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Eight months afteracquiring quotation card startup X1for $ 95 million , Robinhood announced today the launch of its new Gold Card , with a list of features that could even give Apple Card user envy .
Robinhood , better known for its brokerage app aimed at the routine investor , is touting all sorts of benefit with its new card in an attempt to draw users . The menu has no yearly or foreign dealings fees . However , it will only be available for Robinhood Gold members , which costs $ 5 a month , or $ 50 per annum . ( Goldis a broadcast that offers other benefit like 5 % APY on an invoice ’s uninvested brokerage immediate payment . )
Gold menu users can realize 3 % cash back on all categories , include restaurants and grocery , and 5 % John Cash cant when booking travel at Robinhood ’s new travelling hepatic portal vein . That cash back can be channelise to brokerage accounts , which can go toward making investments like stock purchase , the fellowship enjoin . The power to invest using cash back is the big initiation thatX1 developedprior to getting acquired .
Another interesting feature of the Gold Card let in the ability to provide cards for kinsfolk members . This is the first time that Robinhood has infix a kin - oriented fiscal product , Robinhood Money General ManagerDeepak Rao toldTechCrunch . Rao was the father and chief operating officer of X1 before joining Robinhood in the skill .
Users will have the power to add up to five family extremity as cardholders to their account with every cardholder take in their own circuit card . Additional cardholders can be any age , giving parent a way to help teens build quotation and supervise spending . The ability to provide card to family member will extend even to those visiting from other commonwealth .
“ A user can provide cards to parents , baby or health care provider and adjust the correct sort of controls and tribute , while also helping them build their credit , ” Rao say . “ They do n’t have to provide any other information than their name and day of the month of birth and Social Security number if they have one . If you ’re worried about disbursement limits , you’re able to put a dollar mark amount limit and also a nipper - good mode for shaver . ”
The Card also allows user to make and delete practical calling card for one - time purchase and will have an APR of 20.24 % – 29.99 % , which Robinhood said will alter with the market place based on the Prime Rate .
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Robinhood is also making its physical lineup numberless so if they are lose or stolen , users wo n’t have to swap out all their calling card information . The company is also plunge a raw app to go along with the newfangled Gold Card that will be entirely separate from its investment app , Rao enounce .
by and large , the Gold account offers up to $ 2.25 million FDIC indemnity from a electronic internet of partner banks .
Cash back
Robinhood ’s entrance into the credit card market is clearly take a pool cue from the likes of Apple , which has seen bully success with its own calling card ( despite hiccough with itspartnership with Goldman Sachs ) . By forgoing veil fee like annual or former fees , and by applying its John Cash back daily , Apple Cardtopped more than 12 million usersas of January .
Many carte offer Johnny Cash back but often throttle it to certain categories . This card is generous in its cash - back offering . Apple , for case , offers 3 % Johnny Cash back on all purchases made at Apple , and on purchases made at quality merchants when using the Apple Card with Apple Pay . In oecumenical , purchases made on Apple Card with Apple Pay take in user 2 % back . But Apple also offers a Family Sharing lineament , and a eminent - yield savings account offer 4.5 % interest group .
manifestly , Robinhood will earn exchange receipts from the credit cards , standard dealing fees paid by the merchants . It has earned give-and-take revenue off of its debit entry cards , whichlaunched in 2018 . Coastal Community Bank is Robinhood ’s banking partner on the novel Gold Card .
The new credit card is part of Robinhood ’s evolve business model and offer over the years . In December of 2022 , the company announcedRobinhood Retirement , which it line as the “ first and only ” individual retreat account ( IRA ) with a 1 % lucifer on every eligible dollar sign contributed . Gold Membership , a requirement to get the Gold Card , increases the eligible match to up to 3 % match .
“ There ’s always been limited perk and opportunity reserved for the wealthy that make them even rich . It ’s why we started Robinhood … ” Robinhood Centennial State - founding father and CEO Vlad Tenev say in a compose statement . “ Today ’s announcements … bring us one step closer to the destination of giving everyone better access to the financial organisation . ”
Robinhood Gold Card, explained:
What are the requirements to apply for a Robinhood Gold Card?
You must be aRobinhood Goldcard fellow member .
You must first get in touch with the followingcredentialsin order to apply for a lineup :
Are there monthly fees associated with a Robinhood Gold Card?
You must be a Robinhood Gold member to implement for the circuit board . It cost $ 5 a month , or $ 50 a year , to become a Robinhood Gold appendage .
Are there foreign transaction fees affiliate with a Robinhood Gold Card ?
No , there are no alien transaction fees .
Will my credit be pulled when applying for a Robinhood Gold Card?
Robinhood does n’t do a severe clout on your credit until you take the identity card offer .
What are the cash back perks and benefits of this card?
Is Robinhood Gold FDIC control ?
Robinhood offers up to $ 2.25 million in FDIC insurance through a mesh of collaborator banks .
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This post was primitively print March 26 at 4 p.m. PT , and has been updated to include Robinhood ’s current and extra input .
