In 2024, Robinhood revealed the introduction of its inaugural credit card, the Robinhood Gold Card. Featuring a flat-rate rewards structure applicable to all spending categories and enhanced cashback on travel purchases, this card becomes an appealing option, particularly for existing Robinhood Gold members.
The Gold Card is anticipated to launch later this year, and you can now join the waitlist to secure your position. It is crafted from a 17-gram stainless steel and offers a Visa Signature, with Coastal Community Bank acting as the card issuer, a member of the FDIC.
We have analyzed all the card’s essential attributes, fees, and options for redeeming rewards below to assist you in determining if the Robinhood Gold Card is a valuable addition to your financial arsenal.
Robinhood Gold Card Overview
Here are some important details regarding the Robinhood Gold Card:
Rewards rate: 3%
Bonus rewards rate: 5% on travel
APR: 19.99% – 29.99%
Annual fee: None; a Robinhood Gold subscription is necessary ($5 monthly)
Welcome bonus: None
Features
The standout feature of the Robinhood Gold Card is its flat 3% cashback across all categories, complemented by an increased 5% cashback rate for purchases made via Robinhood’s travel portal.
Here are some additional noteworthy features of the card:
Family features: Robinhood imposes no age restrictions on authorized users, allowing younger individuals to cultivate their credit history. You can also monitor your family’s card usage, establish spending limits, and lock cards as needed.
Virtual cards: For enhanced security, make online purchases using virtual cards with temporary numbers.
Travel perks: The card includes trip interruption protection, Visa Signature concierge assistance, and help for travel-related emergencies.
Purchase protection: Cardholders are also covered by purchase security, extended warranty protection, return protection, and zero liability coverage.
Vehicle assistance: The card additionally provides a car rental collision damage waiver and Roadside Dispatch services.
Robinhood integration: The Robinhood credit card application is fully integrated with the Robinhood investing app, enabling Gold members to transfer rewards seamlessly to their brokerage accounts.
Rewards
The Gold Card offers 3% cashback for all spending categories, while travel bookings via Robinhood earn 5%.
The Gold Card provides four methods for redeeming rewards:
Cashback rewards: Redeem them as cash in your Robinhood brokerage account, where you can either invest the amount or earn a competitive APY on uninvested cash.
Travel portal: Utilize points for travel-related purchases through the Robinhood travel portal.
Shopping portal: Use your points for purchases from Robinhood’s partner merchants.
Gift cards: Exchange rewards for gift cards from various brands within Robinhood’s rewards portal.
Fees
The Robinhood Gold Card does not carry any fees. Although a Robinhood Gold subscription is required, the card itself incurs no monthly fees. Additionally, there are no foreign transaction, balance transfer, or overlimit fees.
However, standard fees apply for actions such as late payments, returned payments, and cash advances. A Robinhood Gold membership is imperative for eligibility.
Currently, no welcome bonus is available for new Gold members. Nevertheless, there is a Solid Gold referral initiative. If you join the waitlist and refer 10 eligible individuals, you will receive a 10-karat solid-gold card or a comparable cash reward.
Getting Started
To join the waitlist for the Robinhood Gold Credit Card, input your email address on the Robinhood website. You can then refer friends and receive notification when the card becomes available.
Before applying, review the terms carefully. You can check for approval without affecting your credit score. A hard credit inquiry will be conducted after you accept the card offer, temporarily influencing your score.
Eligibility for the Gold Card necessitates a Robinhood Gold membership. A 30-day free trial is available with Robinhood Gold; however, the Gold Card can only be obtained after the trial period.
Pros and Cons
As with any credit card, the Robinhood Gold Card has its advantages and disadvantages.
Pros
No foreign transaction or annual fee: The minimal account fees make it an attractive option for maximizing cashback.
No age restrictions for authorized users: Enhance your children’s credit by adding them as authorized users, irrespective of their age.
Strong cashback rate: With no rotating categories or limits on cashback, enjoy flat rewards across all spending categories and additional rewards for travel bookings.
Cons
Requires Robinhood Gold subscription: While the card itself does not have annual fees, it is exclusively available to Robinhood Gold members, who must pay ongoing subscription charges for premium investing tools.
No straightforward cashback redemption: Rewards must first be transferred to a Robinhood brokerage cash account for them to be redeemed for cash, introducing an extra step.
Who Is the Robinhood Gold Card Best For?
The Robinhood Gold Card may not be ideal for everyone. Individuals using different investment platforms and not interested in Robinhood investing should look for an alternative cashback card that does not require a Robinhood account or Gold membership.
For those currently using Robinhood for investing and contemplating an upgrade to a Gold membership, this card could enhance the value of the subscription.