In 2024, Robinhood launched its inaugural credit card, known as the Robinhood Gold Card. This card provides a consistent rewards rate across all categories of spending, along with enhanced cashback for travel, making it attractive, particularly for current Robinhood Gold members.
Scheduled for release later this year, you can secure your position by signing up for the waitlist. The card is made from 17 grams of stainless steel and is a Visa Signature, issued by Coastal Community Bank, a member of the FDIC.
We have assessed the key characteristics, fees, and reward redemption methods of the Robinhood Gold Card to assist you in evaluating its potential benefit to your wallet.
Robinhood Gold Card Summary
Important specifics of the Robinhood Gold Card consist of:
– Rewards rate: 3%
– Bonus rewards rate: 5% on travel
– APR: 19.99% – 29.99%
– Annual fee: None; a Robinhood Gold subscription is needed ($5 monthly)
– Welcome bonus: None
Attributes
The Robinhood Gold Card provides a flat 3% cashback rate on every purchase, with a 5% cashback on acquisitions made through the Robinhood travel portal.
Additional significant attributes:
– Family features: No minimum age restrictions for authorized users, facilitating credit building for children. Monitor family card usage, establish spending caps, and lock cards.
– Virtual cards: Utilize virtual cards with temporary numbers for enhanced security.
– Travel advantages: Includes trip interruption insurance, Visa Signature concierge service, and travel and emergency assistance.
– Purchase protection: Covers purchase security, extended warranties, return protection, and zero liability policy.
– Vehicle assistance: Features a car rental collision damage waiver and Roadside Dispatch.
– Robinhood integration: Transfer rewards into your brokerage account through the Robinhood credit card application.
Rewards
The Gold Card grants a 3% cashback on all transactions, with a 5% rate on travel bookings made via Robinhood.
You can redeem your rewards in four ways:
1. Cash-back rewards: Utilize rewards as cashback in your Robinhood brokerage account.
2. Travel portal: Exchange points for travel-related purchases.
3. Shopping portal: Use points towards purchases from partner vendors.
4. Gift cards: Redeem points for gift cards from assorted retailers.
Fees
The Robinhood Gold Card incurs no fees other than the requirement to hold a Robinhood Gold subscription. There are no fees for foreign transactions, balance transfers, or exceeding limits. Standard fees apply for late payments, returned payments, and cash advances. A Robinhood Gold membership is required for card qualification.
While there is no welcome bonus, a Solid Gold referral program is available. Complete ten qualifying referrals to access the waitlist and earn a 10-karat solid-gold card or an equivalent cash reward.
Getting Started
To join the waitlist, submit your email on the Robinhood site, refer friends, and receive notifications when the card becomes available. Verify your approval status without impacting your credit score; a hard credit inquiry occurs upon acceptance.
A Robinhood Gold membership is necessary for Gold Card qualification. Robinhood Gold features a 30-day complimentary trial, but you must wait for its conclusion before applying for a Gold Card.
Advantages and Disadvantages
Advantages:
– No foreign transaction or annual fees.
– No age restrictions for authorized users.
– Impressive cashback rate with no rotating categories or limits.
Disadvantages:
– Requires a Robinhood Gold subscription.
– Lacks straightforward cashback redemption options.
Who Is the Robinhood Gold Card Ideal For?
If you utilize a different investment platform, it may be wise to explore another cashback card. For users already engaging with Robinhood and considering a Gold account, the card could validate the subscription. Gold members can effortlessly earn competitive flat-rate cashback on every purchase.
Evaluate the cost of the Gold membership against potential cashback rewards and the value of the Gold plan to determine if the card is beneficial.