Robinhood Gold Card Evaluate 2024: Millennial Cash

In 2024, Robinhood introduced the release of its first bank card, the Robinhood Gold Card. With a rewarding flat fee throughout all spending classes and higher cashback on commute, we expect this card is price taking into account, particularly in the event you’re already a Robinhood Gold member.

The Gold Card is about to release later this 12 months, and you’ll sign up for the waitlist now to order your spot. It’s a 17-gram chrome steel Visa Signature, and the cardboard issuer is Coastal Group Financial institution, which is an FDIC member.

We’ve reviewed all of the card’s key options, charges, and praise redemption choices under to assist making a decision if the Robinhood Gold card is a profitable addition for your pockets.

Robinhood Gold Card Evaluation

Listed below are a couple of key Robinhood Gold Card main points to pay attention to:

• Rewards fee: 3%
• Bonus rewards fee: 5% on commute
• APR: 19.99% – 29.99%
• Annual charge: No; Robinhood Gold subscription required ($5 per 30 days)
• Welcome bonus: No

Options

Probably the most notable characteristic of the Robinhood Gold Card is its flat-rate 3% cashback throughout all classes, with an advantage fee of five% for purchases thru Robinhood’s commute portal.

Listed below are some of the card’s different maximum noteworthy options we expect you will have to learn about:

• Circle of relatives options: Robinhood doesn’t impose age restrictions for approved customers, permitting youngsters to construct their credit score. You’ll additionally observe your circle of relatives’s card utilization, set spending limits, and lock playing cards.
• Digital playing cards: For extra safety, you’ll make virtual purchases the usage of digital playing cards with disposable numbers.
• Go back and forth perks: The cardboard supplies shuttle interruption coverage, Visa Signature concierge provider, and commute and emergency help.
• Acquire coverage: Cardholders additionally get acquire safety, prolonged guaranty coverage, go back coverage, and 0 legal responsibility protection.
• Car help: Moreover, the cardboard provides a automobile condominium collision injury waiver and Roadside Dispatch.
• Robinhood integration: The Robinhood bank card app is seamlessly built-in with the Robinhood making an investment app, so Gold participants can switch rewards to their brokerage account.

Rewards

As we discussed previous, the Gold Card will pay 3% cashback throughout all spending classes, with the exception of for commute bookings thru Robinhood, which earn 5%.

The Gold Card will provide you with 4 choices for redeeming your bank card rewards:

1. Money-back rewards: Whilst you’ll’t immediately money out your rewards for cash, you’ll use them as cashback for your Robinhood brokerage account, the place you’ll make investments the budget or earn a aggressive APY for your uninvested money.
2. Go back and forth portal: You’ll additionally use issues to make commute purchases in the course of the Robinhood commute portal.
3. Buying groceries portal: Should you’d favor to buy together with your cashback rewards, you’ll follow your issues towards purchases from Robinhood’s spouse traders.
4. Reward playing cards: In a similar way, you’ll redeem your rewards for reward playing cards from a number of traders in Robinhood’s rewards portal.

Charges

Probably the most largest attracts of the Robinhood Gold Card is its loss of charges. Whilst you do need to be a Robinhood Gold subscriber, the cardboard itself doesn’t have any per 30 days charges. There also are no overseas transaction, steadiness switch, or overlimit charges.

There are a couple of charges for movements like overdue bills, go back bills, and money advances, which might be usual within the bank card business. You’ll even be required to pay a club charge for Robinhood Gold to be eligible for the cardboard.

Not like a few of its competition, Robinhood isn’t recently providing a welcome bonus for its new Gold shoppers.

Whilst there isn’t a welcome be offering, there may be an ongoing Forged Gold referral program. Should you sign up for the waitlist for the cardboard and make 10 eligible referrals, you’ll get a real 10-karat solid-gold card or a related money prize.

Getting Began

You’ll sign up for the waitlist for the Robinhood Gold Credit score Card by way of coming into your e mail deal with at the Robinhood web site. From there, you’ll be capable of refer buddies and get notified when the cardboard is to be had.

Ahead of you follow, it’s necessary to try the wonderful print. Robinhood notes that you’ll test your approval with out impacting your credit score rating. When you settle for the cardboard be offering, you’ll be subjected to a troublesome credit score pull, which will quickly have an effect on your rating.

Needless to say you will have to have a Robinhood Gold club to be eligible for the Gold Card. Robinhood Gold comes with a 30-day unfastened trial, however you’ll’t open a Gold Card till after your unfastened trial duration has ended.

Professionals and Cons

Like several bank card, the Robinhood Gold Card has some benefits and downsides. Listed below are some of the largest professionals and cons to believe ahead of 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 imaginable.
• No age limits for approved customers: Gold customers taking a look to assist in giving their youngsters’ credit score a spice up can upload them as approved customers, irrespective of their age.
• Very good cashback fee on all classes: With Robinhood, there are not any rotating classes or cashback caps to fret about. You get the similar flat fee on all spending classes, with further rewards on commute bookings.

Cons

• Calls for Robinhood Gold subscription: Whilst the cardboard itself doesn’t have annual charges, it’s handiest to be had to Robinhood Gold participants, who’re required to pay ongoing subscription charges for Robinhood’s top rate making an investment equipment.
• No easy cashback redemption: If you wish to redeem your rewards for money, you’ll must switch them for your Robinhood brokerage money account. From there, you’ll let the cash sit down and accrue passion, make investments it, or withdraw it, which provides an additional step.

Who Is the Robinhood Gold Card Easiest For?

The Robinhood Gold Card isn’t the proper are compatible for everybody. Should you use a distinct funding platform and don’t need to make investments with Robinhood, believe every other cashback card that doesn’t require you to have a Robinhood account or subscribe to its Gold plan for a charge.

Should you’re already the usage of Robinhood to speculate and feature been considering upgrading to a Gold account anyway, the cardboard may just make a subscription price it. And in the event you recently subscribe to Robinhood Gold, including the cardboard for your pockets is a no brainer that let you simply earn aggressive flat-rate money again on your whole purchases.

Base line—Evaluate the price of a Gold club to the cashback you wait for incomes and the price the Gold plan would upload for your funding plan to come to a decision if the cardboard is worthwhile.