8 Most Profitable Business Credit Cards of 2024

 Key Points:

1. The Robinhood Gold Card is a new credit card linked to Robinhood's financial ecosystem, offering benefits mainly for existing Robinhood Gold subscribers.
2. It features 3% cashback on all purchases, with additional perks like no annual fee, no foreign transaction fees, and 5% back on travel booked through Robinhood’s travel portal.
3. The card requires a Robinhood Gold subscription, which costs $5 per month or $50 per year.
4. The card's value is highest for those who are already Robinhood Gold subscribers and use the service regularly.
5. There are some limitations, such as potential issues earning rewards on certain large payments and no current introductory bonus offer.

Get Robinhood Gold Card

---

A Deep Dive into the Robinhood Gold Card: Is It Worth Your Wallet?

Robinhood, known for revolutionizing commission-free trading, has made another move to expand its financial offerings with the introduction of the Robinhood Gold Card. This new credit card adds to the growing list of products under the Robinhood Gold subscription, aiming to provide users with a robust cashback solution. In this article, we'll explore how the card works, its benefits, and whether it's a good fit for your financial toolkit.

The Backstory: Robinhood's Evolution into Credit Cards

Robinhood launched in 2013, disrupting the brokerage market with commission-free trades. Since then, the company has diversified its offerings to include cash management accounts, a debit card, and various premium services under Robinhood Gold. In its latest expansion, Robinhood acquired X1, a company known for its alternative credit approval methods, to power its push into the credit card market. The result is the Robinhood Gold Card, which combines elements of traditional credit cards with the fintech approach that Robinhood is famous for.

What Is the Robinhood Gold Card?

The Robinhood Gold Card is a stainless steel credit card (with a gold color) that aims to provide significant rewards to Robinhood Gold subscribers. To qualify, you must be a member of Robinhood Gold, the platform’s premium service, which costs $5 per month or $50 annually. Robinhood Gold offers benefits such as higher interest on uninvested cash, professional investment research, and other perks.

Card Benefits at a Glance:

Feature	Details
3% Cashback on All Purchases	Uncapped cashback rate, available on all spending.
5% Back on Travel Booked through Robinhood	Rewards for booking through Robinhood's travel portal.
No Annual Fee	No extra charge to hold the card.
No Foreign Transaction Fees	Makes it cost-effective for international use.
Cash Management Integration	Rewards can be transferred to Robinhood Cash Management.

How Does Robinhood Gold Fit In?

The card is an extension of Robinhood's premium service, Robinhood Gold. For $5 per month or $50 annually, subscribers gain access to:

Robinhood Gold Perks	Description
5% Interest on Uninvested Brokerage Cash	Cash sweep allows earning interest on idle funds.
Bigger Instant Deposits	Access to funds before the transaction is settled.
Professional Investment Research	Includes Morningstar research and Level 2 Market Data.
Interest-Free Margin Borrowing	The first $1,000 of margin borrowed incurs no interest.
3% IRA Match on Eligible Contributions	Boosts retirement savings for eligible IRAs.

These features add up to a comprehensive package for those who are active on the Robinhood platform, making the Gold Card a potentially lucrative addition to their financial setup.

Comparing the Robinhood Gold Card to Other Cashback Cards

While the 3% cashback on all purchases is an attractive feature, it's important to consider how it stacks up against other cards. For example, the Amazon Prime Rewards Visa offers 5% cashback on Amazon purchases but requires an Amazon Prime membership. Similarly, other cashback cards may provide higher rates in specific categories, but the Robinhood Gold Card’s uncapped 3% rate on all purchases is more versatile.

Comparison of Cashback Cards	Robinhood Gold Card	Amazon Prime Rewards Visa	Citi Double Cash Card
Annual Fee	None	None (requires Amazon Prime)	None
Cashback Rate on All Purchases	3% (uncapped)	1%	2%
Bonus Categories	5% on travel through Robinhood	5% on Amazon purchases	None
Foreign Transaction Fees	None	None	3%

Pros:

• High Uncapped Rewards Rate: Few cards offer 3% cashback on all purchases with no spending caps.
• No Extra Fees: With no annual or foreign transaction fees, it’s a low-cost card to hold.

Cons:

• Requires Robinhood Gold Membership: If you’re not already a Robinhood Gold subscriber, the card's value diminishes.
• Limited Travel Benefits: The 5% travel rewards only apply to bookings made through Robinhood’s travel portal.
• No Introductory Offer: Unlike some competitors, the Robinhood Gold Card currently lacks any welcome bonus.

Who Should Get the Robinhood Gold Card?

The card’s value proposition depends on your usage of Robinhood services. Here are scenarios where the card might or might not make sense:

Ideal For:

• Existing Robinhood Gold Subscribers: If you already pay for the Robinhood Gold membership and enjoy using the platform, this card integrates well into your financial routine.
• Cashback Enthusiasts: With a consistent 3% cashback rate, it appeals to those who prioritize cashback over points or miles.
• Simple Wallet Users: If you prefer using one or two credit cards, the uncapped 3% rate makes it a straightforward choice.

Not Ideal For:

• Travel Rewards Seekers: If you prefer earning travel points or booking with more flexible travel platforms, other cards may offer better rewards.
• People with Multiple High-Rewards Cards: For those who juggle multiple cards with higher rewards in different categories, adding another card may lead to diminishing returns.
• Non-Robinhood Users: If you don't use Robinhood's services or don’t plan to, the Gold Card’s perks will likely not justify the subscription cost.

The Bottom Line: Is It Worth It?

The Robinhood Gold Card is a strong contender in the cashback space, especially for users who are already immersed in the Robinhood ecosystem. It provides a unique set of benefits and integrates smoothly with the platform's other financial tools. However, those who are not current Robinhood Gold subscribers may find the cost of entry prohibitive, given the availability of other competitive cashback cards.

For prospective cardholders, it might be wise to wait for potential introductory offers or enhanced rewards, as the market for credit cards is competitive and constantly evolving. Robinhood may eventually introduce sign-up bonuses to attract more users, much like other major credit cards have done.

In conclusion, the Robinhood Gold Card has a lot to offer, but its true value shines for those who are already benefiting from Robinhood Gold’s subscription service. If that sounds like you, it might just be the perfect addition to your wallet.

---