Robinhood Gold Card Evaluate 2024: Millennial Cash

In 2024, Robinhood introduced the launch of its first bank card, the Robinhood Gold Card. With a rewarding flat charge throughout all spending classes and elevated cashback on journey, we expect this card is price contemplating, particularly for those who’re already a Robinhood Gold member.

The Gold Card is ready to launch later this yr, and you’ll be a part of the waitlist now to order your spot. It’s a 17-gram chrome steel Visa Signature, and the cardboard issuer is Coastal Neighborhood Financial institution, which is an FDIC member.

We’ve reviewed all the cardboard’s key options, charges, and reward redemption choices beneath that can assist you determine if the Robinhood Gold card is a worthwhile addition to your pockets.

Robinhood Gold Card Overview

Listed below are just a few key Robinhood Gold Card particulars to pay attention to:

• Rewards charge: 3%
• Bonus rewards charge: 5% on journey
• APR: 19.99% – 29.99%
• Annual charge: No; Robinhood Gold subscription required ($5 month-to-month)
• Welcome bonus: No

Options

Essentially the most notable function of the Robinhood Gold Card is its flat-rate 3% cashback throughout all classes, with a bonus charge of 5% for purchases by Robinhood’s journey portal.

Listed below are just a few of the cardboard’s different most noteworthy options we expect it is best to learn about:

• Household options: Robinhood doesn’t impose age restrictions for licensed customers, permitting children to construct their credit score. You too can monitor your loved ones’s card utilization, set spending limits, and lock playing cards.
• Digital playing cards: For added safety, you can also make digital purchases utilizing digital playing cards with disposable numbers.
• Journey perks: The cardboard gives journey interruption safety, Visa Signature concierge service, and journey and emergency help.
• Buy safety: Cardholders additionally get buy safety, prolonged guarantee safety, return safety, and nil legal responsibility protection.
• Automobile help: Moreover, the cardboard provides a automotive rental collision harm waiver and Roadside Dispatch.
• Robinhood integration: The Robinhood bank card app is seamlessly built-in with the Robinhood investing app, so Gold members can switch rewards to their brokerage account.

Rewards

As we talked about earlier, the Gold Card pays 3% cashback throughout all spending classes, aside from journey bookings by Robinhood, which earn 5%.

The Gold Card provides you 4 choices for redeeming your bank card rewards:

1. Money-back rewards: Whilst you can’t instantly money out your rewards for cash, you need to use them as cashback in your Robinhood brokerage account, the place you’ll be able to make investments the funds or earn a aggressive APY in your uninvested money.
2. Journey portal: You too can use factors to make journey purchases by the Robinhood journey portal.
3. Purchasing portal: In case you’d choose to buy along with your cashback rewards, you’ll be able to apply your factors towards purchases from Robinhood’s associate retailers.
4. Present playing cards: Equally, you’ll be able to redeem your rewards for present playing cards from a number of retailers in Robinhood’s rewards portal.

Charges

One of many greatest attracts of the Robinhood Gold Card is its lack of charges. Whilst you do should be a Robinhood Gold subscriber, the cardboard itself doesn’t have any month-to-month charges. There are additionally no overseas transaction, steadiness switch, or overlimit charges.

There are just a few charges for actions like late funds, return funds, and money advances, that are normal within the bank card business. You’ll even be required to pay a membership charge for Robinhood Gold to be eligible for the cardboard.

In contrast to a few of its opponents, Robinhood isn’t at present providing a welcome bonus for its new Gold prospects.

Whereas there isn’t a welcome provide, there may be an ongoing Strong Gold referral program. In case you be a part of the waitlist for the cardboard and make 10 eligible referrals, you’ll get an precise 10-karat solid-gold card or a comparable money prize.

Getting Began

You possibly can be a part of the waitlist for the Robinhood Gold Credit score Card by coming into your e mail handle on the Robinhood web site. From there, you’ll have the ability to refer pals and get notified when the cardboard is on the market.

Earlier than you apply, it’s necessary to try the tremendous print. Robinhood notes which you could verify your approval with out impacting your credit score rating. When you settle for the cardboard provide, you’ll be subjected to a tough credit score pull, which may quickly impression your rating.

Take into account that you could have a Robinhood Gold membership to be eligible for the Gold Card. Robinhood Gold comes with a 30-day free trial, however you’ll be able to’t open a Gold Card till after your free trial interval has ended.

Professionals and Cons

Like several bank card, the Robinhood Gold Card has some benefits and downsides. Listed below are just a few of the most important professionals and cons to contemplate earlier than making use of for the cardboard:

Professionals

• No overseas transaction or annual charge: The Gold Card’s restricted account charges make it an interesting selection for incomes probably the most cashback potential.
• No age limits for licensed customers: Gold customers trying to assist in giving their children’ credit score a lift can add them as licensed customers, no matter their age.
• Glorious cashback charge on all classes: With Robinhood, there aren’t any rotating classes or cashback caps to fret about. You get the identical flat charge on all spending classes, with additional rewards on journey bookings.

Cons

• Requires Robinhood Gold subscription: Whereas the cardboard itself doesn’t have annual charges, it’s solely obtainable to Robinhood Gold members, who’re required to pay ongoing subscription charges for Robinhood’s premium investing instruments.
• No easy cashback redemption: If you wish to redeem your rewards for money, you’ll should switch them to your Robinhood brokerage money account. From there, you’ll be able to let the cash sit and accrue curiosity, make investments it, or withdraw it, which provides an additional step.

Who Is the Robinhood Gold Card Finest For?

The Robinhood Gold Card isn’t the proper match for everybody. In case you use a special funding platform and don’t wish to make investments with Robinhood, contemplate one other cashback card that doesn’t require you to have a Robinhood account or subscribe to its Gold plan for a charge.

In case you’re already utilizing Robinhood to take a position and have been considering upgrading to a Gold account anyway, the cardboard might make a subscription price it. And for those who at present subscribe to Robinhood Gold, including the cardboard to your pockets is a no brainer that may enable you simply earn aggressive flat-rate money again on all of your purchases.

Backside line—Examine the price of a Gold membership to the cashback you anticipate incomes and the worth the Gold plan would add to your funding plan to determine if the cardboard is price it.