nowadays, most financial platforms offer cash management features and an issued debit card to their users.
Clearly, Robinhood isn’t the exception.
When you create a brokerage account on Robinhood, you are given the option to use the funds on your account to pay for goods and services.
Nonetheless, having a Robinhood brokerage account doesn’t necessarily mean that you will obtain a Robinhood debit card: you must ask for it and activate it.
Thus, it’s imperative to know a few things about this credit card before finally getting it.
1. Robinhood Will Use Your Mobile Wallet App Balance on Your Card
The Robinhood debit card will use the available cash on your account to cover purchases.
If the transaction exceeds your available cash, then it will not process itself.
Likewise, the company states that they will hold money equivalent to the purchase amount before processing transactions.
In case there are pending card transactions, they will either cancel or process after the account deficit is solved.
Note: Robinhood Gold account holders that surpass their borrowing limit can experience a margin call depending on the final transaction value.
It’s possible to downgrade to other accounts, but you will no longer earn interest on their uninvested cash nor access all the Gold features on the Cash Tab.
2. Robinhood Debit Card Allows Cash Withdrawals from ATMs
It’s possible to Withdraw Money from Robinhood via a direct deposit bank transfer from your checking or savings account, but once you have your Robinhood debit card, you can withdraw cash from ATMs as well.
ATM fees will only appear in out-of-network ATMs.
Therefore, free stock trading and ATM withdrawals are just some of the great features offered by Robinhood’s card.
In case you are trying to withdraw funds in foreign countries, a currency conversion fee will appear.
Either way, there are no maintenance fees as well, so the advantages are overall pretty great.
3. Robinhood Card Security Measures and General Information
The Robinhood debit card is issued by Sutton Bank.
The ACH account number (which is the same as your brokerage account number), routing number, and other relevant account numbers information are linked to Sutton Bank as well.
Other partner banks, such as JPMorgan Chase Bank, also help to process transactions using the card.
t’s all clearly stated on Robinhood’s Debit Card Agreement.
Location protection, and other security features, can be enabled during the account opening process.
All the information related to your card, such as expiration date and CVC number, can be found directly on the Cash Management feature.
How to Activate Robinhood Card
Now that you know all the major important information related to your Robinhood debit card, it’s time to understand how to get one and activate it!
Pro Tip: Whether you prefer other online brokers or just want to use classic financial apps for payments, such as Apple Pay or Samsung Pay, you can Delete Your Robinhood Account whenever you want.
Learn how to do it by reading our related blog post.
Step 1: Sign Up for a Robinhood Cash Management Account
So, does cash management offer a debit card? Yes, it does! As we mentioned before, getting a debit card issued by Robinhood is entirely optional.
Thus, if you want to get this card, you must sign up for a Robinhood cash management profile.
The platform will ask you to fully verify your account, so you must provide personal information, such as your SSN to Robinhood, in order to get the cash management account approved.
Step 2: Add a Bank Account or a Valid Payment Method to Your Profile
You need to fund your Robinhood brokerage account via a direct deposit or a transfer.
Since the Robinhood card does not support cash nor check deposits, the only way to do so is by adding a valid payment method to your profile.
Remember that the card uses your account’s balance, so if your balance is zero, then you won’t be able to use the card.
Step 3: Go to the Robinhood’s “Cash Management” Tab
After you have signed up for the card, you need to wait for 2 to 5 business days for it to arrive.
Once you have it in your hand, go to the “Cash Tab” on the app.
Step 4: Tap on “Have You Received Your Card?”
The Cash Tab will show you your transaction history, available balance, and more.
If you are indeed waiting for your card to be activated, just tap on “Have You Received Your Card” and press “Yes.”
Alternatively, you can automatically enable the Spend Alerts option, so you get a notification every time a transaction occurs.
Step 5: Start Making Retail and Online Purchases!
Your card has been successfully activated! The Robinhood card is accepted almost everywhere that uses Mastercard.
You must have enough cash on your balance so you can shop online or offline.
Either way, your card is now activated and ready to be used.
For more useful Robinhood content, check our other blog posts on GrowFollowing.
How to Activate Robinhood Card FAQ
Can I Use Robinhood Virtual Card Online with Google Pay or Venmo?
Yes - if you opt for a virtual debit card instead of a physical card, you can link that debit card number to your Venmo account.
It might as well be used with Apple Pay, Google Pay, or Samsung Pay and similar cash management apps.
Learn more about this topic by reading our “ Can You Use Prepaid Cards on Venmo?” article.
Will the Robinhood Debit Card Decline Transactions Abroad?
It depends. There are a few banned countries that you can check by clicking here.
Foreign transaction fees vary depending on the country you are in, but the transactions shouldn’t decline if you are in an accepted country by the platform.
Steve specializes in cryptocurrency and finance. As a born researcher, he won’t leave any stone unturned when it comes to topics he covers.