Robinhood launches new cash card with spare change investing feature

Robinhood Markets Inc. launched a new debit card that allows spare change investing.

The prepaid card, called Robinhood Cash Card, is offered by Robinhood Money LLC and issued by Sutton Bank, with a license from Mastercard Inc., according to a blog post on Robinhood's website.

The cash card holders can choose to round up their change on their consumer spending to the nearest dollar and invest it in their choice of assets. Users will be given a 10% to 100% bonus, capped at $10, on their weekly round-ups.

Customers can set up their direct deposit and apply to get access to their paycheck up to two days early. They can also split the paycheck to automatically invest in assets in their brokerage and cryptocurrency accounts.

To use the split paycheck feature, the card user must have a brokerage account with Robinhood Financial LLC or a cryptocurrency account with Robinhood Crypto LLC, according to the website post.