Robinhood Gold Credit Card – Check the Rewards and Benefits!

Tuesday night in New York City, at a first-ever product keynote event, Robinhood introduced the Robinhood Gold Card, the company’s first credit card. With a card that pays 3% cash back across all categories, the retail trading company is venturing into a cutthroat and complicated market.

Robinhood Gold Credit Card

With its inaugural credit card launch, the well-known investing app Robinhood is guaranteeing an industry-best 3% cash back on the majority of transactions.

The Coastal Community Bank-issued Robinhood Gold Card is now accepting applications. The card will not have an annual charge, but to get it, you must be a Robinhood Gold member, which now costs $5 per month. 

Benefits of a Robinhood Gold membership include a 3% match on donations to a Robinhood retirement account, a 5% annual percentage yield on cash that is left uninvested, and more

Deepak Rao, general manager of Robinhood Money, said in an email that over the next several weeks, Robinhood would start to gradually remove users from the waitlist and distribute cards.

A new perk for Gold customers was also announced by Robinhood as part of the announcement: beginning in early May 2024, all incoming brokerage deposits will get a 1% unlimited deposit increase. 

Robinhood 3% Cash Back Credit Card Good Deal

It’s a great bargain on several levels. The industry norm for credit cards that provide a fixed rewards rate on all transactions is usually no more than 2% back, particularly when it comes to large company credit cards.  In this instance, the answer is definitely yes; a monthly membership cost for a Robinhood Gold membership is required. 

However, assuming that the monthly charge stays at $5, you may break even with the Robinhood Gold Card by spending a mere $2,000 a year. This doesn’t even account for the card’s 5% discount on qualified travel reservations or the many other benefits that come with being a Gold member, which are separate from the credit card. 

To get the most out of the Robinhood Gold Card, you will need to dedicate yourself to the Robinhood environment. (For example, it’s not obvious what Robinhood’s new travel platform will offer cardholders.) Nevertheless, unlike other rewards credit cards, the card does provide both redemption freedom and consistent point worth, regardless of the redemption you choose. 

Robinhood Gold Card’s Features

For eligible individuals, there will be a plethora of benefits associated with the Robinhood Gold Card. To be placed on the waiting list, applicants must have a credit score of at least 690. 

  • No annual fee: Although the card has no official annual charge, you must pay $5 a month for the mandatory Robinhood Gold membership, so your yearly cost to keep the card is $60.
  • Rewards: All purchases made by cardholders will receive 3% cash back; however, bookings made via Robinhood’s new travel platform will earn 5% cashback. 
  • Flexible redemption options: Rewards come in the form of points, which may be exchanged for cash that can be sent right away to the cardholder’s Robinhood brokerage account, gift cards, vacation, or shopping at participating merchants at a rate of one penny per point. 
  • Travel perks and protections: Benefits include trip interruption compensation, collision damage waiver for vehicle rentals, extended warranty protection, return protection, roadside assistance, emergency travel, Visa Signature concierge service, and purchase security will all be available with the card. 
  • Virtual cards: Virtual cards with dispenseable numbers will be available to cardholders as an extra security measure when making online purchases. If the actual card is lost, you may also use the app to seek a replacement. 
  • Options to simplify free trials and subscriptions: With the card, you may quickly stop paying for subscriptions, immediately terminate free trials, and approve cards for one-time use.

Benefits of Robinhood Gold Card

Only Robinhood Gold members are eligible to use the Robinhood Gold Card. As a Gold client, in addition to the card, you’ll also get:

  • One of the finest interest rates in the nation is 5.0% APY on uninvested funds. A network of partner banks offers up to $2.25 million in FDIC protection, which is more than any one bank can give.
  • a 3% match on donations to a Robinhood Retirement IRA the largest and first IRA match available., if qualified, a reduced margin rate to increase your purchasing power.
  • Level II market data from Nasdaq and expert analysis from Morningstar.
  • Larger immediate deposits up to $50,000 per day. 

To Get Relevant Information. Go to NCBLPC Homepage.

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