Robinhood’s New Solid-Gold Credit Card Earns 3% Cash Back

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Robinhood’s New Solid-Gold Credit Card Earns 3% Cash Back – Forbes Advisor

Evan Coleman is an Updates Editor on the Credit Cards and Travel Rewards team at Forbes Advisor, showcasing his interest in personal finance and love of travel. He has written for a variety of local news sources, college blogs and nonprofits on topics including business, arts and culture and search engine optimization. Evan is a graduate of the University of Rochester, where he studied Business and English: Language, Media and Communication.

Evan Coleman

Updates Editor

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Robinhood’s New Solid-Gold Credit Card Earns 3% Cash Back

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Robinhood has launched a waitlist for its first credit card, which is both heavy in weight and hefty in reward earnings.

The Robinhood Gold Card*, issued by Coastal Community Bank, will earn an impressive 3% cash back on all purchases. Certain applicants can also receive a card made of real gold weighing a staggering 36 grams. Rounding out the card’s perks are Visa Signature travel and purchase protections, no foreign transaction fees and the ability to add authorized users of any age.

However, there is a loop to jump through: Although the card charges no annual fee, it is only available to those holding a Robinhood Gold membership. This subscription plan costs $5 per month, but this may be a nominal cost alongside the membership’s offerings and the card’s features.

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Robinhood Gold Card Details

The standout feature of the Robinhood Gold Card* is its reward earnings. Cardholders will earn 5% cashback when you book travel through the Robinhood travel portal and 3% cashback on other purchases. This minimum 3% cash back on all purchases outshines the 1.5% to 2% cash back typically found on the best cash-back credit cards.

For a card that may be a solid choice for everyday use, you may be eager to know that it has a luxurious appearance. The standard version of the card is made of stainless steel and weighs 17 grams. Current Robinhood Gold members who refer 10 friends who sign up for both the Robinhood Gold Card* waitlist and then Robinhood Gold can receive a 10-karat gold card weighing 36 grams.

Pretty looks aside, what are the card’s rewards worth? The Robinhood Gold Card’s cash back is rewarded in the form of points, currently worth 1 cent each, regardless of your redemption. You can use your points in the following ways:

Convert your points to cash that is transferred to your Robinhood Financial Brokerage Account
Redeem your points toward travel in the Robinhood Card travel portal
Shop with points through the shopping portal in the Robinhood Credit Card app
Redeem your points for virtual gift cards

Other notable features of the Robinhood Gold Card* include the following:

No annual fee. Remember that the card is only available to Robinhood Gold members, who must pay a monthly subscription fee of $5.
No foreign transaction fees. This makes the card a solid option to rack up cash back while traveling abroad.
Add authorized users of any age. Authorized users will receive their own card, and the account holder can set spending limits and lock lost cards if needed.
Travel and purchase protections. As a Visa Signature card, the Robinhood Gold Card* includes an auto rental collision damage waiver, trip interruption protection, travel and emergency assistance, roadside dispatch, extended warranty protection, return protection and zero liability protection.

How To Get the Robinhood Gold Card

If you wish to apply for the Robinhood Gold Card, your first step is to join the waitlist through the Robinhood app or on the card’s webpage. After you are selected to apply, you will receive an email and push notification from the app with an invite link to start your application.

Those who currently hold a Gold membership get priority access to get off the waitlist. Everyone else will receive access in the order they signed up.

What Does a Robinhood Gold Membership Include?

The Robinhood Gold Card* charges no annual fee but does require paying for a Robinhood Gold membership. The membership costs $5 per month.

With a Gold membership, you’ll get the following perks on the investing platform:

1.50% APY (5.00% APY for Gold customers) on your uninvested brokerage cash (1.5% for nonmembers)
3% match on eligible contributions to your Robinhood IRA account (1% for nonmembers)
Access to margin investing at 8% (12% for nonmembers)
Access to professional research from Morningstar and Level 2 market data from Nasdaq

Bottom Line

Robinhood’s new credit card marks an impressive push into the credit card space with its minimum 3% cash back on all purchases. Those who already have a Robinhood Gold membership could find outsized value in the card—that is if the perks of the membership and card offset the $5 monthly fee.

Find The Best Cash Back Credit Cards Of 2024

*The information for the following card(s) has been collected independently by Forbes Advisor: Robinhood Gold Card. The card details on this page have not been reviewed or provided by the card issuer.

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Robinhood’s New Solid-Gold Credit Card Earns 3% Cash Back – Forbes Advisor

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