Robinhood App Debit Card Review / Unboxing Robinhood Cash Management

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Here’s the Video Transcript:

what’s going on guys Jake here and in this video I’ll be doing a review and unboxing of the Robin Hood card because I finally got the card in the mail after endless tapping and referring people to get up on the wait list I finally broke the top ten and almost as soon as I got like in the top ten or so number one on the wait list they actually did activate my card almost instantly which was pretty cool so I finally got the card it finally got activated on my phone as well around my Robin Hood app so everything is good to go and the card came in the mail yesterday actually and so this video I’m gonna be talking about the card doing or view I guess an unboxing of this as well and just kind of sharing with you guys what the cash management program actually is as well as if I like it or not in my opinion of it and just so you know Robin Hood is not paying me for this a lot of people for some reason think that my channel is sponsored by Robin Hood is not at all but Robin if you are watching this and you do wanna sponsor me feel free to shoot me an email my email is in the description but either way then take a look at this card first actually first I’ll go over what the cash management program actually is so with cash management Robin Hood made it very very clear that they are not a bank this is not a checking or savings account because when they initially launched the program they kind of worded it that way which was I don’t think very legal to be completely honest so Robin Hood is now sort of rebranded it called it cash management program and it is actually live so you might have it as well so definitely let me know in the comment section if you have it or not so with the cash management program sort of like a checking and savings account but not exactly called that not technically one so with this they do give you a customizable debit card which is pretty cool but you can use it a bunch of different ATMs which I’ll talk about later in the video it does come with a cash account that’s hooked up to your Robin Hood account so basically any uninvested cash in your Robin Hood account is going to get a 1.8 percent interest rate so what that means is let’s say you have a thousand dollars invested in stocks or ETFs whatever it doesn’t really matter then you have $500 leftover sitting in cash that if $500 is going to get a 1.8 interest rate and however much cash you have that’s just sitting in your account regardless of how much it is there’s actually no minimum will always get a 1.8 percent interest rate which in my opinion is actually a pretty good rate I’m sure it’s gonna be filled comment section saying that you know their credit union by their local town or city wherever they live is giving them like 3 4 percent and that’s great but most of us don’t have that so 1.8 percent is probably pretty good and if you compare that like the typical checking’s or even savings account in the u.s.

Like it is I think it’s like less than 1% or something like that the most people are getting I know myself with my check me saving I pretty much get nothing so I have been debating whether or not I want to put all my money into this or at least some of my own money or good amount into this but so kind of deciding but either way getting into it more so that’s basically what cash management is and like I said you do get a physical card and if you follow Robin Hood on any social media they literally post a video on like your Instagram story or their Twitter whatever is someone like doing this with a card 15 times in a row so maybe I’ll post one on my Instagram story as well for revenue to share it but so card actually does come in kind of a cool case like this it is kind of cool it’s kind of funny how like much boxes involved like everyone keeps all their Apple boxes and now everyone also keeps like all their boxes to everything else cuz Apple kind of like changed the game as well as I guess Jordan and Nike in terms of like actually making cool boxes that people want to keep but the card does come in this cool little case right here and if I take it out your numbers actually are on the back so obviously I won’t be showing you the back of the card but here’s the front I chose the green it’s not like it’s like a normal debit card honestly it’s nothing fancy does have this little translucent part on here which is kind of cool as well and it is by MasterCard which it says right down there also and it also says R has the low Robin Hood logo and then on the back it does your normal debit card stuff name number expiration dates stuff like that so that is a card I think there’s four colors for it I think you get the green white black and then you could also get like a USA flag one which was probably my next choice but I’m at the green I really like it a lot my favorite color and I kind of just like the Robin Hood logo color as well and then as soon as you get it I kind of like how they say us on the case – it says obviously activate your card with the app if you guys can read that and then it also says was it say right there Micra sizing or Democrat democratizing America’s financial system so it’s kind of cool as well then there little disclaimer on the back as well but that doesn’t really mean anything of course and then they’re a little Robin Hood logo so one thing I really do like about Robin Hood and my people kind of question why I like it so much I really do like their like morals and their ideals of what they’re doing because they really are the first company kind of trying to make investing in the stock market available to everyone regardless of how much money you make because about even five ten years ago you kind of had to have like thousands and thousands if not hundreds of thousands of dollars saved up to be able to invest in the stock market or you had to pay outrageous fees so I really like what Robin Hood is doing there but getting into like I said I explained to a cash management is so kind of more adding to that they do have like I was just showing you customizable debit card which you will get eventually if you are approved for it they do have an account number as well as a routing number so they are more like I said they’re not really a checking or savings account but they kind of are they have a debit card account number routing number so they pretty much are they’re just not calling it that you can replace lost or stolen cars very very easily from the app which is nice for security reasons then do you have Apple pay Google pay as well as Samsung pay so you can hook it up to that as well or you could just use your physical card so yes like I said the cards do come in different colors and one question that I had and I think a lot of people also have is how can I take money out of this account is it going to be you know just from a normal ATM am I going to have to like do something weird or go somewhere odd or are there going to be ATMs located near me so there are lots of ATMs at least around me and I mean they claimed there’s 75,000 in-network ATMs so of course with any debit card you can pretty much go anywhere and get money out but they’re gonna charge you but with Robin Hood they are making the claim that there are no fees and 75,000 ATMs that they do are partnered with or are in their network so that’s pretty nice and you can actually go to the app and look on the map they have a little map feature that shows you the hei was close to you I’m not gonna show you guys this because I’m really about anyone coming up in my neighborhood but they do show that and most the ones near me were just at like 7-eleven s Walgreens right it’s places like that so these are actually places I really do typically go to get money out set is really nice as well and then just some other things like I said before they made it very very clear that there are not two bank so again not a bank not really checking your savings but kind of functions like one and in terms of the interest rate so you can earn 1.8 percent which is actually a pretty good rate and if you compare that to national averages it’s still really good in comparison to that but again you might have a credit union near you that’s giving you a higher rate that’s really probably the only other places out there that can give you that rate but I did notice actually when Robin Hood started making this I think some other companies out there started getting a little bit worried so I didn’t notice a couple others were able to compete with this rate or actually mash this rate so that is kind of interesting as well they do have withdrawal limits they said and I think that’s just like your typical one with your bank or with any ATM or anything like that so it’s not like anything is going to be different and then in terms of fees they pretty much say that they don’t have any fees again which is what Robin Hood is kind of known for so they don’t have like a minimum balance or like any crazy maintenance or account opening foreign transactions which is really really nice as well as like I was saying before the in-network ATM fees so that is a super super nice to have that and they do note that they will charge a fee if you do use an ATM out-of-network but I feel like that’s most debit cards so that’s not really a big deal to me personally and they do like I said within foreign transaction fees they do not charge any of those but I’m sure they do to an extent if you’re doing like something pretty crazy or doing like for like foreign currency transactions or something like that so I still would be careful there but the Robin Hood app isn’t really available outside of the US so I don’t think that would be a big deal for many people and then besides that there is they did they are protected normally like they do have what is it I got to look up their exact thing yes they do have FDIC insurance up to a maximum of 1.25 million so I don’t think anyone watching this video I have really big problems with and just overall they do seem protected they do seem very very legit I do respect Robin Hood as a company they really they had that one not necessarily a breach but that one problem where they basically weren’t encrypting people’s passwords which a lot of people freaked out about but it didn’t really affect anyone using the Robin Hood app and like I said earlier I think I mentioned earlier they do have the ability to just simply in your phone or on your app if you lose your card or something like that or you think it’s stolen whatever you can just simply lock your card delete your card order a new one so it is very very nice as well and of course they’re just normally protected like pretty much any other bank or debit card or ATM would be so with this I think it is super awesome that they’re adding this feature because it’s just honestly another reason why I think the Robin Hood app is really solid and just another reason to use the Robin Hood app now would I bring all of my money over in like my checking’s or my savings account probably not right now I probably wouldn’t put all of it over there I mean I really don’t know the reasoning because it is getting the interest rate I just feel as if this is like super new so I wouldn’t want to bring all my money over and just have something odd happen or something like that so right now I think I’m just gonna test it out I do obviously have just cash sitting over in my Robin Hood account right now that’s not being invested but I haven’t yet brought all my money over from my checking and savings account but maybe I will in the near future because honestly this seems really really good and I really do like it a lot but in terms of the debit card actual usage of it I feel like I wouldn’t really use it that much of course unless you’re using your robin hood app as a checking account which I probably wouldn’t necessarily do yet but other than that guys is it for this video so definitely let me know in the comment section what you think of this did you get the Robin Hood card yet did you not are you signing up for it you know do you think it’s really good do you think it’s really bad do you hate it let me know in the comment section and also let me know what color you’re getting your card in the comment section – I really kind of wondering I feel like I like the green the best honestly but I did see quite a few people getting that American flag one but other than that guys that’s it so like I said before he knew the channel definitely consider subscribing if you’re interested in the stock market of personal finance entrepreneurship things like that and also feel free to hit that like button it really does help with it geurim but other than that guys thanks for watching I hope you enjoyed

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