ATLANTA--(BUSINESS WIRE)--Greenlight® Financial Technology, Inc. ("Greenlight"), the fintech company on a mission to help parents raise financially-smart, independent kids, today announced the launch of the Greenlight Family Cash Mastercard®, the first credit card for parents to invest for their family’s future with up to 3%¹ unlimited cash back on every purchase. Starting today, the Greenlight Family Cash Card is available to all customers with no annual fee.²
Parenting is more expensive than ever as the cost of living continues to rise. 73% of parents report that inflation has increased their credit card spending.³ As everyday spending increases, it’s become more challenging for parents to save for the future — especially for children’s college education with skyrocketing tuition fees up 173% in the last 40 years. 68% of parents said they have little to no savings for their children’s future.
The Greenlight Family Cash Card brings parents a better way to earn rewards and save for their family’s future, offering an industry-first combination of up to 3%¹ unlimited cash back on every purchase and automatic investing of rewards. Key features include:
- Unlimited Cash Back: Parents can earn up to 3%¹ unlimited cash back on every dollar they spend. Cash back is simple and transparent based on how much is spent in each billing cycle, with no limits or categories.
- Optional Auto-Investing: Cash back rewards can be automatically invested in stocks and ETFs to propel savings for college or other family goals. Investments can be set to a recurring or one-time basis using Greenlight’s in-app investing platform.
- Flexible Rewards Redemption: Alongside investing, parents also have the flexibility to choose to redeem rewards as a statement credit toward their balance or deposit directly into their Greenlight account.
- World Mastercard® Benefits⁴: Families receive access to exclusive offers from their favorite brands like DoorDash®, Lyft® and ShopRunner® as well as access to Mastercard’s Priceless Experiences. Mastercard ID Theft Protection™ and Zero Liability⁵ are also included for added protection against identity theft and fraud.⁶
- No Annual Fee²: The Greenlight Family Cash Card has no annual fee with a Greenlight subscription and no foreign transaction fees.
“With the rising cost of living, many parents are spending more and saving less for their family’s future,” said Tim Sheehan, co-founder and CEO of Greenlight. “We designed Greenlight’s Family Cash Card to help solve this problem by rewarding parents with up to 3% unlimited cash back on every purchase, automatically invested so they can easily save for their kids’ college or other family goals.”
All Greenlight customers can apply today for the Greenlight Family Cash Card at: greenlight.com/credit/family-cash-card. New customers can sign up for a Greenlight subscription plan, starting at $4.99 per month.
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.
¹ Earn 3% when you spend at least $4,000 in a billing cycle, 2% when you spend at least $1,000 but less than $4,000 in a billing cycle and 1% when you spend less than $1,000 in a billing cycle. See the Credit Card Rewards Terms and Conditions for details, including earning, redemption, expiration or forfeiture.
² Standard purchase APR: 17.49% variable to 25.49% variable, based on your creditworthiness. Variable APRs will vary with the market based on the Prime Rate. No annual fee with Greenlight membership. Rates as of August 18, 2022. Subject to credit approval. Additional limitations, terms and conditions apply. You will be given further information when you apply.
³ Survey insights were collected by Greenlight through a Researchscape survey fielded between April 26 and April 28, 2022, among 1,098 U.S. respondents, all of whom were credit card users and parents of 8-18 year olds.
⁴ See your Mastercard Guide to Benefits when you become a Card Member for details.
⁵ Certain terms, conditions, and exclusions apply. To learn more about Zero Liability, visit mastercard.com/zeroliability.
⁶ All trademarks and service marks (other than Greenlight) appearing in this press release are the property of their respective owners. Greenlight disclaims all rights in such third-party trademarks and service marks.
About Greenlight
Greenlight Financial Technology is the family fintech company on a mission to help parents raise financially-smart, independent kids. Its product, Greenlight, is an award-winning banking app, complete with a debit card for kids and teens, cash back credit card for parents and safety features for the whole family. Parents can automate allowance, manage chores, set flexible spend controls and invest for their family’s future. Kids and teens learn to earn, save, spend wisely, give and invest with parental approval. Together, families can also stay safe and connected with location sharing, SOS alerts and crash detection with automatic 911 dispatch to get help if they need it.
The Greenlight Debit Card is issued by Community Federal Savings Bank, member FDIC, pursuant to license by Mastercard International. The Greenlight Family Cash Card is issued by First National Bank of Omaha (FNBO®), member FDIC, pursuant to license by Mastercard International. Greenlight Investment Advisors, LLC, an SEC Registered Investment Advisor, provides investment advisory services to its clients. Investing involves risk and may include the loss of principal. Greenlight is a financial technology company, not a bank. The Greenlight app facilitates banking services through Community Federal Savings Bank, Member FDIC. For more information, please visit: greenlight.com.
