Robinhood Gold Card: The New Everything Cash Back Credit Card?

Robinhood, well-known for their stock trading platform, has introduced their first credit card. The Robinhood Gold Card is currently being teased with a waitlist, and is available exclusively to Robinhood Gold members. Let’s dive into what we know about the new card and our first impressions.
About Robinhood Gold Membership
As mentioned, this card is available only to Robinhood brokerage customers with a Gold membership. The membership subscription fee is $5 per month ($60/year), and comes with a 30-day free trial. It includes perks like 5% APY on your Robinhood uninvested cash balance, instant deposits, secondary level stock data, and transfer boosts for IRA deposits. If you have any significant cash sitting on the sidelines at any given time on your Robinhood account, the high-yield on the cash balance can more than justify the membership fee, with other added features to spare. The Robinhood Gold Card comes as an additional benefit with no annual fee.
Robinhood Gold Card Benefits
The card will earn 3% Cash Back on all categories. 5% cash back on travel when you book in the Robinhood travel portal (also new). No foreign transaction fees. And as mentioned, no annual fee. The card is issued by Coastal Community Bank, and as a Visa Signature card comes with many added benefits such as purchase protection, return protection, trip interruption protection, roadside assistance, and more.
It’s also an attractive card with it’s gold metallic finish, similar to that of American Express premium cards. The standard card is made of stainless steel weighing in at 17 grams, while a limited edition solid gold card will be available when you refer 10 friends to Robinhood Gold.
Redeeming Cash Back
The cash back you earn comes in the form of points. The value of each point is 1¢. So if you spend $100 on your Robinhood Gold Card, you’ll earn 3% which is 300 points, or $3 USD. The most straightforward method to liquidate your points is by converting them to cash in your Robinhood brokerage account. You can also shop with points in the travel portal, shop with points at participating rewards merchants, or redeem points for gift cards.
Our Take on the Robinhood Credit Card
While Robinhood’s entry into the credit card space wasn’t expected, the product they’ve come to market with is a welcome addition. We’d consider a cash back card that earns 2% on all your ‘other’ purchases where you don’t have a card earning a higher rate to be a solid base rate. The Robinhood Gold Card could easily be the new catch-all card for some as it will allow you to earn at least 3% cash back on all purchases. Add to that, the fact that it’s a Visa Signature which adds many travel and purchase benefits and no foreign transaction fees.
Most people wouldn’t believe this is a no annual fee card if you described the features and benefits to them, and even when you factor the $60/year Gold membership to gain access, the buy-in is loaded with perks.
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