Most people know Robinhood as an online investing platform with no commission fees on stocks and exchange-traded funds. As it’s gained traction, Robinhood has expanded beyond investing to include banking products, cryptocurrency and a cash back credit card.
The Robinhood Gold Card offers unlimited 3% cash back, travel and purchase protections and complimentary authorized user cards. While the card itself doesn’t have an annual fee, you must have a Robinhood Gold membership to apply. So, is the Robinhood Gold Card worth it?
6 Most Valuable Benefits of the Robinhood Gold Card
The Robinhood Gold Card is packed with benefits that make it useful for everyday spending. Here are the six most valuable.
Unlimited 3% Cash Back
Turn your everyday purchases into cash back with unlimited 3% rewards on every purchase. Some credit cards offer bonuses on select purchases or have rotating categories that can be hard to plan for. Others require manual activation of bonus categories, or monthly, quarterly or annual spending caps that limit how much you can earn. With the Robinhood Gold Card, you’ll earn 3% cash back on every purchase, no matter where you’re spending.
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No Foreign Transaction Fees
If you’re someone who loves to travel or make purchases from companies located outside the U.S., you need a credit card with no foreign transaction fees. Without this feature, your bank will charge a fee of up to 3% on your purchase amount. The Robinhood Gold Card has no foreign transaction fees, so you won’t have surprise fees when making international purchases.
Complimentary Travel Protections
When you use your Robinhood Gold Card to book travel, you’re covered for mishaps that occur during your trip. The benefits include rental car protection, trip interruption and cancellation insurance, roadside dispatch and travel and emergency services. Rental car coverage is primary when you’re traveling internationally or if you don’t have personal auto insurance. Coverage is secondary in the U.S. if you have auto insurance.
Trip cancellation and interruption insurance protects you up to $2,000 per person for eligible nonrefundable expenses.
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Purchase Protections
Your purchases are also protected when paying with the Robinhood Gold Card.
— Purchase security: Covers stolen or damaged items up to $1,000 per claim (maximum of $10,000 per cardholder).
— Return protection: Reimburses you up to $250 (annual maximum of $1,000) when a store won’t accept eligible returns within 90 days of the purchase date.
— Extended warranty protection: Doubles your manufacturer warranty by up to one year. You’re covered for the original purchase price up to $10,000 (maximum $50,000 per cardholder), less any shipping and handling fees.
Disposable Virtual Cards
Shopping online can be dangerous with hackers, data breaches and other risks. With free virtual cards from the Robinhood Gold Card, you can shop securely with a disposable card number that protects your actual credit card number. Set spending limits, expiration dates and select merchants where they can be used. Even if someone steals the virtual card information and tries to make another purchase, they won’t be able to use it.
Free Authorized Users
Earn extra rewards, share your benefits and start building credit for your family by adding them as an authorized user on your Robinhood Gold Card. Unlike some rewards credit cards, there are no fees for adding authorized users. As the primary cardholder, you can easily track purchases by family members, set individual spending limits and lock lost cards instantly.
A unique feature of the Robinhood Gold Card is that you can add authorized users of any age. Most other credit cards require children to be at least 13 years old when adding them to your credit card. Whether you’re allowing them to use the card at a young age or merely trying to give them a head start on building credit, the Robinhood Gold Card is unique with having no age restrictions.
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Additional Perks of Robinhood Gold
Beyond the benefits of the Robinhood Gold Card, being a member of Robinhood Gold includes other benefits that provide additional value to your membership. For $5 per month or $50 per year, you gain access to these benefits that can increase returns, reduce fees and unlock more trading power.
— High-yield cash rates. Earn a 3.35% annual percentage yield on uninvested cash in your brokerage account.
— Retirement boost. Get a 3% match on individual retirement account contributions. This bonus is applied automatically to your retirement savings.
— Instant deposits. Gain immediate access to deposits of up to three times your portfolio value. This allows you to trade right away rather than waiting for your funds to get verified.
— Capped management fees. Gold members have no fees on balances above $100,000 for Robinhood Strategies expert-managed portfolios.
Is the Robinhood Gold Card Worth It?
While you can’t waive the $50 annual fee (or $5 per month) to become a Robinhood Gold member, you can certainly offset the subscription cost by taking advantage of the membership features. Using just one of these perks could make Robinhood Gold worth it:
— Maximize cash back rewards. With unlimited 3% cash back, you’ll need to spend just under $1,700 to earn enough cash back to cover the cost of the Robinhood Gold annual membership.
— Submit a protection claim. Complimentary benefits like trip interruption, rental car protection, return protection and extended warranty coverage save you money in the long run. Submitting a single claim through these programs could cover the $50 Robinhood Gold annual fee.
— Adding authorized users. Unlike premium cards with similar features, the Robinhood Gold Card does not charge for adding authorized users to your account. For example, it costs $195 to add an authorized user to the or the. While this doesn’t offset the fee, you’ll avoid an additional charge when using Robinhood Gold instead of these premium travel cards.
— Money in the bank. With a current APY of 3.35%, you need to keep a balance of $1,500 or higher to cover the $50 annual fee for Robinhood Gold membership.
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