In 2024, Robinhood launched its inaugural credit card, the Robinhood Gold Card. Featuring a consistent flat rate on all spending categories and enhanced cashback on travel, this card merits attention, particularly for Robinhood Gold members.
The Gold Card is expected to debut later this year, and you can sign up for the waitlist to secure your place. It’s a 17-gram stainless steel Visa Signature, issued by Coastal Community Bank, a member of the FDIC.
We’ve evaluated essential features, fees, and reward redemption methods below to assist you in determining if the Robinhood Gold Card is a valuable addition to your wallet.
Robinhood Gold Card Overview
Here are some important Robinhood Gold Card highlights to keep in mind:
– Rewards rate: 3%
– Bonus rewards rate: 5% on travel
– APR: 19.99% – 29.99%
– Annual fee: None; Robinhood Gold subscription necessary ($5 monthly)
– Welcome bonus: None
Features
The standout feature of the Robinhood Gold Card is its consistent 3% cashback across all categories, with a 5% bonus rate for transactions made via Robinhood’s travel portal.
Key features include:
– Family features: No age limits for authorized users, permitting children to establish credit. You can also monitor your family’s card usage, set spending limits, and lock cards.
– Virtual cards: For enhanced security, conduct digital transactions with virtual cards featuring disposable numbers.
– Travel benefits: Includes trip interruption protection, Visa Signature concierge service, and travel and emergency assistance.
– Purchase protection: Cardholders gain access to purchase security, extended warranty coverage, return protection, and zero liability assurance.
– Vehicle assistance: Provides a car rental collision damage waiver and Roadside Dispatch services.
– Robinhood integration: The credit card application is smoothly connected with the Robinhood investing app, enabling Gold members to transfer rewards to their brokerage account.
Rewards
The Gold Card offers 3% cashback across all spending categories, with travel reservations made through Robinhood yielding 5%.
The Gold Card has four options for reward redemption:
1. Cash-back rewards: Redeem them as cashback in your Robinhood brokerage account to invest or earn a competitive APY on idle cash.
2. Travel portal: Apply points toward travel expenses via the Robinhood travel portal.
3. Shopping portal: Use points for purchases from Robinhood’s partner merchants.
4. Gift cards: Exchange rewards for gift cards from various merchants within Robinhood’s rewards portal.
Fees
A major appeal is the absence of fees. Though a Robinhood Gold subscription is mandatory, the card itself carries no monthly fees. There are no charges for foreign transactions, balance transfers, or overlimit transactions.
Standard fees apply for late payments, returned payments, and cash advances. Membership for Robinhood Gold is mandatory for eligibility.
Robinhood is not currently providing a welcome bonus for new Gold clients.
An ongoing Solid Gold referral program exists. Join the waitlist and make 10 eligible referrals to receive a 10-karat solid-gold card or an equivalent cash reward.
Getting Started
Sign up for the waitlist for the Robinhood Gold Credit Card by entering your email on Robinhood’s website. Refer friends and get alerted when the card becomes available.
Before you apply, review the fine print. Robinhood indicates you can check your approval status without affecting your credit score. Accepting the card offer entails a hard credit inquiry, which can temporarily lower your score.
A Robinhood Gold membership is needed for the Gold Card. Robinhood Gold offers a 30-day free trial, but you cannot apply for a Gold Card until the trial period concludes.
Pros and Cons
Pros
– No foreign transaction or annual fee: Minimal account fees boost appeal for accumulating cashback.
– No age restrictions for authorized users: Include children in your account to help them build credit.
– Superior cashback rate: Flat rate on all categories with added rewards on travel bookings.
Cons
– Requires Robinhood Gold subscription: Continuous subscription costs for premium investing features are necessary.
– No straightforward cashback redemption: Rewards must be moved to a Robinhood brokerage account, creating an extra step.
Who Is the Robinhood Gold Card Best For?
If you prefer another investment platform and don’t wish to invest with Robinhood, look into alternative cashback cards. If you’re already utilizing Robinhood and thinking of upgrading to a Gold account, the card could justify the subscription. Current Gold subscribers can easily earn competitive flat-rate cashback on all purchases.
Bottom line—compare the cost of a Gold membership with the expected cashback and the value it brings to your investment strategy to determine if the card is a worthwhile option.