FinTech News
Robinhood Reveals New Credit Card, Reimagined Flagship App
During its “New Gold Standard” keynote event, Robinhood made some major announcements, including the launch of a new credit card.
About the Robinhood Gold Card:
The headlining announcement was the reveal of the new Robinhood Gold Card. In a bit that paid homage to Steve Jobs’ iconic iPhone announcement, Robinhood co-founder and CEO Vlad Tenev teased plans to release three different cards (a starter card, an everyday card, and a premium card) before revealing that these were actually three aspects of one product. With the Robinhood Gold Card, customers will be able to earn 3% cashback across the board. On top of that, cardholders can earn 5% back on travel bookings made via a new Robinhood travel portal. Points earned from the card can be redeemed for travel, gift cards, or cash that can be instantly transferred to a Robinhood account.
While the card will carry no annual fee, it will require a Robinhood Gold subscription. Currently, that comes at a cost of $5 per month or $50 per year (following a 30 day free trial). The Gold Card will also not charge any foreign transaction fees.
Beyond rewards, Robinhood has teased other features for the Gold Card as well. For example, the keynote highlighted the virtual card functionality that will be offered as part of the Gold Card’s standalone app. Additionally, customers will be able to add up to five authorized users to their card, which could help those loved ones build credit.
This upcoming credit card launch comes roughly nine months after Robinhood acquired X1 for $95 million. That card also featured 3x on purchases regardless of category. However, X1 did have a spending cap on that 3x rate while Robinhood’s materials do not yet make mention of any such restriction.
A waitlist for the Robinhood Gold Card is now available in the Robinhood app. Plus, the company has unveiled a special version of the Gold Card made from real 10-karat gold. Customers who refer at least 10 people to Robinhood Gold will be eligible to receive this version of the card — which weighs 36 grams (double the American Express Platinum).
Other Robinhood announcements:
Although the Robinhood Gold announcement was the star of the keynote, the company did have some other news to share. First, it was revealed that a reimagined app experience is on the way. Rather than utilizing tabs at the bottom of the screen, this updated app will be widget-based, allowing users to customize their experience based on what’s most important to them.
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Lastly, a new feature for Robinhood Gold was announced: a 1% deposit bonus. Soon, Gold customers will earn a 1% boost on funds deposited into their Robinhood brokerage account. This would mean that a $1,000 deposit would earn a $10 boost. However, the site notes that these bonuses will be paid out over 24 months. Robinhood expects to launch this new feature in May.
What they’re saying:
In a blog post, Tenev said of these updates to Robinhood, “There’s always been special perks and opportunities reserved for the wealthy that make them even richer. It’s why we started Robinhood and gave our customers access to features like commission-free trading and the 24-Hour Market. Today’s announcements at Robinhood Presents: The New Gold Standard bring us one step closer to the goal of giving everyone better access to the financial system.”
My thoughts:
Watching the keynote live, I was impressed with what Robinhood had to offer. In fact, mid-presentation, I decided to sign up for Robinhood Gold (even if that was mostly as a means of reviewing the product).
Starting with the redesigned app, I’m really looking forward to seeing the possibilities this presents as I have noticed the crowding Robinhood’s flagship app has experienced as the platform has expanded. Next, the deposit bonus is certainly an intriguing concept — although the 24-month payout schedule seems odd to me. That’s especially true since Robinhood’s similar bonus for IRA Match doesn’t have this same schedule, but has other restrictions instead.
Finally, let’s talk about the Robinhood Gold Card. With the ability to earn 3% back on everything, this honestly feels like a no-brainer. Well, at least it does if you’re already a Robinhood Gold customer. If you’re not, then getting the card would cost you $50 to $60 a year currently (the price of the Gold subscription). Aside from the rewards, I’m also interested to see how robust the platform’s virtual card offering is as the keynote speech seemed to indicate some potential unique features.
All in all, I think this “New Gold Standard” keynote was a win for Robinhood and, hopefully, the start of something big for the company.
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