This article was also co-written with KUKU

Robinhood was originally a brokerage focused mainly on its mobile app. Robinhood has announced the launch of the Robinhood Gold credit card. The main selling point is 3% cash back on all purchases, which is better than most cards currently on the market. This card has no annual fee, but you do need to maintain a Robinhood Gold membership (currently $5 per month).

If you want this card, first apply for a Robinhood brokerage account, and then you can join the waitlist. According to Robinhood, they plan to roll it out gradually this year.

Robinhood Gold Overview

Apply now

Full review

Robinhood Gold Credit Card

3% cash back on all purchases, with no annual fee!

  • Welcome bonus: None
  • Rewards: 5% on bookings through its own travel portal; 3% cash back on all other purchases
  • Redemption: Cash back can be redeemed directly
  • Annual fee: $0（Requires Robinhood Gold）
  • Apply now>>

Benefits

  • You must be a Robinhood Gold member to apply (after approval, $50 will be charged directly to the card)
  • All purchases earn 3% cash back, and travel booked through the Robinhood Travel portal earns 5% cash back
  • Rewards are automatically deposited into your Robinhood brokerage account (redeemed at 1:1)
  • Extended warranty and rental car insurance
  • You can create virtual cards for online purchases (details below)
  • No foreign transaction fee (FTF): This card has no foreign transaction fee, and you still earn 3%. See also: FTF guide
  • Referral bonus: If you refer ten friends to join Robinhood Gold, you can get a solid-gold Robinhood Gold Card weighing 36 grams (note: it is 10,000 gold, not pure gold).
  • Accumulated rewards can be automatically deposited into your Robinhood brokerage account. Cash back is issued in the form of points, with each point worth $0.01. Users can redeem points in the following ways:

    - Transfer cash back into a Robinhood brokerage account
    - Redeem as a statement credit to the card
    - Book travel through the Robinhood travel portal
    - Shop with partner merchants in the Robinhood credit card app
    - Redeem for gift cards

  • Robinhood Gold Card allows you to add cardholders of any age, set spending limits, track spending, and help the whole family build credit history.

About the Card

This card comes with three versions: a physical card, a digital card, and virtual cards. They do not affect one another, and each can be replaced separately.

  • The physical card only shows your name and MM/YY, with no other information visible (there is a hidden card number, but you cannot directly view it). The first replacement physical card is free; after that it costs $40. To activate the physical card, you only need to scan the QR code on the letter—no other information is required.
  • The digital card is in the app. Once approved, it can be added to your mobile wallet right away, and you can view it or freeze it at any time.
  • Virtual card options include a regular virtual card, a daily-use card (trial card), and a one-time-use virtual card. Especially conveniently, these cards appear to have no quantity limit, and they can also be added to your mobile wallet right away.
  • There is also an installment payment feature, which does not seem particularly useful.

About Cash Back

Points post immediately after each purchase and can be cashed out right away.

About Risk Controls

After opening the card, I have been swiping it heavily and have not run into any risk controls so far, which feels pretty surprising. Maybe once more people get the card, there will be a lot more scrutiny.

My Take

3% with no FTF is absolutely the best part of this card. If you are already using Robinhood gold, then this card is definitely worth getting. That said, the card is issued by Coastal Community Bank, and smaller issuers like this may change benefits frequently, with customer service quality that can be inconsistent. In addition, this card is reportedly unable to set auto payment on the due date, so be careful with payments.

How to Apply

First, you need to open a Robinhood brokerage account and subscribe to Robinhood Gold.

  • Robinhood (open an account and get one free $5-$200 stock)

This card cannot be directly applied for yet. You can only join the waitlist for now, so if you are interested, join first and wait.