In 2024, Robinhood introduced the launch of its first bank card, the Robinhood Gold Card. With a rewarding flat price 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 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 will help you resolve if the Robinhood Gold card is a worthwhile addition to your pockets.
Robinhood Gold Card Overview
Listed below are just a few key Robinhood Gold Card particulars to concentrate on:
- Rewards price: 3%
- Bonus rewards price: 5% on journey
- APR: 19.99% – 29.99%
- Annual payment: 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 price of 5% for purchases by Robinhood’s journey portal.
Listed below are just a few of the cardboard’s different most noteworthy options we predict it’s best to learn about:
- Household options: Robinhood doesn’t impose age restrictions for licensed customers, permitting youngsters to construct their credit score. It’s also possible to observe 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 offers 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.
- Automobile help: Moreover, the cardboard presents a automotive 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 by Robinhood, which earn 5%.
The Gold Card offers you 4 choices for redeeming your bank card rewards:
- Money-back rewards: When you can’t immediately 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 the Robinhood journey portal.
- Procuring portal: If you happen to’d desire to buy together with your cashback rewards, you possibly can apply your factors towards purchases from Robinhood’s associate 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 largest attracts of the Robinhood Gold Card is its lack of charges. When you do must 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 just a few charges for actions like late funds, return funds, and money advances, that are normal within the bank card business. You’ll even be required to pay a membership payment 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 Stable 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 possibly can be a part of the waitlist for the Robinhood Gold Credit score Card by coming into your electronic mail handle on the Robinhood web site. From there, you’ll have the ability to refer mates and get notified when the cardboard is on the market.
Earlier than you apply, it’s essential to try the wonderful print. Robinhood notes that you would be able to verify 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 briefly influence your rating.
Needless to say 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.
Execs and Cons
Like every bank card, the Robinhood Gold Card has some benefits and drawbacks. Listed below are just a few of the largest execs and cons to think about earlier than making use of for the cardboard:
Execs
- No international transaction or annual payment: The Gold Card’s restricted account charges make it an interesting selection for incomes essentially the most cashback attainable.
- 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 price on all classes: With Robinhood, there are not any rotating classes or cashback caps to fret about. You get the identical flat price 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 Finest For?
The Robinhood Gold Card isn’t the proper match for everybody. If you happen to use a special funding platform and don’t wish 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 payment.
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 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 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 value it.
