Robinhood Gold Card Review: Essential Information
In 2024, Robinhood introduced its inaugural credit card—the Robinhood Gold Card. Crafted to reward expenditures across various categories and enhance benefits for travelers, this card may be an attractive choice for existing Robinhood Gold members.
Slated for an official launch later this year, the Gold Card is currently open for waitlist registrations. It’s a stylish, 17-gram stainless steel Visa Signature card issued by Coastal Community Bank (an FDIC member).
Below, we outline everything you should know—from rewards and features to fees and eligibility—to assist you in deciding if the Robinhood Gold Card is the right fit for your wallet.
Robinhood Gold Card: Overview
– Flat Rewards Rate: Receive 3% cashback on all purchases.
– Travel Bonus: Obtain 5% cashback on travel arranged through the Robinhood travel portal.
– APR Range: 19.99% to 29.99%.
– Annual Fee: None (However, a Robinhood Gold subscription is needed at $5/month).
– Welcome Bonus: Currently, none available.
Notable Features
What sets the Robinhood Gold Card apart? Here are several distinctive features:
– No Age Limit for Authorized Users: Include family members of any age, simplifying the process for younger users to begin building credit. You can also oversee transactions, set spending limits, and freeze individual cards.
– Virtual Cards: Robinhood issues disposable, virtual card numbers for safe online shopping.
– Travel Perks: Offers trip interruption protection, travel and emergency assistance, and Visa Signature’s concierge services.
– Purchase Protection: Enjoy safeguards for eligible purchases, extended warranties, return help, and zero liability for unauthorized charges.
– Vehicle Benefits: Includes collision damage waiver for rental vehicles and Roadside Dispatch.
– Smooth Robinhood Integration: Rewards can be directly transferred to your Robinhood brokerage account, where they can be invested or accrue interest.
Earning & Redeeming Rewards
With the Robinhood Gold Card, users accumulate a solid 3% cashback on everyday purchases. Travel booked through the Robinhood travel portal earns an even more attractive 5% rate.
Redemption options include:
1. Robinhood Brokerage Account: Move your rewards to invest or earn interest on uninvested funds.
2. Travel: Directly arrange trips using the Robinhood travel portal.
3. Shopping: Redeem points for purchases with selected partner merchants.
4. Gift Cards: Exchange for gift cards from diverse retailers.
While direct cash conversion of rewards isn’t possible, transferring them to your Robinhood brokerage account presents investment and growth possibilities.
Fees & Costs
A significant appeal of this card is its low fees. Here’s a summary:
– No annual fee (though you need to be a Robinhood Gold member at $5/month).
– No foreign transaction charges.
– No balance transfer or over-limit fees.
Notably, the card currently lacks a welcome bonus. However, Robinhood has a limited-time Solid Gold referral program—refer 10 eligible users to earn a solid 10-karat gold card or its cash equivalent.
Note: Standard fees apply for late payments, returned payments, and cash advances.
Getting Started
Joining the waitlist for the Robinhood Gold Card is as easy as submitting your email through the Robinhood site. Once on the list, you’ll be able to invite others and earn potential rewards through the referral program.
Applicants can assess their approval chances without impacting their credit score. However, formally accepting the card offer will result in a hard inquiry, which could temporarily affect your credit.
Important: You need to be a paying Robinhood Gold subscriber (after the 30-day free trial) to apply for and obtain the Gold Card.
Pros & Cons
Pros
– No Foreign Transaction or Annual Fees: Retain more of your rewards.
– Accessible for Families: Add authorized users of any age and manage their transactions.
– Robust Cashback Structure: Consistent 3% on all spending, with a travel bonus.
Cons
– Requires Paid Subscription: Must subscribe to Robinhood Gold ($5/month) to qualify.
– Indirect Cashback Redemption: To access rewards as cash, you must first transfer to a brokerage account, introducing an extra step.
Who Should Consider the Robinhood Gold Card?
This card isn’t suited for everyone. If you’re not utilizing Robinhood for investing or prefer not to pay for the Gold subscription, you might find better options with different cashback credit cards without a membership requirement.
However, if you’re already a Robinhood Gold member—particularly if you actively engage with the platform to invest—the Robinhood Gold Card delivers substantial worth. Its seamless connection with your brokerage account, alongside generous flat-rate cashback and travel perks, makes it a formidable choice.
Bottom Line
If you’re already subscribed to Robinhood Gold or plan to enroll shortly, the Robinhood Gold Card could validate the subscription with its impressive cashback and beneficial features. Take time