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Introduction to the Robinhood Gold Card
You've probably heard of Robinhood, the personal finance platform that lets you purchase stocks, cryptocurrencies, fractional shares, retirement plans, and other investments without paying commission (other fees may apply). You may even have the Robinhood Cash Card, a prepaid card linked to a spending account.
Now, this popular fintech company has launched the Robinhood Gold Card, which earns at least 3% cash back on every purchase and includes valuable purchase and travel protections at no charge.
We've compared the Robinhood Gold Card rewards and benefits against the best cash-back credit cards on the market. Here's what you need to know.
What is the Robinhood Gold Card?
The Robinhood Gold Card is ideal for Robinhood Gold subscribers who want to earn cash-back rewards and exclusive benefits through the Robinhood investment platform.
This card earns an unlimited 3% cash back on all purchases and doesn't come with an annual fee, although a monthly subscription to Robinhood Gold is required. For heavy spenders and people who plan on using all of the membership's benefits, the $5 monthly fee for Robinhood Gold is worth it when you factor in its high earning power and benefits.
The Robinhood Gold Card is available through waitlist only. Interested applicants who are preapproved for the card won't see any impact on their credit until they complete the card application when Robinhood initiates a hard credit inquiry.
The Robinhood Gold Card waitlist has more than one million interested users, and the company began rolling out the first Gold Cards to the first tier of recipients in April 2024.
Exclusive to Robinhood Gold Members
The Robinhood Gold credit card is restricted to those with Robinhood's premium Gold plan, which costs $5 a month or $50 yearly. Robinhood Gold subscription members get 5% APY on uninvested cash in their brokerage account, a 3% match on IRA retirement contributions, and will soon enjoy a 1% boost on brokerage deposits.
This subscription service includes numerous features to justify the monthly fee:
- 5% APY on savings with FDIC insurance up to $2.25 million
- Unlimited 3% cash back with the Robinhood Gold Card
- 1% boost on every deposit
- 3% IRA matching on every eligible dollar contributed
- Instant access on deposits to invest up to $50,000 per day
- Complimentary NASDAQ Level 2 data and Morningstar Insights
New members can try Robinhood Gold free for 30 days before committing to paying the $5 monthly fee.
Unique Design
Most Robinhood Gold Cards are made of stainless steel and weigh 17 grams, making this card one of the heftiest metal credit cards on the market.
Top-tier Gold members can even request a 36-gram version made from real 10-karat gold. To be eligible for the real-gold version, applicants must refer 10 or more new subscribers to the Robinhood Gold membership.
Cash-Back Rewards Card
Unlike many rewards credit cards that offer high rates on select categories and paltry rewards on everything else, the Robinhood Gold Card earns an unlimited 3% cash back on every purchase. It even earns at least 50% more cash back than rival cards with a flat earning structure, like the Citi®Double Cash Card , which earns a combined total of 2% on all purchases after you pay off your balance.
The Robinhood Gold Card has no annual fee and doesn't charge foreign transaction fees on purchases outside the U.S. It includes generous travel and purchase protections, and you'll earn 5% cash back when booking travel through the Robinhood travel portal.
Designed for Investors
With its integration into the Robinhood Gold membership, the Robinhood Gold Card is designed for Robinhood investors. Existing Robinhood Gold members receive priority on the card's waitlist to apply. Cardholders can redeem rewards in the form of investment funds for their Robinhood brokerage account or for gift cards, travel, or shopping.
Robinhood Gold Card Rewards
Cardholders can earn the following rewards and bonuses with this card:
Welcome Bonus
At this time, the Robinhood Gold Carddoes not offer a welcome bonus to new customers.
Earning Rewards with the Robinhood Gold Card
Cardholders earn an unlimited 3% cash back on all purchases, with no spending caps or geographic restrictions. You'll also receive 5% cash back on travel purchases booked through the Robinhood travel portal.
Redeeming Rewards with the Robinhood Gold Card
Cardholders can redeem cash-back rewards through the Robinhood mobile app (Apple, Google) at a value of 1 cent per point. Your rewards are unlimited, and you can redeem them at any time and for any amount in the following ways:
- Brokerage account deposit. Deposit rewards into your Robinhood brokerage account to boost your investment balance.
- Shop with points. Purchase items through the Robinhood shopping portal using points. If you don't have enough points, you can charge the difference to your credit card.
- Book travel. Redeem points for flights, hotel rooms and more through the Robinhood travel portal. Combine cash with your points if you don't have enough points to cover the entire reservation.
- Purchase gift cards. Buy virtual gift cards from a variety of merchants for yourself or as a gift.
- Statement credits. Reduce your balance by redeeming rewards as a statement credit. Take note that these credits do not count toward your minimum monthly payments.
Robinhood Gold Card Benefits and Features
The Robinhood Gold Card is a Visa Signature credit card, which comes with the following benefits:
Trip Cancellation and Interruption Protection
If you use your Robinhood Gold Card to pay for a trip that's canceled or interrupted for a covered reason such as injury or illness, your Visa Signature benefits will cover up to $2,000 in nonrefundable expenses per traveler in your immediate family (you, partner, and any dependent children). Conditions and terms apply, so make sure you read the fine print carefully.
Purchase Security
New retail purchases paid for with your Robinhood Gold Card or cash-back rewards are eligible for purchase protection benefits within the first 90 days after your purchase. This benefit will replace, repair, or reimburse you for the total purchase price up to $1,000 per item and up to $10,000 per cardholder if the purchased item is stolen or damaged.
Auto Rental Collision Damage Waiver
You're eligible for an auto collision damage waiver when you rent a vehicle and pay for the transaction using your Robinhood Gold Card. This waiver covers theft, damage, valid loss-of-use charges imposed and substantiated by the auto rental company, administrative fees and reasonable and customary towing charges, due to a covered theft or damage to the nearest qualified repair facility.
This waiver provides primary coverage outside of the country of your residence. Within your country of residence, the level of coverage for which you are eligible will depend on any existing insurance policies you may hold.
Extended Warranty Protection
Extended warranty protection benefits extend the warranty on certain eligible purchases paid with your Robinhood Gold Card. You'll need to either register your eligible item throughwww.cardbenefitservices.com, or make sure you keep your purchase paperwork showing payment, itemized sales receipt, original warranty, and any additional protection in the event of a claim.
Authorized Users
Robinhood Gold Card cardholders can add authorized users of any age so everyone in the family can build credit.
Financial Management and Fraud Protection
Primary cardholders can also track transactions, set spending limits, and lock lost cards immediately in order to prevent theft or fraud.
Robinhood Gold Card Fees and Requirements
Annual Fee
The Robinhood Gold Card does not have an annual fee, but does require a Robinhood Gold membership, which costs $5 a month or $50 yearly.
Other Fees
While the Robinhood credit card doesn't have an annual fee, other fees may apply to your account. Here is a quick rundown of the fees you may incur based on your card activity:
- Interest charges on purchases: 19.99% - 29.99% variable APR
- Interest charges on balance transfers: 19.99% - 29.99% variable APR
- Interest charges on cash advances: 29.99% variable APR
- Balance transfer fees: None
- Cash advance fees: 5% of each transaction amount (minimum $10)
- Foreign transaction fees: None
- Overlimit fees: None
- Late payment fees: $29 for the first late payment, then $40 for the second instance within six months.
- Returned payment fees: Up to $40
- Replacement card fee: $40
Who Should Get the Robinhood Gold Card?
Ideal For:
The Robinhood Gold Card is ideal for several types of consumers:
- Current Robinhood Gold members who want to maximize their rewards. If you're an existing subscriber, applying for the Robinhood Gold Card is an ideal way to maximize rewards on spending since there's no annual fee.
- Investors who want to automatically reinvest their cash-back rewards. The cash-back rewards will boost your brokerage account balance and supercharge your investment returns. Set up recurring redemptions or manually redeem rewards when you're ready to make your next trade.
- Those who value a high flat cash-back rate on all purchases. Many people prefer to use one card for all their purchases without having to remember bonus categories or deal with caps on rewards. The Robinhood Gold Card earns an unlimited 3% cash back on every purchase, no matter where you're spending your money.
Not Ideal For:
- Those who don't use Robinhood for investing. The Robinhood Gold Card requires an active subscription to Robinhood Gold. This card probably won't be a good fit for investors who favor other brokerage firms or investing companies, even if its benefits are appealing.
- People seeking a card with rotating bonus categories or travel perks. This card features a flat earnings rate on every purchase. However, it doesn't offer bonus categories to maximize rewards on fixed or rotating bonus categories that may be higher. Additionally, the Robinhood Gold Card provides travel protections but doesn't include travel perks such as elite status, free checked bags, or an annual free night certificate that offers exceptional value.
Robinhood Gold Card Comparison
The Robinhood Gold Card is the best cash-back credit card for Robinhood loyalists. But if you prefer other rewards or don't want to sign up for another subscription service, you may be better off with a different credit card.
Here are a few alternatives you should consider when comparing the Robinhood Gold Card to other cashback cards.
Robinhood Gold Card vs.Citi®Double Cash Card
The Citi®Double Cash Card is a straightforward cash-back credit card with no annual fee. You'll earn 1% cash back on purchases, plus another 1% as you pay it off for a total of 2% cash back. New customers can also earn a $200 cash back, fulfilled as 20,000 ThankYou® Points, after spending $1,500 on purchases in the first six months of account opening, while the Robinhood Gold Card does not offer a welcome bonus.
Those with the Citi®Double Cash Card can also take advantage of an introductory APR of 0% intro APR on balance transfers for 18 months (then 19.24% - 29.24% Variable APR). A zero-interest period is an excellent way to eliminate high-interest credit card debt, and it's a feature that Robinhood doesn't offer. While the Citi®Double Cash Card is light on benefits, cash-back rewards can be transferred to a limited number of airline and hotel partners.
Read our Citi Double Cash Card review.
Robinhood Gold Card vs.Bank of America® Customized Cash Rewards Credit Card
Investors who prefer to earn higher rewards through bonus categories will appreciate the Bank of America® Customized Cash Rewards Credit Card. This card earns 3% cash back in the eligible category of your choice plus automatic 2% cash back at grocery stores and wholesale clubs on the first $2,500 in combined spending each quarter.
While the Bank of America® Customized Cash Rewards Credit Card's earning rates are lower than the Robinhood Gold Card, Bank of America Preferred Rewards loyalty program members can earn up to 75% more cash back based on their investment relationship tier with this bank. If you have this boost as a Preferred Rewards member, you can earn up to 5.25% per dollar on eligible spending.
Like the Robinhood Gold Card, the Bank of America® Customized Cash Rewards Credit Card has no annual fee. However, it offers an intro APR offer of 0% intro APR for 15 billing cycles on purchases and on any balance transfers made within 60 days of account opening (then 19.24% - 29.24% Variable APR) that isn't available from Robinhood. Furthermore, customers who qualify for Preferred Rewardsget additional savings and interest rate boosts similar to Robinhood Gold without paying a monthly fee.
Read our Bank of America Customized Cash Rewards Card review.
Robinhood Gold Card vs. The Platinum Card® from American Express Exclusively for Charles Schwab
For investors who prefer premium travel benefits, the American Express Platinum Card from Charles Schwab offers generous perks in exchange for a high annual fee. The card earns 5x points on flights booked directly and 5x points on flights and prepaid hotels booked through Amex Travel. However, it only earns 1x points on everything else, which is much lower than the Robinhood Gold Card. While it has a $695 annual fee, you can earn a statement credit of up to $1,000 based on your qualifying Schwab investment holdings.
Additionally, the card includes generous travel perks, including airport lounge access, a $200 hotel credit, $200 airline fee credit and more. Cardholders also receive complimentary Marriott Bonvoy and Hilton Honors Gold elite status, elite style benefits through Fine Hotels & Resorts and travel protections on trips booked on your Amex Platinum Card. If you don't have a Schwab account, you can apply for the standard The Platinum Card® from American Express directly through American Express, which doesn't include the relationship credit for your investment balances.
Robinhood Gold Card Frequently Asked Questions
Is the Robinhood Gold Card worth it?
The value of the Robinhood Gold Card depends on your spending habits, including how much you spend and where. Since this card doesn't have an annual fee, it's easy to justify for existing Robinhood Gold members. But if you don't already have a Robinhood Gold membership, you'll need to compare the additional benefits to determine if it's worth it for your situation.
Can I transfer my cash-back rewards to another account?
Yes, you can transfer cash-back rewards earned from the Robinhood Gold Card to another account. Simply redeem your rewards into your Robinhood brokerage account, then transfer to a linked bank account. Alternatively, you can also apply cash in your brokerage account to reduce your card's outstanding balance.
What is the credit limit for the Robinhood Gold Card?
Credit limits for Robinhood Gold Card members depend on a variety of factors including income and creditworthiness. Robinhood evaluates applicants' personal information and credit reports to determine their card's credit limit and interest rate.
How to get a Robinhood Gold Card?
There is a waitlist to apply for the Robinhood Gold Card. Submit your name and email to reserve your spot on the waitlist, and sign up for a Robinhood Gold membership if you haven't already so you can ensure early access.
Who issues Robinhood Gold Card?
The Robinhood Gold Card is issued by Coastal Community Bank, Member FDIC. It is a Visa credit card offering unlimited 3% cash back on every purchase, and offering many other valuable perks with no annual fee.
Why You Should Trust Us: How We Reviewed the Robinhood Gold Card
Business Insider's experts reviewed the Robinhood Gold Card by comparing it to other investor-targeted cash-back cards on the market. We evaluated a few different factors including reward earning rates, annual fees or associated costs of holding the card, benefits and perks, convenience of use, and ease of reward redemption. Learn more about how we rate credit cards.
Freelance Contributor
Lee Huffman is a personal finance expert with more than 20 years of experience in financial services, real estate and online journalism.ExperienceHe began writing online on his personal site in 2012 and now has more than 1,300 articles showing others how to travel for less using the power of credit card rewards and travel loyalty programs.In 2018, he quit his corporate job and moved his family from Southern California to Nashville to begin a freelance writing career. Since then, Lee has published 1,200+ articles, guides and reviews helping readers travel more, spend less and live better. His articles cover a variety of personal finance topics, including credit card benefits and rewards, early retirement, stock and real estate investing, insurance, banking, and how to build your credit score.Before Lee started freelance writing, Lee spent 13 years as a division CFO for a regional bank in Southern California. In this role, he was responsible for annual budgets, quarterly forecasts, monthly reporting and business cases for new initiatives. Prior to that, he provided banking, investing and insurance solutions for households and small business owners to help them address risks and invest for the future.Since 2006, he has been investing in out-of-state rental properties and flips. His team has completed a handful of flips, and he currently owns six rental properties as part of his investment diversification strategy.Lee also freelances for Forbes Advisor, Fortune Recommends, Time Stamped, USA Today, NerdWallet, Yahoo Finance, CNET, U.S. News, LendingTree, Newsweek, Consumer Affairs and other well-known brands.Lee has been a speaker at numerous travel, personal finance, and real estate conferences, including FinCon, CardCon, REWBCON, the Chicago Seminars, Frequent Traveler University, and corporate events. He is also a frequent podcast guest where he talks about travel strategies, real estate investing, leaving the corporate world and small business productivity hacks. A few of the shows he has been on include Stacking Benjamins, Miles to Memories, Budgets & Brews and the Bigger Pockets Money Podcast.He has also been a finalist for the Plutus Awards as the best freelance writer in personal finance and the best frugal travel content. In 2022, he won the award for the best frugal travel content.In his spare time, Lee is a devoted dad and husband. He constantly shuffles his kids from one sport or school activity to another and is always on the sidelines cheering them on. When he's not acting like an unpaid Uber driver, you may find him reading a book, riding his bike or planning his next vacation.ExpertiseLee's expertise includes:
- Credit cards
- Points and miles travel
- Investing in stocks, bonds and real estate
- Banking
- Insurance and risk mitigation
- Early retirement
- Small business strategies
- Bankruptcy law
Thanks to credit card rewards, Lee and his family have been able to create lifelong memories around the world. Some of his most memorable experiences have been hugging a wombat in Australia, taking his kids to soccer camps in Spain, and walking the beaches of Normandy.EducationLee holds a degree in business management from Pepperdine University and an MBA in eBusiness Management from the University of Phoenix. To enhance his formal education, he has earned several certificates, including Operations Management and a Green Belt in Six Sigma.He began working for his father's bankruptcy law office as a sophom*ore in high school, where he learned that good people often suffer financial catastrophes due to job loss, illness, divorce and other unexpected circ*mstances. Since then, he has been on a mission to help people improve their finances and reduce the risk that these situations pose to their families.
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