Greenlight Family Cash Card Review
Update: Application is live for those who want the card.
Greenlight announced today the Greenlight Family Cash Mastercard®, a new credit card designed to help parents save for their kids’ college and family’s future. The Family Cash Card offers up to 3% unlimited cash back on all purchases with the option to automatically invest rewards, helping families accelerate long-term savings.
“Families today have an increasing amount of expenses, making it difficult for many to save for the long-term,” said Tim Sheehan, co-founder and CEO of Greenlight. “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.”
Greenlight’s Family Cash Card offers up to 3% unlimited cash back and automatic investing of rewards. Parents can earn cash back on every purchase with the flexibility to spend, save or invest rewards using Greenlight’s investing platform for parents. Within the Greenlight app, parents can manage their own Family Cash Card activity alongside their kids’ Greenlight debit account, keeping family finances all in one place.
There is a small catch. To earn 3% you need to spend $4,000+ a month. Otherwise you only earn 2% when you spend $1,000 – $4,000 a month and 1% when you spend less than $1,000 a month. There’s also a monthly fee to be a Greenlight member. The cheapest option is the basic plan which costs $4.99 per month.
Starting today, you can sign up for the waitlist here to receive early access to the Greenlight Family Cash Card. If you’re one of the first 1,000 approved applicants, you’ll also get a $100 bonus when you spend $750 in the first 90 days. You can move up the list by referring friends, but it will probably be hard to get into the first 1,000 applicants.
The card will be available to all eligible Greenlight customers. The Greenlight Family Cash Card is issued by First National Bank of Omaha (FNBO®), member FDIC, pursuant to license by Mastercard International. The Greenlight Family Cash Card is powered by FNBO and Marqeta.