Online investment platform Robinhood extends beyond your portfolio and into your wallet. This week, the company announced the launch of the Robinhood Gold Card, a rewards credit card for Robinhood Gold subscribers.
This card (currently waitlist only) is reserved for Robinhood Gold members. If you're already a subscriber to the paid service (which comes with higher interest rates on uninvested funds, access to advanced data, and more), the new Robinhood credit card could bring valuable benefits to your financial planning.
What is the Robinhood Gold Card?
The Robinhood Gold Card (on the Visa network) is a no-annual-fee rewards credit card with a simple earning structure.
These benefits can be earned as points according to the card terms and can be redeemed in a variety of ways, including cashback. The following redemptions are worth $0.01 per point.
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Cashback has been sent to your Robinhood brokerage account
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Book your trip through Robinhood's travel portal
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Shop at participating merchants with the Robinhood Credit Card app
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redeem for gift card
Robinhood Credit Card Details
In addition to the card itself, you can access tools and features within the Robinhood Credit Card app to help you track your benefits and manage your account. The card also has additional benefits as a Visa card, including travel protection, purchase protection, and access to concierge services.
Finally, the Robinhood Gold Card has unique perks for cardholders who value premium metal card design. Once he completes 10 referrals to Robinhood Gold Membership (provided he meets the offer terms), he will be eligible to receive a “Solid Gold Card” made of 10 carats of gold.
Robinhood Gold Card: Our Take
With a minimum of 3% cashback, you can earn more than any other flat cashback credit card currently available (offering up to 1.5% or 2% on any purchase).
However, there are also potential limitations. You can also redeem your points for cashback, but the rewards will be received directly into your Robinhood account. This is great for building balance in your portfolio, especially for a card designed with Robinhood customers in mind, but it may not offer the same flexibility as other cashback cards today.
There are many unknown points. For example, Robinhood's travel portal may offer even more options for earning and redeeming travel rewards. But without specific details about Robinhood's travel portal and its offerings, it's difficult to weigh the value of the card's travel offerings, especially compared to the robust travel rewards programs already available.
You can now join the waiting list for the Robinhood Gold Card before the card itself goes on sale later this year.
What is Robinhood Gold?
Robinhood Gold is a paid membership service that provides additional benefits to Robinhood investors. There is a free trial period and then you pay $5 per month. However, users who choose an annual subscription will receive a discount, bringing the total cost to $50 per year. The Robinhood Gold Card has no annual fee, but note that you must be a Robinhood Gold member to get the card.
Here are some of the key features available to you as a member (terms apply):
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5% APY on uninvested cash (1.5% for free users)
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3% match on IRA contributions through Robinhood Retirement (vs. 1% match without gold)
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Margin investment interest rate is 8% (12% without gold)
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Access to more market data and research
Starting in May, Robinhood Gold memberships will also receive an unlimited 1% boost on every deposit you make into your brokerage account on the platform. There is no limit to the amount of boosts you can earn, but you must keep the deposit in your account for at least two years to receive the full payout.
Editorial Disclosure: The information in this article has not been reviewed or endorsed by any advertisers. Financial product details such as card rates and fees are accurate as of the date of publication. All products or services are provided without warranty. Please check your bank's website for the latest information. This site does not contain all currently available offers.
