US-based trading platform Robinhood has announced the launch of a credit card aimed at making it easier for customers to track how they spend their money.

Available to Robinhood Gold members, the card offers perks such as cashback and reward points which can be spent at major retailers or redeemed as cash to invest or withdraw.

Users will be able to create virtual cards which allow payment with disposable card numbers. Robinhood claims this keeps spending private, ends free trials automatically and enables users to get a virtual card in the app should they lose the physical one.

Robinhood said that card had been launched in response to the need for change. It said over 80 per cent of US adults have at least one credit card but find the terms, interest rates and rewards “overwhelming.”

The company added that it would be overhaling its app later this year to reflect new products and features it has launched. The app will have a new homepage with tools such as customisable widgets so customers can personalise it for their individual needs.

In December last year, Robinhood announced plans to launch in the UK. Users are able to trade around 6,000 US listed stocks and have access to services such as market data to help analyse stock prices.

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