In 2024, Robinhood launched its inaugural credit card, the Robinhood Gold Card, featuring a consistent rewards rate across all spending categories with enhanced cashback on travel. This card is especially enticing for current Robinhood Gold members. It will be launched later this year, and those interested can sign up for the waitlist now. The card is made of 17-gram stainless steel and is a Visa Signature, issued by Coastal Community Bank, a member of the FDIC. We evaluate its characteristics, fees, and reward options to assist users in deciding whether it should be a valuable addition to their wallets.
Here’s a brief summary of the Gold Card:
– **Rewards rate:** 3%
– **Bonus rewards rate:** 5% on travel
– **APR:** 19.99% – 29.99%
– **Annual fee:** None; necessitates a $5/month Robinhood Gold subscription
– **Welcome bonus:** None
The Robinhood Gold Card features a flat-rate 3% cashback on all categories, with a 5% return on purchases made through Robinhood’s travel portal. Additional significant features comprise:
– **Family features:** Enables children to build credit without age limitations, along with tracking usage, setting restrictions, and locking cards.
– **Virtual cards:** Utilize digital cards for secure online transactions.
– **Travel perks:** Offers trip interruption protection, concierge services, and emergency aid.
– **Purchase protection:** Provides purchase security, extended warranty, return protection, and zero liability.
– **Vehicle assistance:** Includes car rental collision damage waiver and Roadside Dispatch.
– **Robinhood integration:** Effortless reward transfer to the Robinhood investing app for Gold members.
Rewards collected can be redeemed in four methods:
1. **Cash-back rewards:** Apply rewards to your Robinhood brokerage account.
2. **Travel portal:** Use points for travel-related purchases through Robinhood’s portal.
3. **Shopping portal:** Redeem points at partner retailers.
4. **Gift cards:** Accessible through Robinhood’s rewards portal.
The Gold Card has no fees for foreign transactions, balance transfers, or over-limits, requiring solely a Robinhood Gold subscription. Standard fees apply for late payments, return payments, and cash advances. At present, there is no welcome bonus, but there is a Solid Gold referral program offering a 10-karat gold card for 10 eligible referrals from the waitlist.
To begin, join the waitlist by entering your email on the Robinhood website, allowing you to refer friends and receive notifications on availability. Before applying, review the terms and understand that checking your approval will not affect your credit score, but accepting the offer will involve a hard credit pull. A Robinhood Gold membership is essential to obtain the Gold Card. The first 30 days of Robinhood Gold are complimentary, but a Gold Card cannot be opened until this trial period concludes.
**Pros:**
– No foreign transaction or annual fee.
– No age restrictions for authorized users.
– Great cashback rate on all categories.
**Cons:**
– Requires Robinhood Gold subscription.
– No straightforward cashback redemption.
The Robinhood Gold Card is suitable for current Robinhood investors looking to upgrade to Gold. If you are already a Gold subscriber, it is perfect for generating flat-rate cash back. Assess the cost of a Gold membership against expected cashback to determine its worth for you.