1 Million Users Join The Waitlist For Robinhood’s New Gold Credit Card Within A Month What’s Behind The Hype?
1 Million Users Join The Waitlist For Robinhood’s New Gold Credit Card Within A Month What’s Behind The Hype?
–News Direct–
By Meg Flippin, Benzinga
Robinhood, the popular fintech that lets customers buy stocks, options, fractional shares and other investments commission-free, is shaking up the credit card market with its Robinhood Gold Card and customers are noticing. A month after announcing its foray into the credit market, Robinhood said more than one million people joined the waitlist. The fintech is shipping the first cards to waitlisted customers already, with general availability expected later this year.
Its not surprising Robinhood is seeing so much interest in its first-ever credit card. The card pays 3% cash back on all purchases across the board, which the company says is unheard of in the industry. There are no annual fees or foreign transaction fees also uncommon in the industry. Plus, there are several other gold status perks, including an easy-to-understand and use rewards program, the ability to add five family members of any age as cardholders, digital tools such as virtual cards and 5% cash back on travel when you book through the Robinhood travel portal.
With this credit card, Robinhood makes it easy to track transactions, generate virtual cards and set credit limits via its app. That could be particularly helpful for families or for when you pay for subscriptions and dont want to be hit with extra fees or hidden charges.
Rewards Made Easy
Rewards points accrued can be used for travel, gift cards and shopping at several national retailers. Points can also be redeemed as cash and transferred to your Robinhood brokerage account. There, they can be reinvested or withdrawn.
Then theres the card itself. Most of the Robinhood Gold Cards are made of stainless steel, weighing 17 grams, which makes the card among the heaviest metal credit cards on the market. Metal cards are appealing because they are more durable than plastic cards, which tend to break or fade. They can also look nicer when pulling them out to pay.
Top-tier Gold members can get a real 10-karat gold card, while those who refer 10 or more subscribers to Robinhood Gold are eligible for the 36-gram gold credit card. The card, being Visa, also includes a host of other benefits, such as trip interruption protection, purchase security, Visa signature concierge services, Roadside Dispatch and more.
American Cardholders Are Fed Up
Robinhoods entrance into the credit card market comes at a time when consumers want more from their credit card providers. A recent J.D. Power satisfaction survey found consumers were largely unhappy with their rewards and were seeking alternatives. Thats despite efforts by card issuers to build more generous rewards programs. Credit card holders' dissatisfaction with rewards earning had the lowest level of overall satisfaction of the seven factors evaluated in the study.
This is driven by less favorable ratings on the amount of rewards earned per dollar spent, especially among cashback cardholders. In fact, the top reason given for switching card providers is seeking a better rewards program, wrote J.D. Power.
Thats not to say there arent credit cards that give you 3% cash back, but it's often limited to certain categories or in rotating months. The rewards programs tend to be complicated, and redeeming points can be cumbersome. As a result, consumers may feel the need to have several different credit cards to rack up points. Robinhood Gold Card takes the complexity out of the equation, providing customers with one credit card that should meet all their needs.
Expanding Its Reach
For Robinhood, entering the credit card market adds another offering to its menu of financial services, which already includes everything from investing to saving for retirement. Not only does it diversify Robinhoods sales, it reduces its reliance on trading revenue, which can be volatile and sensitive to market dynamics. It is also consistent with Robinhoods vision of leveling the financial playing field for everyday consumers.
Theres always been special perks and opportunities reserved for the wealthy that make them even richer. Its why we started Robinhood and gave our customers access to features like commission-free trading and the 24 Hour Market, said Vlad Tenev, co-founder and CEO of Robinhood, when announcing the new credit card. The Gold card brings us one step closer to the goal of giving everyone better access to the financial system.
Interested in getting a Robinhood Gold card? Click here to join the waiting list.
Featured photo by GeorgeRudy
Benzinga is a leading financial media and data provider, known for delivering accurate, timely, and actionable financial information to empower investors and traders.
This post contains sponsored content. This content is for informational purposes only and not intended to be investing advice.
Disclosures:
Some limitations or conditions may apply. Must have Robinhood Financial brokerage account to redeem cash back. See rewards program terms for details. Rewards program terms are subject to change.See full rates and fee details. Subject to credit approval and underwriting. Robinhood Gold Card is offered by Robinhood Credit, Inc. (RCT), and is issued by Coastal Community Bank, pursuant to a license from Visa U.S.A. Inc. The Gold Card requires an annual Robinhood Gold subscription to apply and maintain the card and does not include a 30 day free trial. Robinhood Gold is offered through Robinhood Financial LLC (RHF) and is a subscription offering premium services for a fee. RHF (member SIPC) is a registered broker dealer. RCT and RHF are subsidiaries of Robinhood Markets, Inc. (Robinhood).Terms and limitations apply to the referral program. Subject to approval for the credit card to be eligible to receive the solid gold card. While supplies last. There is a limited amount of cards and when we run out, everyone will get the cash equivalent.See Visa benefits terms for details.
Contact Details
Benzinga
+1 877-440-9464
Company Website
View source version on newsdirect.com: https://newsdirect.com/news/1-million-users-join-the-waitlist-for-robinhoods-new-gold-credit-card-within-a-month-whats-behind-the-hype-471002035
Benzinga
COMTEX_451830816/2655/2024-05-03T08:48:03
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No DigiShor journalist was involved in the writing and production of this article.
© 2017 VictorThemes - Elite Themeforest Author.