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 price contemplating, particularly if you happen to’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 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 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 charge: No; Robinhood Gold subscription required ($5 month-to-month)
- Welcome bonus: No
Options
Probably the most notable characteristic of the Robinhood Gold Card is its flat-rate 3% cashback throughout all classes, with a bonus price of 5% for purchases via Robinhood’s journey portal.
Listed below are just a few of the cardboard’s different most noteworthy options we predict you need to learn about:
- Household options: Robinhood doesn’t impose age restrictions for approved customers, permitting youngsters to construct their credit score. You too can observe 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 affords 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, aside 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 need to use 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 too can use factors to make journey purchases via the Robinhood journey portal.
- Purchasing portal: In the event you’d favor to buy together with your cashback rewards, you may apply your factors towards purchases from Robinhood’s companion retailers.
- Present 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 greatest 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 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 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.
In contrast to a few of its rivals, Robinhood isn’t at present providing a welcome bonus for its new Gold clients.
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 possibly can be a part of the waitlist for the Robinhood Gold Credit score Card by getting into your electronic mail deal with on the Robinhood web site. From there, you’ll be capable to refer associates and get notified when the cardboard is on the market.
Earlier than you apply, it’s essential to try the nice print. Robinhood notes which you can 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 influence your rating.
Needless to say 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 every bank card, the Robinhood Gold Card has some benefits and downsides. Listed below are just a few of the most important professionals and cons to contemplate earlier than making use of for the cardboard:
Execs
- No international transaction or annual charge: The Gold Card’s restricted account charges make it an interesting alternative for incomes probably the most cashback attainable.
- No age limits for approved customers: Gold customers wanting to assist in giving their youngsters’ credit score a lift can add them as approved customers, no matter their age.
- Wonderful cashback price on all classes: With Robinhood, there aren’t 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 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 proper match for everybody. In the event 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 charge.
In the event you’re already utilizing Robinhood to speculate and have been considering upgrading to a Gold account anyway, the cardboard might make a subscription price it. And if you happen to at present subscribe to Robinhood Gold, including the cardboard to your pockets is a no brainer that may aid 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.
