In 2024, Robinhood introduced the launch of its first bank card, the Robinhood Gold Card. With a rewarding flat fee throughout all spending classes and elevated cashback on journey, we expect this card is price contemplating, particularly in case you’re already a Robinhood Gold member.
The Gold Card is ready to launch later this yr, and you may be a part of the waitlist now to order your spot. It’s a 17-gram stainless-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 under that can assist you resolve if the Robinhood Gold card is a worthwhile addition to your pockets.
Robinhood Gold Card Overview
Listed here are a number of key Robinhood Gold Card particulars to concentrate on:
- Rewards fee: 3%
- Bonus rewards fee: 5% on journey
- APR: 19.99% – 29.99%
- Annual charge: No; Robinhood Gold subscription required ($5 month-to-month)
- Welcome bonus: No
Options
Probably 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 way of Robinhood’s journey portal.
Listed here are a number of of the cardboard’s different most noteworthy options we expect it is best to find out about:
- Household options: Robinhood doesn’t impose age restrictions for approved customers, permitting youngsters to construct their credit score. It’s also possible to monitor your loved ones’s card utilization, set spending limits, and lock playing cards.
- Digital playing cards: For added safety, you may make digital purchases utilizing digital playing cards with disposable numbers.
- Journey perks: The cardboard supplies 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 0 legal responsibility protection.
- Car 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, aside from journey bookings by way of Robinhood, which earn 5%.
The Gold Card provides you 4 choices for redeeming your bank card rewards:
- Money-back rewards: Whilst you can’t instantly money out your rewards for cash, you need to 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: It’s also possible to use factors to make journey purchases by way of the Robinhood journey portal.
- Purchasing portal: In the event you’d want to buy together with your cashback rewards, you possibly can apply your factors towards purchases from Robinhood’s accomplice 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 must 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 a number of charges for actions like late funds, return funds, and money advances, that are customary within the bank card trade. You’ll even be required to pay a membership charge for Robinhood Gold to be eligible for the cardboard.
Not like a few of its opponents, Robinhood isn’t presently providing a welcome bonus for its new Gold prospects.
Whereas there isn’t a welcome provide, there’s an ongoing Strong Gold referral program. In the event 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 may be a part of the waitlist for the Robinhood Gold Credit score Card by getting into your e mail deal with on the Robinhood web site. From there, you’ll be capable of refer associates and get notified when the cardboard is obtainable.
Earlier than you apply, it’s necessary to try the effective print. Robinhood notes which you could examine 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 may quickly impression your rating.
Remember the fact that it’s essential to 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 every bank card, the Robinhood Gold Card has some benefits and downsides. Listed here are a number of of the largest execs and cons to think about earlier than making use of for the cardboard:
Professionals
- No overseas transaction or annual charge: The Gold Card’s restricted account charges make it an interesting alternative for incomes probably the most cashback doable.
- No age limits for approved customers: Gold customers trying to assist in giving their youngsters’ credit score a lift can add them as approved customers, no matter their age.
- Wonderful cashback fee on all classes: With Robinhood, there are not 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 accessible 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 must 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 Greatest For?
The Robinhood Gold Card isn’t the precise match for everybody. In the event you use a special funding platform and don’t need to make investments with Robinhood, think about one other cashback card that doesn’t require you to have a Robinhood account or subscribe to its Gold plan for a charge.
In the event you’re already utilizing Robinhood to take a position and have been considering upgrading to a Gold account anyway, the cardboard may make a subscription price it. And in case you presently subscribe to Robinhood Gold, including the cardboard to your pockets is a no brainer that may assist you simply earn aggressive flat-rate money again on all of your purchases.
Backside line—Examine 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 resolve if the cardboard is price it.
