Greenlight Unveils Credit Card – Finovate

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  • Challenger financial institution Greenlight introduced a bank card, the Family Cash Card,
  • The card gives as much as 3% money again and permits customers to routinely make investments the rewards right into a mutual budget or ETFs.
  • This is Greenlight’s first bank card and primary product advertised to oldsters.

Family-focused fintech Greenlight revealed plans this week to release a bank card referred to as the Family Cash Card, This is the Georgia-based corporate’s first bank card in addition to its first card advertised at oldsters.

Launching in partnership with mastercard and issued via First National Bank of Omaha, the bank card gives as much as 3% money again when customers spend greater than $4,000 per 30 days. While oldsters can choose to have the rewards deposited into their checking account, they are able to additionally routinely make investments their rewards into a collection of advisable mutual budget and ETFs. If they would like extra choices, customers can make investments the rewards by the use of the Greenlight app.

“Families today have an increasing amount of expenses, making it difficult for many to save for the long-term,” mentioned Greenlight Co-founder and CEO Tim Sheehan. “At Greenlight, we’re focused on helping families build healthy financial futures. With the new Family Cash Card, parents can get the most out of everyday spending and invest towards big life events like their children’s college education.”

Sheehan told TechCrunch that, whilst Greenlight appreciated the speculation of ​​the rewards accruing right into a 529 plan that may lend a hand oldsters pay for his or her kids’s schooling, the corporate determined that extra customers would admire conventional funding automobiles. “We appeared on the 529, and we simply determined, after chatting with actually numerous oldsters, that they principally valued flexibility over the small tax good thing about the 529. Essentially, they mentioned, I’d fairly have the versatility and now not be penalized to make use of the cash for the rest my circle of relatives wishes,” mentioned Sheehan.

Founded in 2014, Greenlight gives a cash control platform for households that is helping 5 million oldsters and youngsters acquire abilities to regulate their profits, financial savings, spending, giving, and discover ways to make investments by the use of a debit card, spouse app, and academic sources. Last April, the corporate raised $260 million in a spherical that valued the corporate at $2.3 billion.

Photo via Neenu Vimalkumar on Unsplash

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