Robinhood's Amazing 3% Back Gold Card (And the Catch)

Jun 12, 2024

Robinhood
Robinhood

Robinhood recently launched its Gold Card, offering an attractive 3% cashback on all purchases. While this seems like a fantastic deal, it's essential to understand the full picture before signing up. Here’s a detailed look at the benefits and the potential catches associated with the Robinhood Gold Card.

The Perks

  1. 3% Cashback on All Purchases: This is a straightforward and generous rewards rate compared to many other cards, which often limit higher cashback rates to specific categories.

  2. No Annual Fee: Unlike many premium rewards cards, the Robinhood Gold Card does not charge an annual fee, making it a cost-effective option for cardholders.

  3. Integration with Robinhood Accounts: The cashback can be easily managed and invested directly within your Robinhood account, providing a seamless experience for those who use Robinhood for investing.

The Catch

While the 3% cashback and no annual fee are significant advantages, there are a few considerations to keep in mind:

  1. Eligibility Requirements: To qualify for the Robinhood Gold Card, you may need to subscribe to Robinhood Gold, which costs $5 per month. This effectively means there is a cost associated with accessing the card, even though it doesn’t have an annual fee.

  2. Investment Account Requirement: The card is designed to integrate with Robinhood’s investment platform, so you need to have or open a Robinhood account. For those not interested in investing, this could be an unnecessary complication.

  3. Potential Credit Score Impact: As with any credit card, applying for the Robinhood Gold Card will involve a hard credit check, which can temporarily lower your credit score. Additionally, how you manage the card will impact your credit score over time.

Is It Worth It?

For active Robinhood users and those who are interested in a simple, flat-rate cashback card, the Robinhood Gold Card can be a valuable addition to your financial toolkit. The seamless integration with Robinhood’s investment platform allows you to effortlessly invest your cashback rewards, potentially growing your savings over time.

However, if you’re not a Robinhood user or are hesitant about the $5 monthly Gold subscription, you might want to weigh these factors against other cashback cards that do not have such requirements.

Conclusion

The Robinhood Gold Card offers a compelling 3% cashback on all purchases with no annual fee, making it an attractive option for many. However, the necessity of subscribing to Robinhood Gold and maintaining an investment account are crucial factors to consider. If you’re already using Robinhood for your investments, this card could be a perfect fit. For others, it’s essential to evaluate whether the benefits align with your financial habits and goals.

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Bon is a members-only mobile application that provides users with rewards for making timely credit card payments. By using the Bon app, users acknowledge and agree to the Terms of Service and Privacy Policy, which outline the conditions of participation in the rewards program, eligibility criteria, and the handling of personal and financial information.


Bon is not affiliated with, endorsed by, or sponsored by any credit card issuer or financial institution. Rewards earned through Bon are provided solely by Bon and are subject to the company's discretion and applicable laws and regulations. Bon does not provide any financial, legal, or credit counseling advice, and users are encouraged to consult with their own financial advisors or credit card issuers for any questions or concerns regarding their credit card accounts or financial situation.

Bon reserves the right to modify, suspend, or terminate the rewards program at any time without prior notice. The use of Bon and participation in the rewards program is entirely at the user's own risk, and Bon shall not be liable for any damages, losses, or injuries arising from the use of the app or participation in the program.


By using Bon, users must comply with all applicable laws and regulations, and any fraudulent, abusive, or unauthorized use of the app or rewards program may result in the termination of the user's account and forfeiture of any earned rewards.

Note that certain Bon product features listed are currently in development and will be available soon.

Bon is a members-only mobile application that provides users with rewards for making timely credit card payments. By using the Bon app, users acknowledge and agree to the Terms of Service and Privacy Policy, which outline the conditions of participation in the rewards program, eligibility criteria, and the handling of personal and financial information.


Bon is not affiliated with, endorsed by, or sponsored by any credit card issuer or financial institution. Rewards earned through Bon are provided solely by Bon and are subject to the company's discretion and applicable laws and regulations. Bon does not provide any financial, legal, or credit counseling advice, and users are encouraged to consult with their own financial advisors or credit card issuers for any questions or concerns regarding their credit card accounts or financial situation.

Bon reserves the right to modify, suspend, or terminate the rewards program at any time without prior notice. The use of Bon and participation in the rewards program is entirely at the user's own risk, and Bon shall not be liable for any damages, losses, or injuries arising from the use of the app or participation in the program.


By using Bon, users must comply with all applicable laws and regulations, and any fraudulent, abusive, or unauthorized use of the app or rewards program may result in the termination of the user's account and forfeiture of any earned rewards.

Note that certain Bon product features listed are currently in development and will be available soon.

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Copyright © 2024 Bhim Digital, Inc. All rights reserved.