In 2024, Robinhood Announced the launch of its first credit cardRobinhood Gold Card. With a rewarding flat rate across all spending categories and increased cash back on travel, we think this card is worth considering, especially if you’re already a Robinhood Gold member.
The Gold Card is set to launch later this year, and you can join the waiting list now to reserve your place. It’s a 17-gram stainless steel Visa Signature card, and the card’s issuer is Coastal Community Bank, member FDIC.
We’ve reviewed all of the card’s key features, fees, and rewards redemption options below to help you decide if the Robinhood Gold Card is a worthwhile addition to your portfolio.
Robinhood Gold Card Overview
Here are some basic details of the Robinhood Gold Card that you should be aware of:
- Reward rate: 3%
- Bonus rate: 5% on travel
- April: 19.99% – 29.99%
- Annual fees: no; Robinhood Gold subscription required ($5 per month)
- Welcome Bonus: no
Features
The most notable feature of the Robinhood Gold Card is a flat 3% cash back across all categories, with a 5% reward rate for purchases through Robinhood’s travel portal.
Here are some of the card’s other more popular features that we think you should know about:
- Family features: Robinhood has no age restrictions on authorized users, allowing kids to build their bankroll. You can also track your family’s card usage, set spending limits, and lock cards.
- Virtual cards: For added security, you can make digital purchases using virtual cards with disposable numbers.
- Travel perks: The card offers trip interruption protection, Visa Signature concierge service, and travel and emergency assistance.
- Purchase protection: Cardholders also receive a purchase guarantee, extended warranty protection, return protection, and zero liability coverage.
- Vehicle assistance: In addition, the card offers rental car collision damage waiver and Roadside Dispatch.
- Robinhood Integration: The Robinhood credit card app is seamlessly integrated with the Robinhood investing app, so Gold members can transfer rewards to their brokerage account.
Rewards
As mentioned earlier, the Gold Card pays 3% cash back on all spending categories, with the exception of travel bookings through Robinhood which earn 5%.
The Gold Card gives you four options to redeem your credit card rewards:
- Cashback Rewards: Although you can’t cash out your rewards directly, you can use them as cash back in your brokerage account on Robinhood, where you can invest the money or earn a competitive APY on your uninvested funds.
- Travel portal: You can also use points to make travel purchases through the Robinhood travel portal.
- Shopping portal: If you prefer to shop with your cash back rewards, you can use your points on purchases at Robinhood partner merchants.
- Gift cards: Likewise, you can redeem your rewards for gift cards from many merchants in the Robinhood rewards portal.
expenses
One of the biggest draws of the Robinhood Gold Card is its lack of fees. Although you have to be a Robinhood Gold subscriber, the card itself has no monthly fees. There are also no foreign transaction fees, balance transfers, or over-limit fees.
There are some fees for actions like late payments, return payments, and cash advances, which are standard in the credit card industry. You will also be required to pay a membership fee in order for Robinhood Gold to be eligible for the card.
Unlike some of its competitors, Robinhood does not currently offer a welcome bonus to its new Gold customers.
Although there is no welcome offer, there is one going on Solid Gold Referral Program. If you join the waiting list for the card and make 10 qualifying referrals, you will receive a 10-karat solid gold card or equivalent cash prize.
Never
You can join the waitlist for the Robinhood Gold credit card by entering your email address on the Robinhood website. From there, you’ll be able to refer friends and get notified when the card is available.
Before applying, it is important to look at the fine print. Robinhood notes that you can verify your approval without affecting your credit score. Once you accept a card offer, you will be subject to a hard credit pull, which may temporarily affect your score.
Keep in mind that you must have a Robinhood Gold membership to be eligible for the Gold Card. Robinhood Gold comes with a 30-day free trial, but you can’t unlock the Gold Card until after the free trial expires.
Pros and cons
Like any credit card, the Robinhood Gold Card has some pros and cons. Here are some of the biggest pros and cons to consider before applying for the card:
Pros
- No foreign transactions or annual fees: The Gold Card’s limited account fees make it an attractive option to earn the most cash back possible.
- There are no age limits for authorized users: Gold users looking to help boost their children’s credit can add them as approved users, regardless of their age.
- Excellent cashback rate on all categories: With Robinhood, there are no rotating categories or cashback caps to worry about. You’ll get the same flat rate for all spending categories, with additional rewards on travel bookings.
cons
- Robinhood Gold subscription requires: Although the card itself has no annual fee, it is only available to Robinhood Gold members, who must pay an ongoing subscription fee for Robinhood’s premium investing tools.
- No simple cashback: If you want to redeem your rewards for cash, you’ll have to transfer them to your cash account at your Robinhood brokerage. From there, you can set the money aside and accumulate interest, invest it, or withdraw it, which adds an extra step.
Who is Best for a Robinhood Gold Card?
The Robinhood Gold Card isn’t right for everyone. If you’re using a different investing platform and don’t want to invest with Robinhood, consider another cash back card that doesn’t require you to have a Robinhood account or sign up for its Gold plan for a fee.
If you already use Robinhood to invest and are thinking about upgrading to a Gold account anyway, the card may make signing up worth it. And if you’re a current Robinhood Gold subscriber, adding the card to your wallet is easy and can help you easily earn competitive, flat-rate cash back on all your purchases.
Bottom line – Compare the cost of a Gold membership to the cash back you expect to earn and the value a Gold plan will add to your investment plan to determine if the card is worth it.