In a bold expansion beyond its renowned investment app, Robinhood has launched the Robinhood Gold Card, a credit card offering that merges the worlds of spending and investing with a suite of enticing benefits. This new entrant in the credit card market is not just another piece of plastic but a gold-plated path to potentially lucrative rewards for the savvy spender.
The Robinhood Gold Card is a no-annual-fee credit card, although it requires a Robinhood Gold membership to apply. The membership, akin to Amazon Prime’s relationship with the Prime Visa, costs $5 per month after a 30-day free trial. This card is not just about spending; it’s about earning and growing your wealth with unlimited 3% cash back on every purchase, a variety of shopping and travel protections, and no hidden fees.
The card’s travel perks are particularly noteworthy. Cardholders can earn a higher 5% cash back rate for travel booked through Robinhood’s travel portal. This feature positions the Robinhood Gold Card as a pseudo-travel rewards card, offering a competitive edge in the market.
One of the most innovative aspects of the Robinhood Gold Card is the direct investment of cash-back rewards into the cardholder’s Robinhood brokerage account. This seamless integration allows users to immediately put their rewards to work in the market. The rewards can also be redeemed for travel, shopping with points, or gift cards, all at a value of 1 cent per point, which is a strong redemption rate compared to many other cash-back cards.
The card’s protections are extensive, including trip interruption insurance, roadside dispatch, auto rental collision damage waiver, and even Visa Signature concierge service. These benefits are typically found on cards with hefty annual fees, making the Robinhood Gold Card a standout option for travelers and everyday users alike.
In comparison to other 3% cash-back credit cards, the Robinhood Gold Card holds its own. The Apple Card and PayPal Cashback Mastercard® offer similar cash-back rates but with more limitations and fewer perks.
The Robinhood Gold Card’s potential to become one of the better cash-back credit cards on the market is clear. However, its true standing will only be revealed once it is fully released and can be compared to other heavy hitters like the Wells Fargo Active Cash® Card or Citi Double Cash® Card. For now, interested customers can join the waitlist on Robinhood’s website.
The launch of the Robinhood Gold Card is a strategic move by Robinhood to cement its place in the financial services sector. By offering a product that not only rewards spending but also encourages investing, Robinhood is positioning itself as a one-stop-shop for financial growth. It’s a card that doesn’t just reside in your wallet; it actively works to increase your wealth.
