What You MUST KNOW About the Robinhood Gold Card

Robinhood recently announced that they’ll be releasing their Robinhood Gold card, but the big question is: Is this credit card worth it?

The card offers 5% on all travel booked through the Robinhood travel portal and 3% on all other purchases, making it a pretty good credit card for most everyday expenses as well as a pretty nice catch-all credit card.

But as this card is only available to Robinhood Gold members, we should also consider the investment perks and benefits of this program, which will help influence our decision.

So in this video, I’m going to discuss the pros and cons of the Robinhood Gold card and Robinhood Gold membership program, and then Tony and I will give our takes on whether we plan on getting this card or not.

Anthony Venture's Channel: @AnthonyVenture

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📚 Chapters:
00:00 Intro
00:39 Robinhood Gold Card
03:00 Robinhood Gold Program
06:41 How to Offset Monthly Fee
09:11 Will We Get This Card?

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📜 Advertiser Disclosure / Disclaimer:
Some of the products that appear on this website are from companies from which I will earn an affiliate commission or referral bonus. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available.

I am not a financial advisor, accountant, or lawyer and do not provide financial, tax, or legal advice. This video and any ideas presented in it are my opinions and are provided for entertainment purposes only. Please do your own research and consult your own financial, tax, or legal professional for specific advice.
 
#creditcard #robinhood #creditcardtips

[erics]

When trying to predict what brokerage would be most likely to fail, be careful. In the early 2000's the company I used to work for was deciding where to move their 401k plan and chose Merrill Lynch over Schwab "because Merril is the bigger and more stable company". Well, Merrill would have gone under if not bailed out by Bank of America in the 2008 financial crisis, and our company was very nervous when this happened. Large assets under management does not necessarily equate with stability.

[FatStacksAcademy]

Loved the conversation on this one guys! I’m always of the mindset that if they offer a promotion shorter than the length of time to keep that promotion (5 years in this case), it’s not worth tying up your money. They want to lock your money up without guaranteeing to service it for the reasons you joined them in the first place.

[MrDubs]

Great video with Anthony. Totally agreed with all your points - no one wants to lock up their money for 5 years. People keep saying the effective annual fee is $0 (minus subscription), but I don’t want to not have the flexibility to take my money out when I want to.

[benchoflemons]

The nice thing about the Robinhood 3% IRA transfer is if you have a Roth IRA and you transfer it over you get a 3% match deposited into your Roth IRA account which does not count towards your contribution limit and you do not pay it tax on it

[benchoflemons]

2:30 it cannot be secondary if you have no insurance.

[randomaccount]

What is the Santander bank story? Do you have a link to it?

[Quroe_]

As somebody who doesn't do day trading and just plays the index fund game, this looks good to me. If I'm putting my money into Vanguard indexes, what can Robinhood really do to me at the worst? Prevent me from selling that index for a month? Cool. I have time to spend, and time in the market beats timing the market.

[Jes]

Enjoyed this convo with you and Venture. Really great card to use for investing purposes and help for retirement. I have the fidelity version and love it that a few hundred dollars a year is added for investments.

[cnconcn]

You missed the 1000 usd in free margin - put in sgov that alone is more than 50 usd currently

[michaelyoung]

I applied for the card about a month ago. I haven't head back.

[ViewsFromX]

Wow this is an excellent video. Thank you for the deep dive I’m doing research for a new credit card and this was one of them. After watching this I’ll keep looking around.

[Victor-qqeh]

When Robinhood coverts the $5 Gold monthly fee into an annual fee while applying for the card, they charge you a $50 annual fee, or a $10 dollar discount from paying monthly.

[davidtobin]

I tried to transfer an IRA but it was invalid as my current IRA is a mutual fund. This disqualified my transfer.

[ab]

Where is your video on the "Santander Bank Story"?

[danielhettema]

robinhood didnt restrict peoples money. they stopped people from being able to buy the GameStop stock because robinhood couldnt handle the capital transfers due to the volume at the time

[gsctrading]

One correction is that the monthly fee is $5 per month, but if you change your membership fee to annual instead of monthly, then the fee becomes $50 per year, and not $60 per year as you state in your video. I subscribed to the annual fee and they gave me 1 month free and my annual fee is $50 due at the end of April. Also, you omitted a nice feature to the Gold membership which starts in May and that is the 1% deposit match. If you just keep $1, 000 in your account you make up the $50 annual fee and you get everything else for free. 5% is pretty good for liquid money, and most financial institutions don't even pay you that much for a CD. Until they drastically reduce the interest rate, I am not sure I agree with your statement that you need to "do so much" with Robinhood to make the card worth it.

[donniethesportsguy]

I’m still on the waiting list. I’m starting to think this card is fake, but just holding on because of the IRA that I rolled over. Still good deal but is the credit card actually real? I been gold now for 3 months 😂

[kevinliu]

I have a gold card and I highly recommend it. I always pay off each month and I've got so much money back.

[TheMrCharlie]

Can I decline my gold status in Robinhood, and still keep the credit card along with it's benefits or do I need to maintain the gold status to keep the card active?

[ernestotheawesomeone]

3% sounds great, but needing to pay $60 of RH gold or tieing $1200 to offset the cost, isn't worth it for me. Especially when there's cards like citi double cash that gives 2% essentially. I was going to do if for the 3% match but then I wondered how sustainable is it for them to offer that for many years. And it it only last a year or 2, it wouldn't be worth it to me to have that ira there for 5 years. I'll stick with My fidelity and Schwab for my investing accounts.