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 the event you’re already a Robinhood Gold member.
The Gold Card is ready to launch later this yr, and you’ll 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 beneath that can assist you determine if the Robinhood Gold card is a worthwhile addition to your pockets.
Robinhood Gold Card Overview
Listed below 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 price: 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 via Robinhood’s journey portal.
Listed below are a number of of the cardboard’s different most noteworthy options we expect it’s best to learn about:
- Household options: Robinhood doesn’t impose age restrictions for licensed customers, permitting children to construct their credit score. You can even 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 0 legal responsibility protection.
- Car help: Moreover, the cardboard gives a automobile rental collision injury 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 via Robinhood, which earn 5%.
The Gold Card provides 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 utilize them as cashback in your Robinhood brokerage account, the place you may make investments the funds or earn a aggressive APY in your uninvested money.
- Journey portal: You can even use factors to make journey purchases via the Robinhood journey portal.
- Procuring portal: If you happen to’d favor to buy together with your cashback rewards, you may apply your factors towards purchases from Robinhood’s associate retailers.
- Reward playing cards: Equally, you may redeem your rewards for present playing cards from a number of retailers in Robinhood’s rewards portal.
Charges
One of many largest attracts of the Robinhood Gold Card is its lack of charges. Whilst you do should be a Robinhood Gold subscriber, the cardboard itself doesn’t have any month-to-month charges. There are additionally no overseas transaction, stability switch, or overlimit charges.
There are a number of charges for actions like late funds, return funds, and money advances, that are commonplace within the bank card business. You’ll even be required to pay a membership price for Robinhood Gold to be eligible for the cardboard.
In contrast to a few of its rivals, Robinhood isn’t at the moment providing a welcome bonus for its new Gold clients.
Whereas there isn’t a welcome supply, there’s an ongoing Strong Gold referral program. If you happen to 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’ll be able to be a part of the waitlist for the Robinhood Gold Credit score Card by getting into your electronic mail handle on the Robinhood web site. From there, you’ll be capable to refer mates and get notified when the cardboard is offered.
Earlier than you apply, it’s vital to check out the tremendous print. Robinhood notes you can examine your approval with out impacting your credit score rating. When you settle for the cardboard supply, you’ll be subjected to a tough credit score pull, which may briefly impression your rating.
Remember that you should have a Robinhood Gold membership to be eligible for the Gold Card. Robinhood Gold comes with a 30-day free trial, however you may’t open a Gold Card till after your free trial interval has ended.
Execs and Cons
Like all bank card, the Robinhood Gold Card has some benefits and drawbacks. Listed below are a number of of the largest professionals and cons to think about earlier than making use of for the cardboard:
Execs
- No overseas transaction or annual price: The Gold Card’s restricted account charges make it an interesting alternative for incomes essentially the most cashback potential.
- No age limits for licensed customers: Gold customers wanting to assist in giving their children’ credit score a lift can add them as licensed 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 out there 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 should switch them to your Robinhood brokerage money account. From there, you may 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 appropriate match for everybody. If you happen to use a distinct 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.
If you happen to’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 the event you at the moment subscribe to Robinhood Gold, including the cardboard to your pockets is a no brainer that may make it easier 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 price it.
