Credit Card on Robinhood

Robinhood Credit Card


2022: can I get a credit card with rewards for investing on Robinhood or M1 Finance?



Robinhood Credit Card


Robinhood brokerage offers a lot of brokerage services, including cash management features. These include a debit card, interest on your uninvested cash, and bill pay. However, Robinhood does not offer a credit card at this time. In this article, we will talk about one of the top credit cards for investors offered at a brokerage firm called M1 Finance.


Review of the Owner’s Rewards Credit Card from M1 Finance


Besides investing and checking accounts, M1 Finance now has a new Visa Signature card. Could this be a game changer? Let’s check it out.

M1 Finance’s new credit card is a Visa Signature card. It is issued by Celtic Bank and part of that bank’s Deserve card lineup. Although there has been a waitlist for some time now, the wait is over, and M1 Finance is now accepting applications.

The card is made out of metal, not plastic, and it has the post-Covid contactless payment chip in it. It can also be added to Apple Pay and Google Pay.

The card integrates with other M1 Finance accounts, which means a single login is all that is required to manage Invest, Spend, credit card, and other accounts. Using M1’s online tools, it’s possible to lock and unlock the Owner’s Rewards Visa Signature card.

Only purchases can be made with M1 Finance’s new credit card. Balance transfers and cash advances are not available at this time.


M1 Finance Promotion



Open M1 Finance Account



Rewards of the Card


This new credit card does come with a long list of perks, not least of which is the cash-back program. It starts at 1.5% on every single purchase wherever in the world it is made. That rate itself is quite good compared to the competition.


M1 Credit Card


But it gets better with M1’s list of participating retailers. Purchases made at these businesses qualify for a higher cash-back rate, but only if you own their stocks in an eligible M1 Invest account. Eligible accounts don’t include custodial or trust accounts.

The first tier is 2.5% and includes businesses such as Amazon, Best Buy, KFC, and DoorDash.

The second tier is 5% and includes retailers such as Nike, Chipotle, jetBlue, and Starbucks.

The third and final tier is a very impressive 10%. There are fewer businesses at this level. Some notable ones include Netflix, GameStop, and Tesla.

Could you really get 10% off a brand new Tesla? Not so fast. M1 Finance limits the monthly cash back any one customer can earn to $200.

The cash back earned with M1’s new card is automatically reinvested into a linked Invest account’s Pie.

Besides this fairly enticing cash-back program, the Owner’s Rewards card also comes with the standard lineup of Visa Signature benefits. These include extended warranty protection, roadside dispatch, travel and emergency assistance, and no pre-set credit limit.


Cost of the Card


With all these rewards, this card is also free. M1 Finance have cancelled $125 annual fee for Owner’s Rewards card. This makes it the best deal on a credit card in the industry!


M1 Finance Promotion



Open M1 Finance Account



Robinhood ACH Transfer


Robinhood makes money transfers on their platform a very simple process. The first, and most used method to deposit money onto Robinhood is through a pre-linked bank account (ACH trabsfer). Robinhood's ACH transfer takes about 3 to 5 days to complete and is as simple as going to the ‘Cash’ tab, selecting transfer, picking the external bank account to withdraw from or deposit money into and then choosing the amount of money to be transferred.

To link the two accounts, all that is necessary is the ACH account number and the routing number. The ACH number is the account number for the Robinhood brokerage account, and the routing number just determines which institution to transfer money to or from. One key factor to note is that wire transfers are not supported through the ACH account information.


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Direct Deposit


If a customer uses the Cash Management feature offered by Robinhood, they can also decide to use the direct deposit capabilities to the Robinhood Platform. Direct Deposits can be set up in three different ways.

First, they can be set up online directly through Robinhood. This can be done by logging into one’s payroll provider or employer’s website through the Robinhood application. Once logged in, customers need to follow the verification process and potentially answer a few questions to verify their identity. After that, it is all set up!

Additionally, direct deposits can be set up online through the employer or payroll provider rather than through Robinhood. This can be completed by providing the payroll provider with the Robinhood account information.

Lastly, direct deposits can be set up via a pre-filled form. This method is probably the most tedious, however, can be completed by getting the form through the Robinhood app, putting in employment information and signing the form, and emailing the form to the human resources team of the employer.

The direct deposit function can take anywhere up to 2 pay cycles for the money to be directly deposited into Robinhood.

Robinhood also offers an interesting feature found in their compatibility with ATMs. In-network ATMS (ones in the Allpoint or MoneyPass Networks), located across the U.S., U.S. territories, and in 15,000 international locations, allow withdrawal directly from a Robinhood Cash Management account. Out-of-Network ATMs also work but may incur a fee depending on the ATM operator.

Listed below are withdrawal and deposit limits for various transfer methods on the Robinhood platform.

Robinhood offers instant deposits for their brokerage account. After linking a bank to their platform, up to 5 deposits per day and up to $50,000 can be added into an account. While it takes a few days for funds to settle, Robinhood offers up to $1,000 in Instant Deposits to enable trading prior to all funds being accessible. This amount is limited to $1,000, however, due to the potential of deposit reversals and a variety of other things that can cancel a transfer. Depending on transfer history with Robinhood, deposits can take up to five business days but can be shorter. Transfers can be canceled after initiated until they are processed, but after the processing, they cannot be reversed.

Automatic deposits are like direct deposits but are regular, recurring, and automated deposits taken from a bank account and sent into a Robinhood brokerage account. This is simple to set up and requires selecting the menu tab, navigating to transfers, then automatic deposits, and linking a bank account from there. These deposits can be scheduled in weekly, biweekly, monthly, or quarterly increments.


Robinhood Credit Card Disclaimer


Information about Robinhood Credit Card could change at any time without notice.


About the Author
Arthur Chachuna is professional personal finance blogger, and the owner of Brokerage-Review.com. He has been an avid investor for 23 years, and has background in both applied math and programming.