Robinhood launching exclusive Gold Card with cashback rewards
About the upcoming Gold Card
Robinhood, the renowned brokerage app, is offering a new credit card called the Robinhood Gold Card. Robinhood still isn’t a bank and the card will be issued by Coastal Community Bank, Member FDIC.
To qualify for the card you must have the Robinhood Gold membership, which costs $5 per month (or $50 per year). You can also choose to apply for the Gold Card if you agree to join the Gold membership program. That membership offers a higher interest rate on uninvested brokerage cash and other perks.
The Gold Card also has no annual fees, no foreign transaction fees and some tasty cashback rewards. The physical card itself is made of stainless steel and weighs 17 grams. You can actually get a real gold card made of 10k gold if you refer at least 10 friends to sign up for Robinhood Gold. The solid gold card is said to weigh a hefty 36 grams.
3% cashback everywhere and 5% on Travel Portal
The most tempting aspect of the card is probably the cashback rewards. Earn up to 3% cashback on all categories — no messy categories to remember, just earn 3% cashback on all purchases.
The only expectation of the 3% cashback is travel purchases. The Gold Card can offer up to 5% in cashback rewards for travel purchases when booked using the Robinhood Travel Portal.
How to redeem Gold Card points
Cashback rewards are calculated as points. The points will be posted to your account which you can redeem in multiple ways, including cash which is sent to your Robinhood Financial Brokerage Account. Redeemed this way, the conversion rate is $0.01 per Point. You can also redeem points in the Shop or Travel portals.
How to get the Robinhood Gold Card
The card hasn’t launched just yet. Gold members can join the waitlist by selecting Reserve your spot on the Robinhood site, or join the waitlist directly within the Robinhood app.
