topic Re: RobinHood credit card? in Credit Cards

RobinHood credit card?

sladesurfer — Wed, 27 Mar 2024 20:34:16 GMT

Thoughts?

Robinhood Gold Card unboxing....real gold!

https://youtu.be/_St2y3pJK-A?si=sC8u38jDMlyY05rR

Re: RobinHood credit card?

ptatohed — Wed, 27 Mar 2024 19:54:16 GMT

Wow, good find. 3% CB everything! Looks very, very promising. The only catch I see is you have to pay for a Robinhood Gold subscription which I think is $5/mo. (Edit. $5/mo, or $50/yr).

https://robinhood.com/us/en/gold/

Re: RobinHood credit card?

swankytiger — Wed, 27 Mar 2024 00:49:36 GMT

This is what the X1 card has been rebranded to.

Re: RobinHood credit card?

CreditCuriosity — Wed, 27 Mar 2024 00:54:04 GMT

@swankytiger wrote:
This is what the X1 card has been rebranded to.

yep

Re: RobinHood credit card?

FicoMike0 — Wed, 27 Mar 2024 01:05:50 GMT

That's interesting. I've got 2% on everything now, a 1% increase would require $500 monthly spend to make the $5. That might work, but I won't spend a hp for less than a $200 sub, lol.

Re: RobinHood credit card?

LADave — Wed, 27 Mar 2024 22:43:23 GMT

This card promotes Robinhood Gold in more than just name. It's probably going to get more people to buy into Robinhood Gold (~~$60~~ $50 a year), and help keep some people in Robinhood Gold who might otherwise downgrade.

The card gets 3% back on everything, but you need to spend ~~$6,000~~ $5,000 on it before you break even on the ~~$60~~ $50 fee vs a 2% cashback card (assuming you're not counting other benefits of Robinhood Gold).

That might be enough for people who spend well over ~~$6,000~~ $5,000 on a single card and don't want to juggle multiple cards, or who already get more than ~~$60~~ $50 in value out of Robinhood Gold every year.

I read a number of DPs about technical glitches when the card was under X1, but perhaps those issues have since been ironed out.

Edit: I was incorrect abou the fee - it's $50, not $60. Thank you to @ptatohed for putting out the correct info.

Re: RobinHood credit card?

FlaDude — Wed, 27 Mar 2024 02:05:22 GMT

Interesting that they lead with this information near the top of the page:

Before seemingly more important info further down:

Re: RobinHood credit card?

phantasm — Wed, 27 Mar 2024 02:11:58 GMT

Keep in mind that there are other ways to "recover" the monthly fee. For instance, if you invest your IRA with them, they will match the first 3% which will easily cover the annual cost. There is also the cash advantage account that gets 5.25% which is a really good return. Between the IRA match and the 3% card, this is a winner for those that don't already have a daily 3% card, IMO.

Re: RobinHood credit card?

Matt9543 — Wed, 27 Mar 2024 02:56:44 GMT

Technically not. Support is telling me it's a different product and must be applied to again

Re: RobinHood credit card?

ptatohed — Wed, 27 Mar 2024 05:40:25 GMT

FYI, Robinhood Gold is $5 per month or $50 per year. Also, I think I read that the 3% IRA match of 3% may expire. After that, I think it will be a 1% match. But even at 1%, if you maxed out the IRA at $7 or $8k per year, that's $70-80 which more than covers the Gold subscription.

Re: RobinHood credit card?

coldfusion — Wed, 27 Mar 2024 20:29:45 GMT

@sladesurfer wrote:

Uhhhhhh.......

Re: RobinHood credit card?

ptatohed — Wed, 27 Mar 2024 20:30:30 GMT

@coldfusion wrote:

Uhhhhhh.......

Yeah, I noticed that too. How about just this?

Re: RobinHood credit card?

A42YearOldArab — Wed, 27 Mar 2024 17:56:36 GMT

Is there any other card that has 3% on everything currently? This looks awsome! The 5$ a month thing is easy to make up crrently with 5% intrest I just let money sit in my robinhood to make up for it. Also, do we know what credit report they run yet?

Re: RobinHood credit card?

LADave — Wed, 27 Mar 2024 19:10:10 GMT

@A42YearOldArab wrote:
Is there any other card that has 3% on everything currently? This looks awsome! The 5$ a month thing is easy to make up crrently with 5% intrest I just let money sit in my robinhood to make up for it. Also, do we know what credit report they run yet?

It really depends on how much you spend on the card. (I'm leaving savings out of the equation because there are a few banks offering more than 5% APY on savings that don't require a separate monthly subscription.)

To do better than a 2% cash back card, you'd need to spend ~~$6,000~~ $5,000 on the card in a year before you break even on the ~~$60~~ $50 fee. That's not too difficult for most people if you're putting most of your spending on the card. But you're also missing out on an SUB, which is usually between $100 and $300 on cash back cards.

To beat the $200 SUB of the Wells Fargo Active Cash card (to use a popular example), you'd have to spend another $20,000 on the card for the extra 1% cash back to beat it. The extra cash back on the Robinhood card doesn't seem worth it to me. If I wasn't in the garden, I believe I could do better by applying for a new 2% cash back card every year or so.

Edit: I was wrong about the Robinhood Gold fee - it's $50 per year, not $60. Thank you @ptatohed for setting me straight.

Re: RobinHood credit card?

Kforce — Wed, 27 Mar 2024 18:46:59 GMT

@A42YearOldArab wrote:
Is there any other card that has 3% on everything currently?

Yes a couple of CU's that are both geographically restricted and also want
$100,000+ of your money in CD's, money-market or savings.
(Neither have competitive rates)
.and.
Those lucky people with the "AOD" that is no longer able to be applied for.

A few years back there was another 3% from USAlliant, that is now gone.
It lasted about 2-3 years

The next best general spend for those with good spend is probably the
Alliant 2.5% with a $10,000 a month cap @ 3% then 1%.
Requires a checking with $1000 at poor interest and an ACH transfer once a month.
An approx loss of 3-4 dollars a month if thinking as a fee/loss

This looks awesome!
The 5$ a month thing is easy to make up currently with 5% interest
Many places have a little higher interest, however if a loss it would be very small
I just let money sit in my robinhood to make up for it.

Also, do we know what credit report they run yet?
It is a imaginary, new card, no real info yet

However something to consider.

Cards offered by Fin-Tech's have had problems.

Fees, changes to rewards and requiremens are all subject to change

and seem to have plagued other such cards.

The Alliant has been avaliable for quite a few years and

is from a credit union.

Hoops vs rewards are relative.

I am going to keep watching and see.

Won't be the first to jump on the train.

Want @ptatohed to get it and let us all know

Re: RobinHood credit card?

CorpCrMgr1 — Wed, 27 Mar 2024 18:56:37 GMT

@LADave Yes!

Re: RobinHood credit card?

Anonymous — Wed, 27 Mar 2024 18:56:48 GMT

@LADave wrote:

I'm leaving savings out of the equation because there are a few banks offering more than 5% APY on savings that don't require a separate monthly subscription.

I think that's the right approach! Too often we see "pays for itself" type stuff when there really is a cost. In this case, you get the 5+% whether or not you have the card, so you cannot really count it to reduce the fee, any more than any other saving ("If I have one less latte a month, the Robin Hood card basically has no annual fee!") And, as you say, there are slightly higher rates out there anyway.

Which is not to say this is a bad card.

Re: RobinHood credit card?

CorpCrMgr1 — Wed, 27 Mar 2024 19:03:03 GMT

@FlaDude wrote:
Interesting that they lead with this information near the top of the page:

Before seemingly more important info further down:

@FlaDude the days of having a prestigious card for show is over. Few others actually touch or see your card. I have a picture of my classic car in front of the Motown Museum thanks to a Cap1 offer. Lots of people use to comment on it. Now, no one sees it.

Re: RobinHood credit card?

ptatohed — Wed, 27 Mar 2024 19:06:35 GMT

I keep seeing $60 annual cost for the Robinhood Gold subscription. As I said before, it's $5/mo or $50/yr.

Re: RobinHood credit card?

phantasm — Wed, 27 Mar 2024 19:11:02 GMT

Won't be the first to jump on the train.
Want @ptatohed to get it and let us all know

❤️

I'm hoping the same that someone takes one for the team and signs up to see if this is unicorns and rainbows as advertised.