After many, many months of being somewhere on a nondescript waiting list, the official invitation came across. With no scheming, I’m somehow off the list. And also, I’m seriously thinking of pulling the trigger, particularly because I’m going to be missing a a high-earn everywhere card come end of year (see my separate post on BofA Premium Rewards changes which are adversely impacting me).
The Robinhood Gold Card
The card is actually remarkably straightforward: 3% everywhere. No gotchas. No annual fee (but does require Robinhood Gold membership which is $50/year). Sure, a brutally high 29.99% APR, but you shouldn’t be revolving on this product.
My take on the card
3% Cash on all spend is impressive. While there are a range of high-flat earn cash cards, but those generally top out around 2% (Citi Double Cash, Wells Fargo Active Cash, etc.) For an effective $50 annual fee (for Robinhood Gold), that’s really not a bad deal.
There are many, many cards earning more than 3% earn in specific categories, so I would treat the Gold card as the solid base-earn “everywhere” card. Worthwhile to have? Yes, if you mix and match with those other high-earn cards. Cash is king, they say.
The one thing that makes this less attractive is the lack of a sign-up bonus or any kind of promotional perks. With that, I suspect that a few years from now Robinhood will learn that this is not in fact as profitable due to negative margins on every purchase. Take advantage of it while you can.
Ultimately, my take is it’s worth putting yourself on the waiting list and wait for an invite.
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