Robinhood Gold Card
🔃 Update: Today there was another update to the Robinhood Gold Card Rewards Program. “Cash-like” transactions now include payments made using a third-party service, including bill-pay transactions not made directly to the merchant or their service provider, such as rent/housing payments and taxes.
🔃 Update: Today there was also an update to the Robinhood Gold Card Rewards Program. US Mint coins and currency-like collectibles are added to the list of ineligible purchases.
Popular investment app has announced its first credit card, promising an impressive earning rate of 3% cash back on most purchases. The new card was already rumored in recent days, and it seems most details were correct.
The waitlist is now open for the new Robinhood Gold Card, which is issued by Coastal Community Bank. The card doesn’t have an annual fee, but you must be a Robinhood Gold member, which currently costs $5 per month or $50 per year. The Robinhood Gold subscription offers several perks, such as 5.25% APY on uninvested cash, and 3% match on Robinhood retirement IRA contributions among other things.
Robinhood is making its physical card numberless. It is also launching a new app to go along with the Gold Card which will be completely separate from its investment app.
Robinhood Gold Card Details
Here are some of the details that we know about the card so far:
- The card runs on the Visa network.
- The Gold Card requires an annual Robinhood Gold subscription to apply and maintain the card and does not include a 30 day free trial.
- No welcome bonus is mentioned.
- Earn:
- 3% cash back on every eligible purchase
- 5% cash back on purchases through the Robinhood travel portal
- No Annual Fee (but you need to pay $5/month or $50/year for Robinhood Gold subscription)
- No foreign transaction fees
- Pay with disposable card numbers for smarter, more private spending.
- Add up to 5 cardholders of any age, so they can start building their credit.
- Learn More and Join Waitlist Now
Get an Actual Gold Card
Complete 10 referrals to Robinhood Gold membership to receive an actual “Solid Gold Card” made of 36 grams of 10 karat gold. That makes the card quite valuable, and worth about $1,000 $1,400 now. So make sure you don’t lose it.
Here are the requirements to get the Solid Gold Card:
The person you refer must sign up for a Robinhood Gold subscription through their RHF brokerage account using the personal referral code you are provided upon signing up for the Robinhood Gold Card waitlist.The person you refer must not already be an active subscriber to Robinhood Gold.The person you refer must become a paid Robinhood Gold subscriber and must make at least their first monthly or annual subscription payment. If the person you refer participates in a Robinhood Gold free trial, where available, they will not count as an Eligible Gold Referral until they make their first monthly or annual payment after the free trial has expired.
To refer people, open the Robinhood app and tap the credit card icon in the bottom menu. Then tap the “Invite Friends” button and choose how you want to share your referral.
If you are not able to get the 10 referrals, then you only get the regular card which is made of 17 grams of Stainless Steel.
Other Benefits and Perks
- Trip Interruption Protection
- Purchase Security
- Auto Rental Collision Damage Waiver
- Extended Warranty Protection
- Return Protection
- Zero Liability Protection
- Visa Signature Concierge Service
- Travel and Emergency Assistance
- Roadside Dispatch
Redeeming Points
You have several options to redeem points, including cash back:
- Redeeming Points for Cash Back in Robinhood Brokerage Cash Account at 1 cent per point.
- Redeem for statement credit at 0.7 cents per point.
- Shopping with Points in the Travel Portal at 1 cent per point.
- Making purchases at Rewards Merchants through the Shop portal in the Robinhood Credit Card app
- Redeeming Points for Gift Cards at 1cent per point.
- Redeem 1,450 points for 50 cents/gallon discount on one fill-up (not a good deal)
- Redeem 1,000 points for a surprise reward like boosted cash back or extra points.
Reserve your spot on the Robinhood Gold Card waitlist today. Broad availability is coming later this year.
Guru’s Wrap-up
The Robinhood Gold Card offers investors a compelling opportunity to maximize their earning potential. The card offers a generous 3% cash back on most purchases and additional benefits like no foreign transaction fees and trip interruption protection.
There is no annual fee, but it’s essential to consider the associated costs of the $5 monthly fee for Robinhood Gold membership required to access the card. That’s essentially a $50 annual fee, although you get the benefits of the Robinhood Gold membership as well.
While this fee may be justified by the various benefits offered, it’s crucial for individuals to assess their spending habits and investment goals to determine if the card aligns with their financial strategy.
It’s also worth noting that there is no signup bonus for this card for now, and we do not know if that might change in the future when the card launches. I’m sure a signup bonus is a big draw for many readers considering a new credit card.
Overall, the Robinhood Gold Card presents a compelling option for those looking to maximize rewards and streamline their financial management, but careful consideration of its pros and cons is necessary before signing up. Let me know what you think!
