In 2024, Robinhood revealed the launch of its first credit card, the Robinhood Gold Card. With a considerable flat rate on all transactions and increased cashback on travel, this card is a good option to consider if you’re already subscribed to Robinhood Gold.
The Gold Card is set to be released later this year, and you can sign up for the waitlist right now. It is a 17-gram stainless steel Visa Signature, provided by Coastal Community Bank, an FDIC member.
We have assessed the card’s key features, fees, and reward redemption possibilities below to assist you in deciding whether the Robinhood Gold card is a beneficial enhancement to your wallet.
Robinhood Gold Card Overview:
Crucial details of the Robinhood Gold Card consist of:
– Rewards rate: 3%
– Bonus rewards rate: 5% on travel
– APR: 19.99% – 29.99%
– Annual fee: None; Robinhood Gold subscription required ($5 monthly)
– Welcome bonus: None
Features:
The key feature is its 3% cashback on all categories, with an additional 5% bonus rate for purchases through Robinhood’s travel portal. Other features include:
– Family features: No age limits for authorized users, enabling children to build credit, monitor family usage, set limits, and lock cards.
– Virtual cards: Increased security with virtual cards for online transactions.
– Travel perks: Trip protection, Visa Signature concierge service, and emergency assistance.
– Purchase protection: Purchase security, extended warranty, return protection, and zero liability.
– Vehicle assistance: Car rental collision damage waiver and Roadside Dispatch.
– Robinhood integration: Smooth integration with the Robinhood investing app, allowing Gold members to transfer rewards to their brokerage account.
Rewards:
The Gold Card provides 3% cashback across all categories, with 5% on travel bookings made through Robinhood. Rewards can be redeemed through:
1. Cash-back rewards: While direct cash withdrawal isn’t available, rewards can be utilized as cashback in a Robinhood brokerage account for investments or earning interest.
2. Travel portal: Use points for travel purchases made through the Robinhood portal.
3. Shopping portal: Apply points for purchases from affiliated merchants.
4. Gift cards: Redeem rewards for gift cards from various merchants offered in Robinhood’s portal.
Fees:
A significant advantage of the Robinhood Gold Card is the lack of fees. While a Robinhood Gold subscription is required, there are no card fees. Standard fees apply for late payments, returned payments, and cash advances. A Robinhood Gold membership is necessary to qualify for the card, and there’s currently no welcome bonus offered. However, there is a Solid Gold referral program. By making 10 eligible referrals, you will receive a solid-gold card or cash prize.
Getting Started:
Sign up for the waitlist for the card by submitting your email on the Robinhood website and refer friends to be notified when it’s available. Review the fine print before applying; approval checks will not influence your credit score, but accepting the card will involve a hard inquiry. A Robinhood Gold membership is necessary, and a 30-day trial is available, although the Gold Card can only be acquired after the trial period.
Pros and Cons:
Pros:
– No foreign transaction or annual fee.
– No age restrictions for authorized users, enhancing credit-building opportunities for children.
– Consistent cashback rate on all categories, with additional rewards on travel.
Cons:
– Requires a Robinhood Gold subscription.
– No straightforward cash redemption; rewards must be transferred to a brokerage account first.
Who Is the Robinhood Gold Card Best For?
The Robinhood Gold Card may not be ideal for everyone, particularly if you are committed to using another investment platform. However, if you are investing with Robinhood and contemplating a Gold account, the card could make a subscription worthwhile. Existing Gold subscribers can take advantage of competitive cashback across all purchases.
In conclusion—Evaluate the cost of the Gold membership against the expected cashback rewards and its significance to your investment strategy to determine if the card is a valuable option.