With free accounts and trades starting at just $1, Robinhood has become a popular platform for beginning investors. Expanding on this popularity, the Robinhood Gold Card launched in March 2024. This credit card earns unlimited 3% cash back on every purchase, and includes complimentary perks like travel and purchase protections. However, you must hold a Robinhood Gold account in order to apply. Learn more about the Robinhood Gold Card, including how to earn and redeem rewards, what benefits are included in Robinhood Gold and alternative cards to consider.
Benefits of the Robinhood Gold Card
Many no-annual-fee credit cards have reduced earning potential and limited benefits. The Robinhood Gold Card earns unlimited rewards on every purchase and features numerous benefits that add value for cardholders.
— Unlimited cash back. You’ll earn 3% cash back on all purchases without any limits or spending caps. With this card, travel reservations made through the Robinhood travel portal earn 5% cash back.
— Purchase protections. Your purchases are covered with return protection, extended warranty coverage and purchase security.
— Travel protections. Complimentary travel protections, including rental car insurance and trip interruption insurance, cover you in case your travel plans go astray.
— Virtual card numbers. Protect your personal information and prevent unwanted charges with free disposable card numbers.
— No foreign transaction fees. Avoid charges of up to 3% when making purchases outside the U.S.
— Free authorized users. Help your family build credit and learn how to use credit cards responsibly at any age. You can track each cardholder’s spending and set individual spending limits.
[Read: Best Credit Cards.]
How to Redeem Robinhood Gold Card Rewards
Cardholders have numerous options to redeem their cash back rewards. To request a redemption, you’ll need the latest version of the Robinhood mobile app.
— Deposit into your Robinhood brokerage account. Transfer cash back rewards into your brokerage account.
— Book travel. Cardholders can redeem rewards for travel through the Robinhood travel portal. If you don’t have enough rewards to cover your trip, the difference is charged to your Robinhood Gold Card.
— Shop with points. Make purchases with your card in the Robinhood shopping portal and use your rewards to cover some or all of the purchase amount.
— Buy gift cards. Purchase virtual gift cards from a variety of retailers through the Robinhood mobile app.
[Read: Best Rewards Credit Cards.]
What Is Robinhood Gold?
Robinhood Gold is a paid membership program that offers a suite of services and features for savers, investors and spenders. Robinhood customers can start out with a free account and then upgrade to Gold as their needs change.
Gold benefits include:
— Higher savings rates.
— 1% savings boost.
— 3% IRA contribution matching.
— Instant access to deposits.
— Lower borrowing rates.
— Access to investor research.
Gold subscription costs $5 per month or $50 annually. Whether the Gold membership is worth it or not depends on how much you plan to use the benefits within the Robinhood platform.
[Read: Best Cash Back Credit Cards.]
Alternative Rewards Cards to Consider
The Wells Fargo Active Cash® Card earns a flat 2% cash back on every purchase. While this is a lower rewards rate than the Robinhood Gold Card, it doesn’t have an annual fee. It also includes a $200 welcome bonus when you spend $500 within the first three months. New cardholders also have an introductory annual percentage rate offer on purchases and balance transfers. Plus, you’ll receive complimentary cellphone protection of up to $600 when paying the bill with your card.
For people who want to earn higher cash back rewards, the Citi Custom Cash® Card earns up to 5% cash back on your highest eligible spending category each month, up to $500. Citi automatically applies bonus cash back to where you spend the most without your having to register or select a bonus category ahead of time. All other purchases earn 1% cash back. New cardholders can earn a $200 welcome bonus when spending $1,500 within six months, and they can also take advantage of an introductory APR offer on purchases and balance transfers.
Should You Get the Robinhood Gold Card?
The Robinhood Gold Card is best for investors who want to buy and sell investments through the Robinhood app. While Robinhood offers free accounts, you must upgrade to a $5 monthly subscription in order to apply for its credit card. This subscription includes numerous benefits, including the ability to earn an unlimited 3% cash back on all of your credit card purchases. It’s worth upgrading to Robinhood Gold if you’ll use the benefits. Otherwise, you’re better off with a no-annual-fee cash back card.
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Robinhood Introduces its First Credit Card originally appeared on usnews.com
