In 2024, Robinhood revealed the introduction of its inaugural credit card, the Robinhood Gold Card. With a flat rewards rate applicable to all spending categories and enhanced cashback for travel, this card is worth considering, particularly for members of Robinhood Gold.
The Gold Card is anticipated to launch later this year, and you can currently join the waitlist to secure your place. It features a 17-gram stainless steel Visa Signature, issued by Coastal Community Bank, a member of the FDIC.
We have assessed all the essential features, fees, and reward redemption alternatives to assist you in determining whether the Robinhood Gold Card is a worthwhile addition to your financial toolkit.
Robinhood Gold Card Overview
Here are important facts 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 necessary ($5 monthly)
– Welcome bonus: None
Features
The Robinhood Gold Card presents a flat-rate 3% cashback for all categories, with 5% on purchases made via Robinhood’s travel portal. Additional features include:
– Family features: No age limitations for authorized users, enabling children to build credit. You have the ability to monitor usage, establish spending limits, and lock cards.
– Virtual cards: Conduct digital transactions using virtual cards with temporary numbers.
– Travel perks: Trip interruption coverage, Visa Signature concierge service, and travel and emergency assistance.
– Purchase protection: Purchase security, extended warranty coverage, return protection, and zero liability protection.
– Vehicle assistance: Car rental collision damage waiver and Roadside Dispatch.
– Robinhood integration: The credit card application links with the Robinhood investing app, allowing Gold members to transfer rewards to their brokerage accounts.
Rewards
The Gold Card provides 3% cashback across all spending categories, with 5% on travel purchases. Rewards can be redeemed through:
1. Cash-back rewards: Utilize as cashback in your Robinhood brokerage account for investing or to earn a competitive APY on uninvested cash.
2. Travel portal: Redeem points for travel expenditures via the Robinhood travel portal.
3. Shopping portal: Use points toward items from partner vendors.
4. Gift cards: Exchange for gift cards from various merchants in the rewards portal.
Fees
The Robinhood Gold Card charges no fees aside from the obligatory Robinhood Gold subscription. There are no fees for foreign transactions, balance transfers, or exceeding limits; however, standard fees apply for late payments, returned payments, and cash advances. Contrary to competitors, Robinhood does not offer a welcome bonus for new Gold cardholders. Nevertheless, there is a Solid Gold referral program, yielding a 10-karat gold card or cash reward for 10 referrals.
Getting Started
Sign up for the waitlist for the Robinhood Gold Credit Card by submitting your email on the Robinhood site. Refer friends and receive notifications when the card becomes available. Prior to applying, review the information and be aware that checking your approval will not affect your credit score. Accepting the card offer will result in a hard credit inquiry. You must hold a Robinhood Gold membership to qualify, which includes a 30-day free trial, but the card can only be opened following the trial period.
Pros and Cons
Pros:
– No foreign transaction or annual fee: Minimal fees make it attractive for maximizing cashback earnings.
– No age restrictions for authorized users.
– Strong cashback rate on all categories: Flat rate with additional travel rewards.
Cons:
– Requires Robinhood Gold subscription.
– Complicated cashback redemption: Rewards transfer to brokerage account, creating an additional step.
Who Is the Robinhood Gold Card Best For?
The Robinhood Gold Card is ideal for individuals who already use Robinhood for their investments and are contemplating an upgrade to a Gold membership. If you subscribe to Robinhood Gold, the card enables you to easily earn competitive flat-rate cashback. Assess the expense of a Gold membership against the expected cashback earnings and the benefits the Gold plan contributes to your investment strategy to decide if the card is worthwhile.