In 2024, Robinhood announced the launch of its first credit card, the Robinhood Gold Card. With a rewarding flat fee throughout all spending classes and elevated cashback on journey, we predict this card is value contemplating, particularly in the event you’re already a Robinhood Gold member.
The Gold Card is about to launch later this 12 months, and you may be a part of the waitlist now to order your spot. It’s a 17-gram chrome steel Visa Signature, and the cardboard issuer is Coastal Neighborhood Financial institution, which is an FDIC member.
We’ve reviewed all the cardboard’s key options, charges, and reward redemption choices beneath that can assist you determine if the Robinhood Gold card is a worthwhile addition to your pockets.
Robinhood Gold Card Overview
Listed here are just a few key Robinhood Gold Card particulars to concentrate on:
- Rewards fee: 3%
- Bonus rewards fee: 5% on journey
- APR: 19.99% – 29.99%
- Annual price: No; Robinhood Gold subscription required ($5 month-to-month)
- Welcome bonus: No
Options
Essentially the most notable function of the Robinhood Gold Card is its flat-rate 3% cashback throughout all classes, with a bonus fee of 5% for purchases by means of Robinhood’s journey portal.
Listed here are just a few of the cardboard’s different most noteworthy options we predict it is best to learn about:
- Household options: Robinhood doesn’t impose age restrictions for licensed customers, permitting youngsters to construct their credit score. You can too monitor your loved ones’s card utilization, set spending limits, and lock playing cards.
- Digital playing cards: For added safety, you can also make digital purchases utilizing digital playing cards with disposable numbers.
- Journey perks: The cardboard gives journey interruption safety, Visa Signature concierge service, and journey and emergency help.
- Buy safety: Cardholders additionally get buy safety, prolonged guarantee safety, return safety, and nil legal responsibility protection.
- Automobile help: Moreover, the cardboard affords a automotive rental collision harm waiver and Roadside Dispatch.
- Robinhood integration: The Robinhood bank card app is seamlessly built-in with the Robinhood investing app, so Gold members can switch rewards to their brokerage account.
Rewards
As we talked about earlier, the Gold Card pays 3% cashback throughout all spending classes, apart from journey bookings by means of Robinhood, which earn 5%.
The Gold Card offers you 4 choices for redeeming your bank card rewards:
- Money-back rewards: Whilst you can’t immediately money out your rewards for cash, you should use them as cashback in your Robinhood brokerage account, the place you possibly can make investments the funds or earn a aggressive APY in your uninvested money.
- Journey portal: You can too use factors to make journey purchases by means of the Robinhood journey portal.
- Procuring portal: When you’d want to buy together with your cashback rewards, you possibly can apply your factors towards purchases from Robinhood’s companion retailers.
- Present playing cards: Equally, you possibly can redeem your rewards for reward playing cards from a number of retailers in Robinhood’s rewards portal.
Charges
One of many greatest attracts of the Robinhood Gold Card is its lack of charges. Whilst you do need to be a Robinhood Gold subscriber, the cardboard itself doesn’t have any month-to-month charges. There are additionally no overseas transaction, steadiness switch, or overlimit charges.
There are just a few charges for actions like late funds, return funds, and money advances, that are customary within the bank card business. You’ll even be required to pay a membership price for Robinhood Gold to be eligible for the cardboard.
Not like a few of its rivals, Robinhood isn’t at the moment providing a welcome bonus for its new Gold prospects.
Whereas there isn’t a welcome provide, there may be an ongoing Solid Gold referral program. When you be a part of the waitlist for the cardboard and make 10 eligible referrals, you’ll get an precise 10-karat solid-gold card or a comparable money prize.
Getting Began
You possibly can be a part of the waitlist for the Robinhood Gold Credit score Card by coming into your e mail deal with on the Robinhood web site. From there, you’ll be capable of refer mates and get notified when the cardboard is obtainable.
Earlier than you apply, it’s vital to try the positive print. Robinhood notes which you can test your approval with out impacting your credit score rating. When you settle for the cardboard provide, you’ll be subjected to a tough credit score pull, which might briefly affect your rating.
Remember the fact that you could have a Robinhood Gold membership to be eligible for the Gold Card. Robinhood Gold comes with a 30-day free trial, however you possibly can’t open a Gold Card till after your free trial interval has ended.
Professionals and Cons
Like all bank card, the Robinhood Gold Card has some benefits and downsides. Listed here are just a few of the most important professionals and cons to think about earlier than making use of for the cardboard:
Professionals
- No overseas transaction or annual price: The Gold Card’s restricted account charges make it an interesting selection for incomes essentially the most cashback potential.
- No age limits for licensed customers: Gold customers trying to assist in giving their youngsters’ credit score a lift can add them as licensed customers, no matter their age.
- Wonderful cashback fee on all classes: With Robinhood, there aren’t any rotating classes or cashback caps to fret about. You get the identical flat fee on all spending classes, with additional rewards on journey bookings.
Cons
- Requires Robinhood Gold subscription: Whereas the cardboard itself doesn’t have annual charges, it’s solely obtainable to Robinhood Gold members, who’re required to pay ongoing subscription charges for Robinhood’s premium investing instruments.
- No easy cashback redemption: If you wish to redeem your rewards for money, you’ll need to switch them to your Robinhood brokerage money account. From there, you possibly can let the cash sit and accrue curiosity, make investments it, or withdraw it, which provides an additional step.
Who Is the Robinhood Gold Card Finest For?
The Robinhood Gold Card isn’t the correct match for everybody. When you use a unique funding platform and don’t wish to make investments with Robinhood, take into account one other cashback card that doesn’t require you to have a Robinhood account or subscribe to its Gold plan for a price.
When you’re already utilizing Robinhood to speculate and have been considering upgrading to a Gold account anyway, the cardboard may make a subscription value it. And in the event you at the moment subscribe to Robinhood Gold, including the cardboard to your pockets is a no brainer that may show you how to simply earn aggressive flat-rate money again on all of your purchases.
Backside line—Evaluate the price of a Gold membership to the cashback you anticipate incomes and the worth the Gold plan would add to your funding plan to determine if the cardboard is value it.
