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 expect this card is price contemplating, particularly should you’re already a Robinhood Gold member.
The Gold Card is about to launch later this 12 months, and you’ll 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 Group 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 a couple of 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
Probably 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 via Robinhood’s journey portal.
Listed below are a couple of of the cardboard’s different most noteworthy options we expect you need to find out about:
- Household options: Robinhood doesn’t impose age restrictions for approved customers, permitting children to construct their credit score. You can too 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 nil legal responsibility protection.
- Car help: Moreover, the cardboard presents 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 offers 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 use them as cashback in your Robinhood brokerage account, the place you’ll be able to make investments the funds or earn a aggressive APY in your uninvested money.
- Journey portal: You can too use factors to make journey purchases via the Robinhood journey portal.
- Procuring portal: In the event you’d desire to buy together with your cashback rewards, you’ll be able to apply your factors towards purchases from Robinhood’s associate retailers.
- Present playing cards: Equally, you’ll be able to 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. Whilst you do need to 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 couple of 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.
In contrast to a few of its opponents, Robinhood isn’t presently providing a welcome bonus for its new Gold clients.
Whereas there isn’t a welcome provide, there’s an ongoing Stable Gold referral program. In the event 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’ll be able to 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 be capable to refer associates and get notified when the cardboard is accessible.
Earlier than you apply, it’s vital to try the wonderful print. Robinhood notes that 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 might briefly affect your rating.
Needless to say you will need to have a Robinhood Gold membership to be eligible for the Gold Card. Robinhood Gold comes with a 30-day free trial, however you’ll be able to’t open a Gold Card till after your free trial interval has ended.
Execs and Cons
Like several bank card, the Robinhood Gold Card has some benefits and downsides. Listed below are a couple of of the largest professionals and cons to contemplate earlier than making use of for the cardboard:
Execs
- No overseas transaction or annual payment: The Gold Card’s restricted account charges make it an interesting alternative for incomes probably the most cashback potential.
- No age limits for approved customers: Gold customers wanting to assist in giving their children’ credit score a lift can add them as approved 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 further 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 need to switch them to your Robinhood brokerage money account. From there, you’ll be able to 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. In the event you 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 payment.
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 should you presently subscribe to Robinhood Gold, including the cardboard to your pockets is a no brainer that may enable 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 price it.