Robinhood (issued by Coastal Community Bank) · Credit
Robinhood Gold Card review
Robinhood's Visa credit card earns 3% cash back (3x points) with no annual card fee, gated behind a $50/year Gold subscription. Points can be redeemed into cryptocurrency via Robinhood Crypto at $0.01 per point.
Overview
The Robinhood Gold Card is a credit card offered by Robinhood, the popular brokerage platform, and issued by Coastal Community Bank. It operates on the Visa network, making it widely accepted for everyday purchases. While the card spends US dollars, it offers a unique value proposition for cryptocurrency enthusiasts by allowing users to redeem their rewards into various cryptocurrencies through Robinhood Crypto at a rate of $0.01 per point. This feature sets it apart from traditional cash-back credit cards, appealing to those looking to accumulate digital assets.
How it works
The Robinhood Gold Card operates on a straightforward rewards system. Users earn 3% cash back on all purchases, which translates to 3x points. Additionally, when booking travel through the Robinhood Travel Portal, users can earn up to 5x points. These points can be redeemed for cash within the Robinhood brokerage account or converted into cryptocurrencies. This flexibility is a significant advantage for users who want to diversify their rewards beyond traditional cash back.
It’s important to note that the card itself does not allow direct spending of cryptocurrencies; it functions as a standard credit card for fiat transactions. The crypto redemption option is solely for reward points. This distinction is crucial for users who may be expecting a card that integrates more directly with their cryptocurrency holdings.
Fees and value
The Robinhood Gold Card does not charge an annual fee for the card itself. However, it requires a Robinhood Gold subscription, which costs $50 per year. This subscription also grants users access to premium features within the Robinhood app, such as professional research and margin investing. For users who already have a Robinhood Gold subscription, the card offers a compelling way to earn additional value on their spending.
While the card offers attractive rewards, it’s essential to consider the foreign transaction fee, which is not disclosed in the available sources. This lack of transparency could be a concern for users who travel internationally or make purchases in foreign currencies. Additionally, the ATM fee and top-up fee details are not provided, so users should be cautious and review these potential costs before relying on the card for cash withdrawals or prepaid top-ups.
Who it’s for
The Robinhood Gold Card is best suited for users who are already active on the Robinhood platform and have a Gold subscription. It appeals to those who want to earn rewards in cryptocurrencies without the need for a separate crypto rewards card. The 3% cash back across all categories makes it a strong contender for everyday spending, especially for users who value the flexibility of redeeming rewards into various digital assets.
However, the card may not be ideal for users who do not have a Robinhood Gold subscription or who are not interested in the premium features it offers. Additionally, the requirement for a full KYC (Know Your Customer) process and the fact that the card is US-only may limit its accessibility for some potential users.
It’s also worth noting that while the card offers a unique way to earn cryptocurrencies, it does not provide the same level of integration with decentralized finance (DeFi) or other blockchain-based services that some crypto-native cards offer.
Risks and considerations
As with any financial product, users should be aware of the risks associated with the Robinhood Gold Card. The volatility of cryptocurrencies means that the value of redeemed rewards can fluctuate significantly. Additionally, the card’s reliance on the Robinhood platform means that users are subject to the platform’s terms and conditions, including any potential changes to the rewards program or subscription fees.
VERDICT:
The Robinhood Gold Card offers a unique blend of traditional credit card rewards with the flexibility to earn cryptocurrencies, making it a compelling option for Robinhood users who want to diversify their rewards.
Fees & costs
| Fee | Amount |
|---|---|
| Annual / issuance | No card annual fee, but requires a Robinhood Gold subscription ($50/year) |
| FX / spend fee | — |
| ATM withdrawal | — |
| Top-up / load | — |
| Staking / lockup | — |
Pros & cons
Pros
- 3% cash back across all categories with no annual card fee
- Reward points can be redeemed into crypto (or brokerage cash) at $0.01/point
- Up to 5x points on travel via the Travel Portal
Cons
- Card does not spend cryptocurrency; crypto is only a points-redemption option
- Requires a paid Robinhood Gold subscription ($50/year) and a Robinhood brokerage account
- US-only; foreign transaction fee not disclosed in fetched sources
Supported crypto
Coins: