In 2024, Robinhood introduced the launch of its first bank card, the Robinhood Gold Card. With a rewarding flat charge throughout all spending classes and elevated cashback on journey, we expect this card is value contemplating, particularly for those who’re already a Robinhood Gold member.
The Gold Card is ready to launch later this 12 months, and you may be 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 resolve if the Robinhood Gold card is a worthwhile addition to your pockets.
In This Article
Robinhood Gold Card Overview
Listed here are a number of key Robinhood Gold Card particulars to concentrate on:
Rewards charge: 3%
Bonus rewards charge: 5% on journey
APR: 19.99% – 29.99%
Annual charge: 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 charge of 5% for purchases via Robinhood’s journey portal.
Listed here are a number of of the cardboard’s different most noteworthy options we expect it’s best to find out about:
Household options: Robinhood doesn’t impose age restrictions for licensed customers, permitting youngsters to construct their credit score. You may as well 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 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.
Car help: Moreover, the cardboard affords 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, aside from journey bookings via Robinhood, which earn 5%.
The Gold Card offers you 4 choices for redeeming your bank card rewards:
Money-back rewards: When you can’t instantly money out your rewards for cash, you should utilize 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 may as well use factors to make journey purchases via the Robinhood journey portal.
Buying portal: In case you’d favor to buy along with your cashback rewards, you possibly can apply your factors towards purchases from Robinhood’s accomplice retailers.
Reward 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. When you do should be a Robinhood Gold subscriber, the cardboard itself doesn’t have any month-to-month charges. There are additionally no international 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 business. 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 at present providing a welcome bonus for its new Gold clients.
Whereas there isn’t a welcome provide, there may be an ongoing Strong Gold referral program. In case you be 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 part of the waitlist for the Robinhood Gold Credit score Card by coming into your e mail tackle on the Robinhood web site. From there, you’ll have the ability to refer pals and get notified when the cardboard is on the market.
Earlier than you apply, it’s essential to check out the positive print. Robinhood notes that you may 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 might briefly impression your rating.
Understand 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 every bank card, the Robinhood Gold Card has some benefits and drawbacks. Listed here are a number of of the most important execs and cons to contemplate earlier than making use of for the cardboard:
Professionals
No international transaction or annual charge: 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.
Glorious cashback charge on all classes: With Robinhood, there are not any rotating classes or cashback caps to fret about. You get the identical flat charge 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 should 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 correct match for everybody. In case you use a special funding platform and don’t need 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 charge.
In case you’re already utilizing Robinhood to speculate and have been considering upgrading to a Gold account anyway, the cardboard might make a subscription value it. And for those who at present subscribe to Robinhood Gold, including the cardboard to your pockets is a no brainer that may assist you 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 resolve if the cardboard is value it.
Share:
Share this text on Fb
Fb
Share this text on Twitter
Share this text on LinkedIn
Share this text on Whatsapp
Share this text through Electronic mail
Electronic mail
