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Robinhood Launches Its Inaugural Credit Card: The Robinhood Gold Card
In 2024, Robinhood broadened its financial services with the launch of its inaugural credit card—the Robinhood Gold Card. Tailored to provide rewards for everyday purchases while seamlessly integrating with Robinhood’s investment platform, the Gold Card is particularly enticing for existing Robinhood Gold subscribers.
Expected to debut later this year, the 17-gram stainless steel Visa Signature card is issued by Coastal Community Bank (FDIC member). Prospective users can already sign up for the waitlist.
Robinhood Gold Card Overview
– Standard Cashback Rate: 3% on all purchases
– Enhanced Rate: 5% on travel booked through Robinhood’s travel portal
– APR: Variable, ranging from 19.99% to 29.99%
– Annual Fee: None (requires Robinhood Gold membership at $5/month)
– Welcome Bonus: None
Key Features
The Gold Card distinguishes itself with a consistent 3% cashback on all spending—removing the hassle of tracking bonus categories—and increases to 5% for travel bookings with Robinhood. Other key features include:
– Family Access: Add authorized users of any age; set spending caps, lock cards, and oversee usage.
– Virtual Cards: Benefit from additional security through disposable digital card numbers.
– Travel Benefits: Offers trip interruption coverage, travel assistance, and Visa Signature concierge services.
– Purchase Protection: Provides return protection, extended warranties, purchase security, and zero liability coverage.
– Auto Perks: Features a car rental collision damage waiver and Roadside Dispatch.
– Robinhood Integration: Rewards can be transferred directly into your Robinhood brokerage account for investment or interest on uninvested cash.
How to Redeem Rewards
In contrast to traditional cashback cards, the Gold Card directs rewards into the Robinhood ecosystem. Cardholders can opt for:
1. Cash-back via Robinhood Brokerage: Rewards are credited to your investment account for use in investing or earning interest.
2. Travel: Redeem rewards through Robinhood’s travel portal.
3. Partner Shopping: Utilize rewards at select retailers.
4. Gift Cards: Redeem for gift cards from various partner brands.
Fees and Costs
There are no annual, foreign transaction, balance transfer, or over-limit fees with this card. However, a Robinhood Gold membership at $5 per month is required. Standard fees apply for late payments, returned payments, and cash advances.
While there is no initial welcome bonus, a Solid Gold referral program exists. Refer ten friends, and you’ll receive either a 10-karat solid-gold card or a cash equivalent.
How to Apply
To begin, visit Robinhood’s website and join the credit card waitlist using your email address. While waiting for your invitation, you can refer friends. The application process includes a soft credit inquiry, with a hard inquiry occurring only after you accept the offer.
Note: You must wait until after your Robinhood Gold free trial concludes before you can apply for the card.
Pros and Cons
Pros:
– No annual or foreign transaction fees
– Strong, steady cashback rate with no changing categories
– Family-friendly—authorized users can be any age
Cons:
– Requires a paid Robinhood Gold subscription
– Cashback redemption involves extra steps through a brokerage account
Who Should Consider the Robinhood Gold Card?
This card is perfect for individuals already interacting with Robinhood’s platform—especially those contemplating or currently holding a Robinhood Gold subscription. If you aim to unite your rewards and investing in one convenient place, the Gold Card presents a compelling method to enhance your cashback. However, if you prefer straightforward cash redemptions or utilize a different investment platform, you might find another card more suitable.
Final Thoughts
The Robinhood Gold Card boasts an appealing 3% flat cashback rate and enhanced travel benefits without an annual fee, provided you are a Robinhood Gold member. It is cleverly woven into Robinhood’s ecosystem, making it a strong option for current users seeking to maximize their purchasing rewards.
Before applying, consider whether the $5/month Gold subscription aligns with your projected cashback earnings to assess if it suits your spending and investment objectives.
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Want to be among the first to acquire the Robinhood Gold Card? Join the waitlist today.