Greenlight Opens Waitlist for New Greenlight Family Cash Mastercard
In recent years, many parents have come to realize that there are now several ways to teach their children about money. From old-school lessons about cash and “the value of a dollar” to more modern methods such as apps and debit cards, children have a variety of tools for saving and spending their own money. Now, one family-focused digital banking platform is taking things one step further by introducing a rewards credit card for families. This week, Greenlight announced the impending debut of the Family Cash Mastercard, while also opening a waitlist for the product.
Issued by First National Bank of Omaha, the Greenlight Family Cash Mastercard is a rewards credit card aimed at helping parents save for their children’s futures. In addition to that twist, Family Cash card also has a unique rewards structure. While cardholders who spend less than $1,000 per month with the card will earn the default 1% cashback on purchases, those who make between $1,000 and $4,000 a month in purchases will earn 2% back and those spending $4,000 or more per month with the card will earn an impressive 3% cashback.
Cashback earned from the Family Cash card can be sent to the Parent’s Wallet in the app to be used as they see fit. Alternatively, users can also set their cashback to auto-invest to help them grow their funds long-term. Greenlight’s platform allows families to purchase fractional shares of stocks and ETFs with as little as $1.
In their press release, Greenlight states that the Family Cash card will be made available to “all eligible Greenlight customers.” Currently, a standard Greenlight subscription comes at a cost of $4.99 a month and includes debit cards for up to five children. However, the investment features don’t factor in until the aptly named Greenight + Invest plan at $7.98 a month. Lastly, there’s also the Greenlight Max plan at $9.98 a month. At this time, it’s unclear what level plan will be required with the Family Cash card.
Given the intent of the Greenlight Family Cash Mastercard, the offering obviously won’t make sense for all credit card enthusiasts and will instead likely be limited to those with families who can benefit from the Greenlight platform overall. Despite that, there could be some eyes on the card to see how sustainable the reward structure is. Should it prove successful, it would be interesting to see this spending-based reward percentage employed by other cards. In the meantime, those interested in the Greenlight Family Cash Mastercard can add their name to the waitlist.