One of the popular investment apps, Robinhood, is introducing its inaugural credit card that offers 3% cash back on most purchases.
The waitlist for the New Robinhood Credit Card is now available and has been issued by Coastal Community Bank. There’s no annual fee for the card. To qualify for the card, you need to be a Robinhood Gold Card member, which currently costs $5 a month.
All About the New Robinhood Credit Card
The New Robinhood Credit Card has a lot of rewards like a 5% APY on uninvested cash, a 3% match on Robinhood retirement IRA contributions, and additional benefits.
One of the additional benefits that the New Robinhood Credit Card will have for its Gold members, starting in early May 2024, is a 1% unlimited deposit boost on all incoming brokerage deposits. However, it has been specified that specific terms will be applied.
According to Deepak Rao, the general manager of Robinhood Money, they will gradually move customers off the waitlist and start sending out cards in the upcoming weeks.
What are the Features of the Robinhood Gold Card?
In order to qualify for the Robinhood Gold Card, one needs to have a credit score of at least 690. One of the features of the Robinhood Gold Card is that there is no annual fee. This can be done by Robinhood Gold subscription, which costs $5 per month or $60 per year.
The Robinhood Gold Card gets 3% cash back on most purchases. This excludes travel bookings made through Robinhood’s travel portal, which earns 5% cash back.
The awards can be redeemed as points, each worth 1 cent, for travel, gift cards, shopping with eligible retailers. You can also redeem points as cash, transferred to a bank account or Robinhood brokerage account.
The holders of the Robinhood Gold Card can also have benefits like trip interruption reimbursement, auto rental collision damage waiver, extended warranty protection, and return protection. They can also enjoy benefits like roadside dispatch, travel and emergency assistance, Visa Signature concierge service, and purchase security.
The cardholders can also have access to virtual cards with disposable numbers for added security when shopping online. Additionally, cardholders can also ask for a new card in the app if their physical card is lost.
The Robinhood Gold Card also easily cancels subscription payments, automatically ends free trials, and authorizes cards for one-time use.
Moreover, the cardholders can add up to five family members as cardholders, regardless of their age. Each family member can get their card with the Robinhood Gold Cardholder where the primary cardholder can set spending limits, track their spending, and find and lock lost cards.
One of the key features of the Robinhood Gold Card is the new app, which is separate from the main Robinhood app. It will offer insights into spending patterns and real-time spending updates.
Additionally, through this Robinhood Gold Card, a physical card can be made from real 10K gold by referring 10 friends who sign up for the Robinhood Gold Card.
Comparison with Other Cards
The Robinhood Gold Card has a 3% cashback, making it stand out compared to other cards with flat rewards rates, which usually offer up to 2%.
With a $5 monthly fee for Robinhood Gold, one can break even by spending just $2,000 a year, not even including the 5% on eligible travel bookings or other Gold perks.
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