RobinHood credit card?

[DoppelgangerD]

https://fortune.com/recommends/credit-cards/robinhood-gold-card-review/

[trant3]

Not the greatest review tbh. It doesn't even mention how the RH gold benefits can possibly offset the monthly fee

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@DoppelgangerD wrote:

https://fortune.com/recommends/credit-cards/robinhood-gold-card-review/

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[Anonymous]

Not the credit card, but this discusses the 3% IRA transfer offer:

Robinhood 3% IRA Match: Gimmick or Gold Mine? (youtube.com)

Bottom line: he found two issues which may or may not matter to you:

1) IRA must stay with RobinHood for 5 years.   One problem is if you have to take some portion out (perhaps because of RMDs).  You may have to pay some of the 3% back, depending on the new balance, which depends on market performance.

2) No contingent beneficiaries, which are often needed for an IRA.    There may be ways to mitigate this with a living trust document but then there are tax implications to be aware of.

The presenter was generally positive, even though he is holding off for now, basically because of 2).   Offer on transfers expires April 30.

[DoppelgangerD]

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@trant3 wrote:

Not the greatest review tbh. It doesn't even mention how the RH gold benefits can possibly offset the monthly fee

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@DoppelgangerD wrote:

https://fortune.com/recommends/credit-cards/robinhood-gold-card-review/

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I think the review is done from the viewpoint of average people looking for a quality credit card that aren't necessarily looking to do any type of investing to be able to obtain it.

I'm sure there will be more reviews that dive deeper into everything RH offers that could help make the card worthwhile. 

[Anonymous]

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@trant3 wrote:

Not the greatest review tbh. It doesn't even mention how the RH gold benefits can possibly offset the monthly fee

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@DoppelgangerD wrote:

https://fortune.com/recommends/credit-cards/robinhood-gold-card-review/

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Yes, seems more focussed on the legal troubles of RobinHood, whereas their preferred alternative card, the Wells Fargo Active Cash.... didn't Wells Fargo have just a little bit of legal issues a while back!  And while they list the protections (e.g. purchase) they don't mention how these increasingly aren't on other cards.

[DoppelgangerD]

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@Anonymous wrote:

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@trant3 wrote:

Not the greatest review tbh. It doesn't even mention how the RH gold benefits can possibly offset the monthly fee

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@DoppelgangerD wrote:

https://fortune.com/recommends/credit-cards/robinhood-gold-card-review/

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Yes, seems more focussed on the legal troubles of RobinHood, whereas their preferred alternative card, the Wells Fargo Active Cash.... didn't Wells Fargo have just a little bit of legal issues a while back!  And while they list the protections (e.g. purchase) they don't mention how these increasingly aren't on other cards.

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Lol, there are a plethora of 2% cards they could've mentioned, but the fact they went with WF makes me think they got paid for that plug.

I'd personally never do any kind of business with WF outside of maybe a credit card to get the SUB, or an auto loan if they have the best rate.

They are shady AF. Same goes for Chase too.

[ptatohed]

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@DoppelgangerD wrote:

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@Anonymous wrote:

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@trant3 wrote:

Not the greatest review tbh. It doesn't even mention how the RH gold benefits can possibly offset the monthly fee

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@DoppelgangerD wrote:

https://fortune.com/recommends/credit-cards/robinhood-gold-card-review/

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Yes, seems more focussed on the legal troubles of RobinHood, whereas their preferred alternative card, the Wells Fargo Active Cash.... didn't Wells Fargo have just a little bit of legal issues a while back!  And while they list the protections (e.g. purchase) they don't mention how these increasingly aren't on other cards.

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Lol, there are a plethora of 2% cards they could've mentioned, but the fact they went with WF makes me think they got paid for that plug.

I'd personally never do any kind of business with WF outside of maybe a credit card to get the SUB, or an auto loan if they have the best rate.

They are shady AF. Same goes for Chase too.

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Definitely not the best review.  It seems that because they don't like RH, they already don't like the card.  They talked about the essentially $50 - $60 annual RH Gold fee but didn't discuss any value one might get from RH Gold.  They compared the Gold Card to the 2.5% Alliant but one can easily argue that the Alliant has a $50 'annual fee' since you have to keep $1,000 held captive at essentially no % apr instead of 5% apr.  They talked about the WF 2% card but like you guys pointed out, you can compare it to any 2% card, or at least any 2% card with a SUB.  I sense that if a new card came out with 3% CB and with an annual fee of $50 (not tied to any investment platform), they would have rated it higher than this card.  

[SpaethCo]

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@danzig47 wrote:

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This is not tax advice. This is not financial advice.

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Also useful to point out that dividends from directly held (it excludes repurchase agreements) US treasuries are exempt from state income tax, which can be meaningful if you are in a state that taxes income.  A percentage of the dividends earned from the default settlement funds at Fidelity (SPAXX and FZFXX) qualify for this exemption:  https://www.fidelity.com/bin-public/060_www_fidelity_com/documents/TY23-GSE-Supplemental-Letter.pdf

[cashorcharge]

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@CreditCuriosity wrote:

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@swankytiger wrote:

This is what the X1 card has been rebranded to.

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yep

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No word yet on my current X1 becoming Gold (I don't care) but 3% on everything so I don't have to keep track of bonuses each week would be nice!

[yeet_master420]

this thing is going to get gutted like a fish