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Acorns receives 10,000 pre-orders for its newly launched payments card and debit account – TechCrunch

Acorns receives 10,000 pre-orders for its newly launched payments card and debit account – TechCrunch
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Acorns, the financial management service for micro-investments, is adding a rewards debit card to its arsenal of tools aimed at getting Americans to create balanced stock portfolios for economic health.

The company has already racked up 10,000 pre-orders for its new (gorgeous) payment card that offers perks like investments into Acorns accounts when users purchase with the card at certain online and brick and mortar retailers.

The debit card comes with Acorns micro-investment and its retirement account built into the cards services. According to the company, it’s the next step in its mission to build an easy, automated system to spend and save money in a way that benefits average consumers. ;

The card comes with real-time round-ups on all purchases so that consumers are automatically putting money into their Acorns accounts every time they spend.

Linked with Acorns customers’ bank accounts, the card also offers digital direct deposit, mobile check deposit and check sending, free bank-to-bank transfers and unlimited free or fee-reimbursed withdrawals from automatic teller machines around the country.

in addition to those features, the company said users can get up to 10% of every purchase made at local merchants deposited into an Acorns account.

Card users get a bundle of the card, Acorns, and the Acorns later account for $3 per month. The Acorns portfolio management service costs $1 on its own and coupled with the retirement account, the service is $2.

The debit card works as an Acorns checking account which is secured by the Federal Deposit Insurance Corp. for up to $250,000.

For Acorns chief executive Noah Kerner, the card’s physical design was just as important as the services it offers.

“The design is important to us because this card is a badge of honor,” said Noah KernerAcorns CEO. “By choosing it, people are choosing to save, invest and earn while they spend. They’re handling their business and they deserve a card that reflects that — a card made of tungsten metal, the heaviest non-radioactive element, and designed together with the visionary behind Apple’s design group.”

According to Kerner, the company has already received 10,000 pre-orders for the card. Only 100,000 cards will be available initially, and the first cards will be mailed by November 1 2018.

Existing Acorns customers can sign up here. New customers need to create an Acorns account and then are eligible to sign up for the debit card.

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