In 2024, Robinhood launched its inaugural credit card, the Robinhood Gold Card. This card features a flat rewards rate on all expenditures and increased cashback on travel, making it a compelling option, particularly for current Robinhood Gold members.
The Gold Card is set to be available later this year, and you can enroll in the waitlist immediately. It’s a 17-gram stainless steel Visa Signature card issued by Coastal Community Bank, which is a member of the FDIC.
Below, we’ve detailed the card’s features, fees, and rewards redemption methods to assist you in determining if it would be a worthwhile addition to your financial options.
Robinhood Gold Card Overview
Here are the essential details regarding the Robinhood Gold Card:
Rewards rate: 3%
Bonus rewards rate: 5% on travel
APR: 19.99% – 29.99%
Annual fee: None; Robinhood Gold subscription is necessary ($5 monthly)
Welcome bonus: None
Features
The prominent characteristic is the flat-rate 3% cashback on all transactions, with 5% for travel booked through Robinhood’s platform.
Other significant features encompass:
Family features: No age limitations for authorized users, tracking of family usage, spending caps, and card locking capabilities.
Virtual cards: Utilize virtual cards for more secure online transactions.
Travel benefits: Incorporates trip interruption protection, Visa Signature concierge service, and travel assistance.
Purchase protection: Provides purchase security, extended warranty, return protection, and zero liability coverage.
Vehicle assistance: Includes rental car collision damage waiver and Roadside Dispatch service.
Robinhood integration: Enables Gold members to shift rewards to their brokerage account.
Rewards
The Gold Card offers a 3% cashback on all categories, with 5% on travel reservations made via Robinhood. Rewards can be redeemed in four manners:
Cash-back rewards: Utilize rewards as cash back in your Robinhood brokerage account.
Travel portal: Use points for travel transactions through Robinhood.
Shopping portal: Redeem points for purchases from partner retailers.
Gift cards: Exchange rewards for gift cards from various merchants.
Fees
The Gold Card is attractive due to its absence of fees. Although a Robinhood Gold subscription is necessary, there are no monthly fees for the card, nor for foreign transactions, balance transfers, or overlimit fees.
Standard fees apply for actions such as late payments, returned payments, and cash advances. A Robinhood Gold membership fee is required for eligibility. At present, there is no welcome bonus for new Gold customers; however, the Solid Gold referral program awards a 10-karat gold card or a cash prize for achieving 10 qualified referrals.
Getting Started
You can join the waitlist for the Robinhood Gold Credit Card by submitting your email on the Robinhood website. You’ll have the ability to refer others and receive notifications when the card becomes available.
Prior to applying, review the terms. Robinhood permits approval checks without impacting your credit score, but accepting the card results in a hard credit inquiry, which may temporarily affect your score.
A Robinhood Gold membership is essential for the Gold Card. Although there is a 30-day trial period, you must wait for it to conclude before you can apply for a Gold Card.
Pros and Cons
The Robinhood Gold Card has its strengths and weaknesses. Here are the primary pros and cons to evaluate:
Pros
No foreign transaction or annual fee: The Gold Card’s limited fees make it attractive for maximizing cashback.
No age restrictions for authorized users: You can enroll minor users as authorized users.
Strong cashback rate across all categories: You earn the same rate on all purchases, with bonus rewards on travel.
Cons
Requires Robinhood Gold subscription: The card is exclusively available to those who pay for premium investment services.
No straightforward cashback redemption: Rewards must initially be transferred to a brokerage account.
Who Is the Robinhood Gold Card Best For?
The Robinhood Gold Card may not be ideal for everyone. Individuals using a different investment service should explore alternative cashback cards that do not necessitate a Robinhood account or Gold subscription.
If you are already using Robinhood for investing and contemplating a Gold upgrade, the card could elevate your subscription experience. Current Robinhood Gold members will likely find it beneficial to add the card for earning competitive flat-rate cashback.
In conclusion, evaluate the cost of a Gold membership against expected cashback and the overall value of the Gold plan to determine whether the card is advantageous for you.