@@mikeskordynski New York State and Robinhood have some type of beef, so certain things that everybody else has New Yorkers don’t including the credit card or even a spending account
For the niche this card hits, it does it pretty well. While cash back folks could do this, it took way too many steps to get the cash, transfer to bank account, then deposit to brokerage and start investing. You just did all that with a swipe. For folks that invest this is a winner. For folks that comp'd for work expense....this is a home run.
It's why Im so excited lol I cant wait to move my points to Robin Hood because Im an income investor. This is why Robin Hood to me is winner they know what their customer likes. Plus the card is just cool as shit. I have this and the bilt card but I like this better.
Gold! Oh I’m so jeally! The 10 referrals are so hard to do so don’t blame ya. It requires like a lot of commitment from the other person connecting their bank account. I applied day one and been with Robinhood for around 10 years and still waiting. 😢 Thanks so much for sharing the glory with us.
Ehh you have to have gold, so it’s not a free card. And it puts the money into a stock portfolio. The cards a loss leader to grow/keep gold users and grow/maintain the amount invested. If it helps the brokerage out grow competition it makes plenty of sense.
Have they actually released the card yet? They still have this waiting list thing and they keep saying they don't know when it will be released. How is it that some have the card but most don't?
Would love to see them partner with airport lounges for a discounted membership. The Capital One Venture X card has been a game changer for me. I travel frequently and have a capital one lounge in my home airport. Open bar, great food, snacks to take with you when you leave. That amenity alone is going to make it hard to switch to anything else. And it comes with 2% points on all spend. 5-10% on travel purchases. Still, with the 3% so easily sweepable to my brokerage account, I may just switch to the RH gold card and pay for lounge access out of pocket!
@@youlikeitiloveit3747 it’s 2%. 2x and 2% are one in the same on the COVX card. I have the card, use it, and have redeemed the points for flights plenty of times.
Why is redeeming for statement credit not the same rate as any other option? All the credit cards that I’ve used always have the same rate for all redemption options… Maybe they are hoping that people would just blindly redeem it like that, effectively reducing the “cashback” below 3%
I think because to offset the 3 percent, if you redeem the funds in the brokerage they can make money on cash sweep for uninvested cash or PFOF if you buy stocks. It helps them keep money on the platform, and make money on the generous cash back rate.
Fidelity is the same way with their 2% cash back credit card. You only get the full 2% if you deposit it into an eligible Fidelity account. You get less if used for statement credit. Its about the brokerage making money off the rewards too. Or look at it as the cost to the brokerage for providing the benefit is less. They recoup more cost by you having that in your brokerage account. Either by you transacting (buying stock) or interest on cash. In Robinhoods case, your cash earns more than 5% at the sweep bank. Robinhood takes a cut and you get the remaining 5%.
I'm currently doing the 1% taxable account bonus from a couple months ago. So if i redeem the credit card points for cash back in the taxable account and withdrawal it, that could cause a claw back it sounds like?
Actually, if you transfer to your brokerage account you’ll get an additional 1% making this a 4% cash back card. If you transfer it to your IRA or Roth IRA account, that’s an additional 3% making this a 6% cash back card (in theory of course). That’s, at least for me, how I plan to use it.
Transferring to your brokerage does get you 1%, but it’s only 1% on the money that’s transferred If you have $5 from the cash back card, then the brokerage transfer gives you 1% of that, so you’re only getting an additional $0.05 cents which is still cool but it’s not like it’s actually 4% cash back on spending
Gold - I actually thought they had done the most crazy, creative marketing delivery system for the Gold Card. When it turned out to be a joke, I was more disappointed than entertained, managing only a wry smile. However, that is not a fair judgement on your work, Brendan. I do enjoy your videos, finding them informative, helpful and even mildly entertaining 😂. I appreciate your bravery stepping out on this path, and am cheering you on! Hey, will we ever meet your family on your videos? Peace.
Been a gold member for an year and still on the waitlist, signed up on day 1. My friend however was never a gold member and he got offered the card in May. Hood is BS!!!
I assume they revoke those rewards if a dollar amount is refunded. But I can't say for sure just yet. Yesterday I returned a large balance from a purchase at Costco to the Robinhood card. The experiment will be what happens to my other rewards since the purchase was made on a DIFFERENT card, so it's not like I'm taking back purchases made via RH. I'll find out in a few days.
I can show it in the future. Idk what people will want to see or not so I keep it genuine to my interests. Travel is redeemed 1 point per $0.01 and otherwise it looks like any other flight search engine. 🤷♂️ My $10 won’t buy many flights right now🤣
Just curious. I was told weeks ago I had signed up and was on the wait list, started the gold bullshit as they quickly took my $50 and haven’t heard a thing since. How do you get notified of the acceptance for the card?? Message or they just send it out? What bank is actually the one doing for them?
Been in the same situation since April along with most likely millions or hundreds of thousands of others if you only did it two weeks ago you better get ready to wait that’s for sure
Some can do the math but assuming you get 3% back then that 3% gets 5% then it's like 3.0000005% cashback. Wow Robinhood is so generous. Oh that extra .000005% needs to stay there for the year to get the full value.
@@mike-uw6wt I don’t even know what point you were trying to make. You can’t even complete a thought or express an opinion. My intention was to emphasize a point, not delve into the math. However, if you’re interested in the precise calculation, it works out to a 3.15% cash back if you wait the entire year. Keep in mind that considering the time value of money might alter that figure. My statement was just an hyperbole of what you are getting back. Sorry, if your Harvard degree didn't allow you to interpret my subtle statement.
@@peterparker2068 Though he was unnecessarily rude, you don’t seem to even acknowledge that if you did dumb math, you need to accept the criticism that it’s wrong. It’s amazing how little humility people have these days.
@@goolabjamun In my initial post, I intentionally avoided diving into precise calculations because the central idea wasn’t about exact numbers. And the figure mentioned wasn't meant to be exact. The whole point was that you're not really get much more than 3%. There's the time value of money. Because in order to get more than 3% you would have to wait to get a yield. The other poster just said something stupid without addressing what he had a problem with. I don't think you even read either posts.
OK that scared me i thought it was a scam for a second i only plan to invest with this card soo when you showed your 3% was only giving you 75% of the value per point i almost shit lol i was like i wasted my time with this lol
5% apy is what you get once the money is transferred to robinhood brokerage account
@@SameerSameer-2020 yes and the interest is real and it’s easy to use !!!!!
4.5% now
I signed up the first day and I’m still waiting. I swear they’re sending out very few and they’re prioritizing youtubers.
I've had mine for 2 weeks
Lucky, I have a big purchase I need to make.
Man I’ve been on the waiting list for over a year i don’t even want it anymore
@@SuperMamayohow?
@@mikeskordynski New York State and Robinhood have some type of beef, so certain things that everybody else has New Yorkers don’t including the credit card or even a spending account
For the niche this card hits, it does it pretty well. While cash back folks could do this, it took way too many steps to get the cash, transfer to bank account, then deposit to brokerage and start investing. You just did all that with a swipe. For folks that invest this is a winner. For folks that comp'd for work expense....this is a home run.
It's why Im so excited lol I cant wait to move my points to Robin Hood because Im an income investor. This is why Robin Hood to me is winner they know what their customer likes. Plus the card is just cool as shit. I have this and the bilt card but I like this better.
Still on the waitlist
Gold! Oh I’m so jeally! The 10 referrals are so hard to do so don’t blame ya. It requires like a lot of commitment from the other person connecting their bank account. I applied day one and been with Robinhood for around 10 years and still waiting. 😢
Thanks so much for sharing the glory with us.
Strong feeling they are gonna reduce the 3% cashback down. Sounds too good to be true for it to be a long term offer!
Ehh you have to have gold, so it’s not a free card. And it puts the money into a stock portfolio. The cards a loss leader to grow/keep gold users and grow/maintain the amount invested. If it helps the brokerage out grow competition it makes plenty of sense.
@@davidradtke160the brokerage also gains 5% on idle.
How long is the waitlist. Ive been on there for like 4 months
I'm still on the waitlist...I guess they're rolling these out gradually to Robinhood Gold members?
I signed up the first day and I’m still waiting. I swear they’re sending out very few and they’re prioritizing youtubers.
How long ago was that?@@maxelnoyl3597
That is weird...why is your card plasticy? Mine is 17G of stainless steel. Similar to my X1 card.
Im happy to find videos of others just as happy to get the gold card
Have they actually released the card yet? They still have this waiting list thing and they keep saying they don't know when it will be released. How is it that some have the card but most don't?
Yeah I have one! P
I assume they can’t (or won’t) produce infinite cards all at once
just got my pre approved notice this morning after being on the waiitliisit for a couple months.
I was leary of Robinhood at first but now I love it. So easy to invest and you can even do fractional shares of anything they got.
Would love to see them partner with airport lounges for a discounted membership. The Capital One Venture X card has been a game changer for me. I travel frequently and have a capital one lounge in my home airport. Open bar, great food, snacks to take with you when you leave. That amenity alone is going to make it hard to switch to anything else. And it comes with 2% points on all spend. 5-10% on travel purchases.
Still, with the 3% so easily sweepable to my brokerage account, I may just switch to the RH gold card and pay for lounge access out of pocket!
@@CalmerThanYouAre1 I’m so bummed you said that cuz I missed out on using my capital one lounge access 2 weeks ago 🥲 But yes that would be awesome
The VX is definitely not 2% on all spend. There is a meaningful difference between 2x & 2%
@@youlikeitiloveit3747 it’s 2%. 2x and 2% are one in the same on the COVX card. I have the card, use it, and have redeemed the points for flights plenty of times.
Very tempting to simply my card set up for a $50 Annual Fee, but I will need to wait and see if any changes begin taking place
gold, thanks for the thorough review and interesting start. Would be cool if they actually sent you a burrito with it lol they need to up their game
Why is redeeming for statement credit not the same rate as any other option? All the credit cards that I’ve used always have the same rate for all redemption options… Maybe they are hoping that people would just blindly redeem it like that, effectively reducing the “cashback” below 3%
I think because to offset the 3 percent, if you redeem the funds in the brokerage they can make money on cash sweep for uninvested cash or PFOF if you buy stocks. It helps them keep money on the platform, and make money on the generous cash back rate.
Fidelity is the same way with their 2% cash back credit card. You only get the full 2% if you deposit it into an eligible Fidelity account. You get less if used for statement credit. Its about the brokerage making money off the rewards too. Or look at it as the cost to the brokerage for providing the benefit is less. They recoup more cost by you having that in your brokerage account. Either by you transacting (buying stock) or interest on cash. In Robinhoods case, your cash earns more than 5% at the sweep bank. Robinhood takes a cut and you get the remaining 5%.
what about the travel part? Can you transfer directly to airlines?
Card is not available in My state, but robinhood still let's you apply, WTF!
I'm currently doing the 1% taxable account bonus from a couple months ago. So if i redeem the credit card points for cash back in the taxable account and withdrawal it, that could cause a claw back it sounds like?
@@trailup I assume it’s not worth the risk but haven’t read the overlapping fine print to know for sure
@@BrendanEvanthis would be interesting for lots of us to find out
Actually, if you transfer to your brokerage account you’ll get an additional 1% making this a 4% cash back card. If you transfer it to your IRA or Roth IRA account, that’s an additional 3% making this a 6% cash back card (in theory of course). That’s, at least for me, how I plan to use it.
as long as you hold the money for 2 years (though you get a portion of it each month).
Yeah I’m not 100% sure those bonuses apply to the credit card rewards. I’ll keep an eye out
@@BrendanEvan From what I have heard and seen. Anything deposited or transferred into the investing account gets the 1% bonus.
Transferring to your brokerage does get you 1%, but it’s only 1% on the money that’s transferred
If you have $5 from the cash back card, then the brokerage transfer gives you 1% of that, so you’re only getting an additional $0.05 cents which is still cool but it’s not like it’s actually 4% cash back on spending
@@BullCrapZak right but its a nice bonus
Gold - I actually thought they had done the most crazy, creative marketing delivery system for the Gold Card. When it turned out to be a joke, I was more disappointed than entertained, managing only a wry smile. However, that is not a fair judgement on your work, Brendan. I do enjoy your videos, finding them informative, helpful and even mildly entertaining 😂. I appreciate your bravery stepping out on this path, and am cheering you on!
Hey, will we ever meet your family on your videos? Peace.
I still love my M1 card, they need to bump up their cash back rate, or add better rewards companies
Been a gold member for an year and still on the waitlist, signed up on day 1.
My friend however was never a gold member and he got offered the card in May.
Hood is BS!!!
What about if you return an item that you purchased and you already transferred the rewards. How do you pay it back?
I assume they revoke those rewards if a dollar amount is refunded. But I can't say for sure just yet.
Yesterday I returned a large balance from a purchase at Costco to the Robinhood card. The experiment will be what happens to my other rewards since the purchase was made on a DIFFERENT card, so it's not like I'm taking back purchases made via RH. I'll find out in a few days.
It says 0.01 when you transfer it to Robinhood investment account 👎🏽
Cause you’re not subbed to Gold.
Bro how do you show us gift cards and not travel? Travel is a huge part of credit cards. The gift card was pointless in comparison
I can show it in the future. Idk what people will want to see or not so I keep it genuine to my interests. Travel is redeemed 1 point per $0.01 and otherwise it looks like any other flight search engine. 🤷♂️
My $10 won’t buy many flights right now🤣
Truly love your content, keep up the great work!
Just curious. I was told weeks ago I had signed up and was on the wait list, started the gold bullshit as they quickly took my $50 and haven’t heard a thing since. How do you get notified of the acceptance for the card?? Message or they just send it out? What bank is actually the one doing for them?
Been in the same situation since April along with most likely millions or hundreds of thousands of others if you only did it two weeks ago you better get ready to wait that’s for sure
@@mikeskordynski Thanks. More than 2 weeks ago. More like a few months ago, but still the same really. Do you know who the bank is issuing the cards??
5% is the uninvested cash in the brokerage account.
@@davidtobin8457 yeah that’s what I deduced later in the video
I cant wait to get my acceptance for this card
Fr this individual from Robinhood are taking so long to accept me
@@armora2I’m that individual
@@CorySands bro hurry up with that wait list
please do an acorns update!!
Some can do the math but assuming you get 3% back then that 3% gets 5% then it's like 3.0000005% cashback. Wow Robinhood is so generous. Oh that extra .000005% needs to stay there for the year to get the full value.
What grade of school did you drop out in?
@@mike-uw6wt I don’t even know what point you were trying to make. You can’t even complete a thought or express an opinion. My intention was to emphasize a point, not delve into the math. However, if you’re interested in the precise calculation, it works out to a 3.15% cash back if you wait the entire year. Keep in mind that considering the time value of money might alter that figure. My statement was just an hyperbole of what you are getting back. Sorry, if your Harvard degree didn't allow you to interpret my subtle statement.
@@peterparker2068 Though he was unnecessarily rude, you don’t seem to even acknowledge that if you did dumb math, you need to accept the criticism that it’s wrong. It’s amazing how little humility people have these days.
@@goolabjamun In my initial post, I intentionally avoided diving into precise calculations because the central idea wasn’t about exact numbers. And the figure mentioned wasn't meant to be exact. The whole point was that you're not really get much more than 3%. There's the time value of money. Because in order to get more than 3% you would have to wait to get a yield. The other poster just said something stupid without addressing what he had a problem with. I don't think you even read either posts.
@@peterparker2068 love the deflection. Big fan.
Acorns launches Later match July 1st. I hope you do a video on it.
@@kevcrid I didn’t know that was public information! Definitely making a video tomorrow about it!
@@BrendanEvan I tried to send a link a few weeks ago but my comment was deleted. Look forward to the video.
OK that scared me i thought it was a scam for a second i only plan to invest with this card soo when you showed your 3% was only giving you 75% of the value per point i almost shit lol i was like i wasted my time with this lol
I want my card already.
Please delete the spam bot comments promoting that scam on telegram
oh I do and I will continue to do so.
I wanted metal, how disappointing
I'd prefer it too
Apparently they are denying transactions on rent and tax payments.
Just dirty. Trying to not hemorrhage money before they nerf the card.
Nice 🔥🔥
Gold
You're a comedian
You work for robinhood lol😂jk
I wish they paid me
Green salsa >