As the popular investment app that pioneered commission-free stock trades, Robinhood needs no introduction these days. But now they’re venturing into new territory with the launch of the Robinhood Gold Card – their first foray into the credit card world.
This slick new metal card promises unlimited cash back riches along with innovative features rarely seen from major issuers.
Robinhood Gold Card Review
In this comprehensive Robinhood Gold Card review, you’ll discover if this ambitious credit card truly lives up to the hype or if it’s just another solid option among many. We’ll examine every facet, including:
- The ultra-high cash back earning rates and how they compare
- Unique capabilities like virtual card numbers and family controls
- Travel/purchase protections and other money-saving benefits
- Fees, credit limits, and eligibility requirements
- Who this card is ideal for and who may want to look elsewhere
Whether you’re a Robinhood devotee or just a cash back maximizer, this in-depth analysis will help you decide if the Robinhood Gold Card deserves a spot in your wallet. Let’s dive in!
What is the Robinhood Gold Card?
Let’s start with the basics. The Robinhood Gold Card is a Visa Signature product issued by Coastal Community Bank, a regional bank headquartered in Washington. It has a nice heft to it, weighing in at 17 grams with a stainless steel design.
Two huge pluses right off the bat – there’s no annual fee whatsoever to carry this card, and you’ll never pay a single cent in pesky foreign transaction fees when traveling abroad. Those fees really add up, so this benefits frequent international travelers.
Rewards Program
The Robinhood Gold Card keeps things beautifully simple with a flat 3% cash back rate on every purchase you make.
Whether you’re grabbing groceries, paying bills online, or splurging on a new TV, you’ll earn an unlimited 3% back. No rotating categories or caps to worry about.
But if you really want to maximize earnings, use the Robinhood travel portal to book flights, hotels, cruises, and vacation packages. Doing so scores you an even higher 5% cash back rate on those travel purchases.
Your cash-back rewards never expire and can be redeemed anytime as a statement credit.
Key Benefits & Perks
While that straightforward cash back system is the headline act, the Robinhood Gold Card also comes through with an impressive array of travel protections and purchase safeguards.
If your trip gets canceled or cut short, you’re covered by trip interruption insurance.
Rent a car, and you get auto rental collision damage coverage. Purchases are protected against theft, damage, and even extended warranty extensions.
The card also offers return protection on eligible items, zero fraud liability, and access to the Visa Signature concierge service for booking travel and scoring hard-to-get reservations.
Rounding things out are travel and emergency assistance hotlines plus roadside dispatch for services like tow trucks or lockout help.
Unique Features
The Robinhood Gold Card stands out with several unique features worth highlighting:
- Virtual Card Capabilities – For enhanced security and privacy, you can generate unlimited virtual card numbers tied to your actual card account. Use these disposable virtual numbers for online shopping, subscriptions, or any transaction where you don’t want your primary card details exposed. For example, create a new virtual number for each new online service you sign up for.
- Family Card Management – This card shines for families with its robust card management tools. You can easily add authorized users of any age to start building credit history for your kids from an early stage. Set custom spending limits and notifications for each authorized user. If a card is lost or stolen, just lock it down instantly from the app with a couple taps.
- Building Credit for All Ages – Speaking of authorized users, the ability to add cardholders of any age makes the Robinhood Gold perfect for getting children and young adults started on establishing good credit histories early on. Monitor their spending, while letting them practice responsible card usage under your guidance.
With disposable virtual cards for privacy, flexible family controls, and credit building for all ages, the Robinhood Gold packs some unique capabilities not found on most credit cards.
Fees & Credit Limit
Don’t worry, the Robinhood card keeps fees to an absolute minimum with no annual fee and no foreign transaction fees as mentioned earlier.
Your individual credit limit depends on your creditworthiness when applying and Robinhood’s approval process.
But you can get pre-approved by submitting a quick application that performs only a soft credit pull, having no impact on your credit score. Once officially approved, a hard pull is required to open the account.
The only other potential fees to be aware of are late payment fees and returned payment fees, both of which you can avoid through responsible usage.
Applying for the Card
Before you can apply for the Robinhood Gold Card, you’ll need to be an active subscriber of Robinhood’s premium Gold membership tier.
This membership costs $5 per month and unlocks bigger instant deposits, professional research from Morningstar, Level II market data, and more investment tools beyond Robinhood’s base free tier.
Once you’re a Gold member, the application process is relatively straightforward. You can get pre-approved by filling out a simple form that only does a soft credit pull – having zero impact on your credit score.
If pre-approved, you’ll then formally apply which will trigger a hard credit inquiry. Robinhood says credit limits are determined case-by-case based on your overall creditworthiness.
Robinhood Gold Card Alternatives Comparison
With its 3% cash-back rate across all purchases, the Robinhood Gold Card stacks up very well against other popular cash-back cards on the market.
Many competitors cap you at 1.5% back on general purchases outside of bonus categories. And cards that do offer higher than 3% back usually come with an annual fee.
The closest direct competitor may be the Wells Fargo Active Cash Card with its flat 2% back on all purchases and no annual fee. So the Robinhood card gives you 50% higher earnings on every dollar spent. It also one-ups premium travel cards like the Chase Sapphire Reserve by offering estimated 5% back specifically on travel booked through Robinhood’s portal.
The key advantage premium travel cards maintain is a more extensive lineup of travel credits and benefits. But for cashback convenience and simplicity, it’s hard to beat the returns offered by Robinhood Gold for no annual fee.
Summary – Is the Robinhood Gold Card worth it?
The Robinhood Gold Card offers an extremely compelling value proposition, especially when you consider:
- Unlimited 3% cash back on all purchases
- 5% cash back rate on travel booked through Robinhood’s portal
- No annual fee
- No foreign transaction fees
- Unique virtual card capabilities for privacy
- Robust family controls to add users, set limits, lock cards
- Ability to build credit history for users of any age
It’s an innovative product that stands out from traditional cash back cards with:
- Simple, flat-rate rewards structure
- Family-focused features and financial education tools
- Enhanced security with disposable virtual card numbers
The card makes the most sense for existing Robinhood Gold members who can offset the $5 monthly fee. It’s also ideal for families and those who travel internationally frequently. Those solely focused on travel rewards may want to look elsewhere. But for direct cash back value and modern capabilities, few cards compete.
FAQs
- What is a Robinhood Gold Card?
The Robinhood Gold Card is a premium cash back credit card offered exclusively to Robinhood Gold members. It earns an unlimited 3% cash back on all purchases and 5% back on travel booked through Robinhood’s portal.
- What are the benefits?
Key benefits include no annual fee, no foreign transaction fees, virtual card capabilities for privacy, robust family controls to add users/set limits, ability to build credit history for users of any age, travel/purchase protections, and access to Visa Signature perks.
- Who can apply for a Robinhood Gold Card?
Only active subscribers of Robinhood’s Gold membership tier ($5/month) are eligible to apply for the Robinhood Gold Card.
- What are the fees?
There is no annual fee and no foreign transaction fees. Potential fees include late payment fees and returned payment fees for missed payments. Cash advance fees and balance transfer fees may also apply.
- How does the cash-back program work?
You earn an unlimited 3% cash back on all purchases made with the card. For travel booked through Robinhood’s portal, the rate is boosted to 5% cash back. Cash back never expires and can be redeemed anytime.
- What credit limit can I expect?
Credit limits are determined individually based on your overall creditworthiness when you apply. You can check if you pre-qualify with only a soft credit pull initially.
- What family/authorized user options are available?
You can add authorized users of any age, including kids, to start building their credit history early. Set custom spending limits and notifications per user, and instantly lock down cards if lost/stolen.