Robinhood To Launch New 3% Cash-Back Credit Card — What To Know

The popular investment platform Robinhood is entering the world of credit card rewards in a big way — with an industry-leading cash-back credit card.

While the card isn’t available for applications yet, it’s set to launch later this year. Let’s look at the details of the new card, which is likely a very compelling option that could put other card issuers on notice.

Robinhood Gold Card Offers 3% Cash-Back on All Purchases

When it comes to cash-back on the Robinhood Gold card, you’ll earn:

• 5% cash-back on travel purchased through the Robinhood travel portal
• 3% cash-back on all other purchases

While we don’t have any details yet on what the Robinhood travel portal will look like, earning an uncapped 3% cash-back on all purchases is outstanding. For comparison, most catch-all cash-back credit cards max out at 2% cash-back on all purchases.

In fact, the only card that comes close to that amount of cash-back is the Bank of America^® Unlimited Cash Rewards credit card if you also happen to have Bank of American Preferred Rewards Platinum Honors status (which requires that you hold $100,000+ in assets in eligible Bank of America and Merrill Lynch accounts), which tops out at 2.625% cash-back on all purchases.

Robinhood Gold Card Details

Aside from its cash-back rewards, the Robinhood Gold card will come with the following benefits:

• No annual fee (*requires a Robinhood Gold membership billed at $5 per month)
• No foreign transaction fees
• Trip interruption protection and rental car insurance coverage
• Purchase security and return protection

As a Visa Signature card, the card will come with the full suite of perks you can expect from all other Visa Signature cards. Additionally, while the card is being marketed as a no-annual-fee card, it requires a Robinhood Gold membership to hold the card — which costs $5 per month.

Lastly, the metal credit card will weigh 17 grams and be made of stainless steel. Those who refer 10 people to the card will receive a limited edition 36-gram 10K gold card (worth ~$1,100), but this is limited to the first 5,000 people to do so.

Final Thoughts

If you are already a Robinhood Gold customer or are staunchly team cash-back, you will not find a credit card with a higher cash-back rate on all purchases than the Robinhood Gold card.

The card is set to launch later this year, but those who think it might be a good fit for them can register their interest by joining the waitlist on Robinhood’s website.