By: 27 March 2024

The new card boosts their retail offering and hopes to attract more people to their Gold tier investing membership

Investing platform Robinhood set to launch new Gold credit card

Following the launch of their investing debit card last year, Robinhood have launched their brand new Gold credit card. Available exclusively to members of the Gold tier of their investing platform, the card expands on their retail banking offering and allows Robinhood to gain further traction into everyday banking. 

Most widely known for their US investment platform aimed at everyday investors, Robinhood have recently launched their platform in the UK. As well as this, they launched an investing debit card last year, taking the roundup formula used by challenger banks such as Monzo and Starling and turning it on its head. Rather than small amounts being put into savings pots and held as cash, the Robinhood debit card sees these small amounts invested, allowing users to build up their investment portfolios over time. 

The launch of their new Gold credit card sees Robinhood gain a footing in yet another large financial market. It continues to build on their expansion into markets they previously haven’t been a part of, such as their 2022 launch of Robinhood Retirement, their first foray into retirement accounts. 

The Gold credit card has no annual fees, although you must be a Robinhood Gold member to access it–membership which costs $5 per month or $50 for a full year. As well as this, the card offers 3% cashback on all purchases, and 5% when booking travel through Robinhood’s own travel booking platform. 

The card will also allow holders to add family members to the account, with up to five possible to be added. These additional members will receive their own card. 

It’s widely thought that the new Robinhood Gold credit card is being launched as a rival to the Apple Card, Apple’s credit card which was launched in 2019 and positioned in the market as a fee free, low interest alternative to existing credit cards. 

Robinhood’s card offers slightly more than the Apple Card currently does. Whilst both offer 3% cashback, the Apple Card is limited to certain retailers, where the Gold card offers this cashback no matter where you shop. The Apple Card also doesn’t offer 5% cashback on any purchases, unlike the Robinhood Gold card. 

Vlad Tenev, co-found and chief executive officer of Robinhood, said: “There’s always been special perks and opportunities reserved for the wealthy that make them even richer. It’s why we started Robinhood. Today’s announcements at Robinhood Presents: The New Gold Standard bring us one step closer to the goal of giving everyone better access to the financial system.”

Image: Robinhood

Robert Welbourn
Robert Welbourn is an experienced financial writer. He has worked for a number of high street banks and trading platforms. He's also a published author and freelance writer and editor.