Hello, I was just approved for a Robinhood Gold Card with a $10,000 limit. They will send me a gold colored stainless steel card in about 2 weeks. It will be issued by Coastal Community Bank. It has a 29.99% APR. It gives 3% cash back on all purchases. To get it, I had to join the Robinhood Gold program which costs $5 per month or $50 per year. I think they do a soft pull on Experian, and for reference my Experian Fico 8 score is 754. I don't think I will use this very much because of the high APR, so it's just for bragging rights.
Starting Score: 726 (Experian VantageScore3)
Well, congrats. I guess. I don't really understand paying $50 a year to get a card you don't intend to use. Could you explain that to me? And the fact that you care what the interest rate is tells me you carry balances? You have a new, blank slate card. Would it be possible for you to use it and PIF going forward?
But honestly, congrats on the approval.
To follow up. The Robinhood Gold plan also has other potential benefits. 1) They were advertising a $1 million giveaway, to be split between all new Robinhood Gold members who joined between May 22 - June 5 (today). The funds cannot be withdrawn for 1 year and if you cancel the gold plan before the year is up, you lose it. I had to apply on my phone and I saw something that briefly popped up saying I was eligible and the payout date would be June 12, but I didn't screenshot it, and I didn't get an email confirming it, so I don't have proof I will get it. It would be worth $100 if they got 10,000 sign ups. 2) Higher rates on uninvested cash, 4.5%. 3) $1000 margin interest-free loan. 4) 3% IRA match. 5) and more .. professional research, etc. None of these would help me, but I am curious about the share of the $1 million.
I'm not clear if the card has a separate annual fee from $50 gold plan fee. I don't think so, but I don't see anything stating that.
They did ask for my routing number and account number, and payments can be made only through the phone app using that account. (I like just logging in to my different credit card accounts using a browser, but you can't do that here).
I do agree in retrospect that a card with 2% cashback, no fee and a lower limit and lower rates would be better than this. And I am expecting them to cut the limit in about a year, because I don't think I would ever have a balance of over $500 on this.
Nice. Congrats on your approval. Enjoy your Robinhood Gold
Update: There was a hard pull on Experian, which didn't show up until today. This cause my Experian Fico 8 to drop 7 points to 747 because now I have 4 inquiries within the last 12 months. I have now opened 3 cards in the last 3 months, so I need to stop for at least the rest of the year.
