Personal Finance

Robinhood Cash Card Adds New Cashback Offers

Looking to earn cashback on some common purchases from major brands? A popular investment app has now added reward offers to its debit card product.

This week, Robinhood announced a new feature called Cash Card Offers. With these specialized, brand-specific deals, cardholders can earn cashback on select purchases. In a blog post, the company wrote, “Building on our mission to democratize finance for all by putting money back into customers’ pockets, this simple, efficient cash back rewards program requires no individual offer activation.”

Among the offers currently featured are 5% back at Five Guys, 6% back at Nike, 6% back at Kohls, 5% back at Macys, and many more. Notably, while the platform does include a mix of online and in-store deals, customers do not need to opt into offers or use specific links in order to redeem them. Instead, when customers use their Cash Card for an eligible transaction, the rewards will automatically be applied. When cardholders do use an applicable offer, they’ll receive a notification. Robinhood says that Cash Card Offers will be updated regularly.

This new Offers feature comes nearly six months after Robinhood introduced the Cash Card as an overhauled version of its debit card product, replacing its previous Robinhood Cash Management account. Unfortunately, since that announcement, the company has faced a series of setbacks. This has resulted in Robinhood announcing that it’d be laying off approximately 9% of its staff in April followed by a 23% staff cut this past week.

With the rollout of Cash Card offers, Robinhood joins what’s been a growing trend among FinTechs and neobanks. In June, Credit Karma began rolling out cashback offers for its Credit Karma Money Spend accountholders. Prior to that, companies including Varo Bank and Upgrade debuted similar offerings. In many of these cases, companies have cited inflation woes as part of their reasoning for rolling out these options.

Although, as mentioned, Robinhood is far from the first platform to introduce a cashback platform, its Cash Card Offers do look fairly appealing. Not only does the current roster of deals include a variety of top brands but the ability for cardholders to simply earn cashback by using their card instead of needing to worry about using specific online links also puts this offering above many others. In fact, given this setup, there may well be an opportunity for Robinhood Cash Card customers to stack some online deals with offers from Rakuten or similar platforms. In any case, Cash Card customers can view current offers by tapping the Spending tab in the Robinhood app and scrolling down to Cash Card Offers.