Robinhood Reveals New Credit Card, Reimagined Flagship App
Robinhood Gold Credit Card

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.

Get a Free Share of Stock

Not a Robinhood user? If you haven’t signed up yet just click the button to create an account and get a free share of stock just for opening an account with this Fioney link.

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.

Author

Kyle Burbank

Head Writer ~ Fioney
Kyle is the head writer for Fioney. He is a personal finance nerd, constantly looking for new apps and services to test and incorporate into his own financial game plan. In addition to his role at Fioney, he's written for other publications including Born2Invest, Lifehack, and Laughing Place, as well as his own site Money@30. He also creates personal finance and travel-related videos for Fioney's YouTube channel, which has garnered more than 2 million views. Currently, Kyle resides in Springfield, Missouri with his wife of 10 years. Together, they enjoy traveling (including visiting Disney Parks around the world), dining, and playing with their dog Rigby.

Other Articles by Kyle Burbank

Bilt and Blade logos on NY skyline

Bilt Announces Partnership with Blade Helicopter Service

Bilt is bringing more perks to its most loyal customers thanks to a new partnership. About the partnership: This week, Bilt Rewards revealed a collaboration with Blade. As part of this partnership, not only will Bilt members earn bonus rewards on Blade bookings but elite members will also enjoy special benefits from the helicopter taxi service. Now, Bilt Platinum elite customers will receive one complimentary Blade flight per year. This...
Ramp logo

Spend Management FinTech Ramp Raises $150 Million

The FinTech startup Ramp has revealed its latest "mega-round." About the round: This week, Ramp announced that it had raised $150 million. The Series D-2 was co-led by Khosla Ventures and Founders Fund. Additionally, new investors Sequoia Capital, Greylock, and 8VC joined existing investors Thrive Capital, General Catalyst, Sands Capital, D1 Capital Partners, Lux Capital, Iconiq Capital, Definition Capital, Contrary Capital, and others in participating in the round. To date,...
man holding a small model house

Lessons From a First-Time Home Buyer: The Worst Parts of Homeownership So Far

As you can probably imagine, making the jump from being a long-time apartment dweller to a first-time homeowner has been drastic. On the whole, the changes have been positive (which is why we chose to buy in the first place). But, of course, there are some downsides too — including some that I didn't really think about ahead of time. With that in mind, I wanted to share some of...
The "Email" field is empty, you must enter some text to proceed.The text you entered in the "Email" field appears to be invalid, please edit it and try again
Get the Latest News Delivered to Your Inbox

A Guide to Building Credit and Increasing Your Credit Scores

When it comes to credit, there’s some good news. The average credit score in the United States has been steadily rising in recent years, coming in at 715 in 2023. That may be because, today, consumers not only have more ways to access their credit reports and scores than ever before but also because there are an increasing number of options that Americans have for building credit in the first...

2024 SoFi Checking and Savings Review

Ever since I started taking an interest in the FinTech sector, one company whose name I’ve seen pop up over and over again is SoFi. Lately it seems as though that theme has been sent into overdrive as the company has not only become a household name thanks to its stadium naming rights deal but also because of the company’s continued product expansions. The most interesting development in my mind...
Brim logo

Brim Financial Raises $85 Million as It Eyes Global Expansion

Toronto-based FinTech infrastructure startup Brim Financial has announced a new funding round. About the round: Brim has revealed an $85 million round. The Series C was led by EDC Investments while new investor Vistara Growth and returning investors White Owl Group, Epic Ventures, and Zions Bank also participated. To date, the company has now raised $110 million including a Series B in 2021. According to Brim, the latest funding will...
Chase Freedom Flex card

Chase Reveals Q2 2024 Freedom 5%(+) Bonus Categories

Chase has announced its bonus category picks for the second quarter of 2024 — including some interesting twists. About the categories: As April approaches, Chase has revealed what categories Freedom and Freedom Flex cardholders can earn bonuses on. From April 1st through June 30th, customers can earn 5% (or more) in three categories: Amazon.com, Hotels, and Restaurants. Similar to how Chase embraced a "New Year, New Me" theme last quarter,...

FedEx Announces Winners of 11th Annual 2023 Small Business Grant Contest

Nearly three months after the entry period ended, FedEx has announced the winners of its 11th annual Small Business Grant Content. This year's event saw more than $300,000 in funds going to a variety of small businesses across the nation. Last month, the company revealed 100 finalists, with that list now being narrowed down to just 10 winners. This year's grand prize winners included KindVR, The Cupcake Collection, Up In...