New Robinhood Gold Credit Card Features and Fine Print
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- Опубліковано 27 чер 2024
- Robinhood's new Credit Card was just released and it has some strong features like 3% rewards on all categories, no annual fee, and a slick gold look. But what's hidden in the fine print? Let's dive into the details and decide if this card is worth getting!
I reserved my spot for the new Robinhood Gold Card! Here’s my link so you can get access, too.
robinhood.com/creditcard?refe...
⏱Handy Timeline:
0:00 Gold!
0:09 Prediction
0:25 Is it good?
0:46 Features!
3:55 Features of Robinhood Gold
4:23 New FEATURE????
4:49 What's hidden in the fine print?
7:15 Summary
7:38 Agreement
7:55 Is Robinhood Gold worth it?
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Well, I'm already fully invested in Robinhood, from a regular brokerage account to a Roth IRA, checking account, and Gold membership. I'm getting this card too, so why not? Three percent on everything is a no-brainer. Thanks for the video, my dude. 🎉
I mean lots of people will try to hate on this. But 3% Cash Back is actually better than many Credit Cards out there.
As an honorary member of the Robinhood Haters Assocation, I do concede that this is actually a good deal on paper. Is it maintainable? Only time and a positive accounting balance sheet for Robinhood will tell.
@akin242002 true
This video was a big hit for you Brendan! Congrats man!
Great vid Brendan!
Thanks Dave!! So cool you got exclusive early access!
Gentleman’s agreement ✅ just subscribed and liked ;) thank you for the awesome video
I’m game for this card! I love it! ❤️👌
I wonder when they gonna release the card though
I'm on the list!😎🤓📈✌🏾
No sign up bonus is a downside
super exciting card
Thanks
3% Match is gonna kill a lot of 1.5 and 2% cards 🚀 🫡🦊
Already did
Assuming the credit limits are high enough, yes the 3% across the board cashback will have everyone using the double cash, or 1.5% cashback cards moving all spending once they have any signup bonus amount met.
Too complicated, many of the 2% cards have no annual fee. This one is essentially $60 annual fee
@@kirklandguy015 Really? How is this too complicated? 3% back on everything is as simple as possible. If you spend $6,000 or more a year this card breaks even with any 2% cash back. That does not include any travel 5% back either.
For many gold members, 60 fee is already paid. This is just add on@@kirklandguy015
I want that gold card.🎉
Do you have any link that we can use to get robinhood?
The hurdle rate to cover the $50 or $60 Robinhood Gold membership is to charge $5000 (1% of 5k is $50) so you really only start getting 3% cash back after charging more than $5k. A suite of 3-4 other no fee cards will easily beat the Robinhood 3% cash back. The only thing where Robinhood really excels is their IRA match, but you have to be eligible. Plus, the match might be great, but if you ever want to contribute back door to a Roth IRA, the tax inefficiency caused by a traditional IRA is something to keep in mind.
If you have no basis in your trad IRA, backdoor roth is not negatively effected. The 3 % match does not create cost basis, it's deemed income.
They give you 1000 dollars free in margin trading. Take the money and put in a dividend yielding stock that realizes annually at 6%. That’s your 60 dollars for being a gold member.
Why $5000? Wouldn’t 3% cashback on $2000 of spend be $60?
Where's the wait list it was on app i thought now its gone
Subed and liked
Only thing i would worry about is robinhood gold canceling on me then my card stops working.
Im interested and the card looks nice on top of the benefits. However i want a nice app with my card. I very much like my discover app for example. Being backed by visa is nice as well.
Dang! Robinhood is knocking it out of the park! Too bad I just transferred everything over to M1 Finance. 😂
What about credit limit??
Great video. I do have one stupid question. Can you use money in your Robinhood Gold account to pay off your Robinhood credit card?
If it's the cash account you can use that money for whatever
I’m sure you can. I would think it’s like any other bank
How did you not mention that the one cent per point is only the eligible rate if you leave the cash in the Robinhood account? They’re gonna give you a worse rate if you want physical cash to spend
Moving my savings from Ally to Robinhood at 5% will cover the gold subscription with the interest difference so i might go for it.
If you want to sign up feel free to use my referral, it would benefit you just as much as me :).
Lmk!
I hear whispers of riches beyond the glen, a magical 3% card that could earn gold again. But wait! There was more to this golden tale, Guinness Stew on Amex Gold without fail. And then, the Luxury Card Gold joined the fray, its concierge service ready to whisk me away. Three cards, three shades of gold-oh, a trifecta in sight! This lep clutched them close, me heart taking flight.
😅
Where does the 3% cash back monthly money get transferred to? Any bank checking account (ie. Citi or Chase) or Robiinhood has a bank checking account to access cash withdrawals?
I don’t know but would assume the default is Robinhood Cash
Basically a $5/mo. Apple Card with better cash back - I’ll take it!
How do I pay for the annual gold fee instead of the monthly fee?
It seems like Robinhood is offering different people different pricing options so I have no idea
I graduated high school with a 740 credit score in 2016 because my parents had me as authorized users on their cards. Add your kidssss
Yep! That was smart for my parents to do that.
I wonder what happens if you cancel your Gold plan after you get the card
I think the card is just early access for people with gold, I don't think you will need to have gold to get it later
The Gold Plan has its own perks, is not about the Card. The card won’t give you any of the perks if you are not a Gold Member. It will be just another Credit Card.
Wait 1% on deposits? What happens if I cycle through depositing and withdrawing? What about my existing cash balance?
We don’t have all the info on it yet but I’m planning to make a new video about it tonight!
It says the bonus is paid out over 24 months. So if your deposit 1000 they give you $10 over the course of 24 months. I'm assuming you have to keep the deposit in the account in some way. During that time but not sure.
I guess if you have a million to drop into Robinhood for their IRA it is extra worth it? Idk
How long is the wait?
I heard a rumor they may be shipping May 1st but who knows
My venturex infidelity card have my 3-year-old as an authorized user. It's not unheard of
So how long does it take to get it? Do you have it yet?
I don’t think it’s been officially released yet
@@BrendanEvan I hope it's not like Coinbase Visa, it took 8 months to get it, they started with 4% cash back and year later cut a lots of buying power on that card and lowered cash back to 0.5%, ridiculous...
@@BrendanEvanI've had it for a week. It's great.
3% cashback is 1 cent per point if redeemed to your Robinhood brokerage account. If redeemed for a statement credit, it's 70% of the point value. So, 100 points = $0.70.
One amazing thing is if you pay rent with it, the credit card fee is usually less than 3% so you can get some cashback on that, too!
Is a $40 replacement card fee standard? (5:09) All the credit card's I've used up till now will send a replacement for free, sometimes even by next day air.
Not that I know of. Guess they have to pay for those few gold cards by charging the everyday person a crazy replacement fee 🤣
4:59 if you’re carry credit card balances, you SHOULD* focus on 0% interest credit cards and pay down the balances. Be responsible. Credit cards can help transition thru layoffs or job relocations, but can come at a cost if reserves aren’t reserved.
Get back on your feet and plan for credit lines accordingly.
Can you just get Robinhood gold then get the card and cancel it afterwards ?
It does have an annual fee cause you have to pay for robinhood gold to have the card
True
If you are paying the fee just to get the credit card you would be right, those that would be interested likely already have robinhood gold and thus its free for them.
The gold membership brings more benefits than the $60. So this is basically a free addon
Ya but be smart, i sign to gold and put 20k on my account that i dont use for stocks and the %5 apy i get on it cover my gold membership and i get extra money every day.
Not millions but probably around 200$ a month.
So who cares i don't pay for gold from my pocket.
@@geminivegan6587yeah as long as you have like $1200, you’ll be making enough back through interest to effectively make it free.
The family credit card feature already exist. Robinhood jacked this concept from the Applecard.
And? Other platforms took the no fee trading that Robinhood created. The fact that this feature is on top of the 3% cash back makes it even better.
Robinhood isn’t trying to be innovative. They want the most value they can provide for their consumers at the lowest cost for their consumers.
So, just so we are clear, it's not actually no annual fee. You have to be signed up to Robinhood Gold to get it. Correct?
Right, so $60 a year essentially
Yes, but Robinhood gold comes with a whole host of benefits that I’d buy regardless of having the credit card or not. Other annual fees and just fees, no benefits.
The card is good but the glazing is crazy
It's not worth it because there is no SUB. It's only worth it if you're a very big spender on non-categories. Or, you run out of SUB for credit cards. In other words, it's an end game CC or a gardening CC.
You cannot get the actual gold card unless you are invited, even if you are a gold member. Invitation only means literally influencers only. AKA it's a scam.
There's a limited referral program that you can have a chance at getting a gold card.
Wow you can't read
when your educated, don’t attempt to educate others
Eh I’m good on that
What card do you use?