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Over the past few years, I’ve made a concerted effort to do two things: stack solid signup bonuses when I see them and round out my wallet with cards that reward the purchases I make and offer benefits I care about.
One area of my wallet that was lacking until fairly recently was an elite cash back card. I ended up filling that gap (perfectly I’d say) with the Robinhood Gold Card.
This doesn’t come with a signup bonus, but I almost don’t care. Earning 3% cash back on every purchase was enough to make me pull the trigger. And after a recent shakeup to a card and program I used to be all in on, I’m more excited about this gold-colored wallet addition than ever.
Here’s why, and how to get the Robinhood Gold Card if you’re interested in it yourself.
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Why I Applied for the Robinhood Gold Card
No two credit cards are the same. Some offer great rewards on dining and nothing worth writing home about for not-so-sexy purchases like car insurance. Others offer high multipliers on travel but squat for purchases at the overpriced airport coffee shop.
The Robinhood Gold Card, though, is something I can easily use to stack rewards on any of those purchases without having to juggle a bunch of cards.
And really, that’s why I applied for it and started using it.
Earn up to 5% back on purchases
The Robinhood Gold Card earns uncapped 3% cash back on all purchases, plus a boosted 5% cash back on travel booked through the Robinhood Travel portal. And the rewards deposit to my account instantly, with no delay.
Based on earning rates alone, this card rivals other daily drivers in my wallet, like the Capital One Venture X Rewards Credit Card and The Blue Business® Plus Credit Card from American Express. While Capital One miles and Amex points are valuable, matching the value of the Robinhood Gold Card means consistently redeeming those points for more than a cent and a half each.
That isn’t especially hard, but as more programs adopt dynamic pricing, devalue transfer ratios, or raise award rates, having a diversified mix of rewards currencies feels increasingly valuable.
I’ll add that even though these earning rates are incredibly lucrative, the headline promise of 3% cash back on all purchases is slightly misleading. There are some notable purchases that don't earn rewards, including rent/housing payments and taxes.
That’s unfortunate, but not the end of the world, especially since there are other cards suited for tax payments. And programs like Bilt may still offer a viable way to earn rewards on rent — though the final shape of the new program remains to be seen.
Related: Our Robinhood Gold Card Review
Useful benefits and redemption options
There are other things I like about the Robinhood Gold Card, too. It’s a Visa Signature product, so it comes with built-in protections like trip interruption coverage and extended warranty benefits.
I also like having the option to deposit my rewards directly into my Robinhood brokerage account. That redemption feels more interesting to me than using cash back earned on the card at face value for travel, airport lounge passes, or mystery box-style rewards.
At a bare minimum, the Robinhood Gold Card has become a go-to for purchases I’d otherwise put on a 2X rewards-earning card — like a Costco haul, a car registration renewal, or hiking gear from my neighborhood outdoor store.
Better yet, the Robinhood Gold Card doesn’t cost me that much to carry.
Related: The Best Cash-Back Credit Card Offers for Every Budget
How to Get the Robinhood Gold Card
The Robinhood Gold Card’s website advertises that it doesn’t have an annual fee, but that isn’t entirely true. To get the Robinhood Gold Card, you’ll need to sign up for Robinhood (using my referral link gets you a fractional share of stock) and then upgrade your account to Robinhood Gold.
For those unfamiliar, Robinhood Gold costs $5 per month or $50 annually. So, at a minimum, you’ll pay $50 per year to carry the Robinhood Gold Card. That said, the membership offers more than just access to the card.
Robinhood Gold includes several investing-related perks, such as:
- 3.25% APY on uninvested brokerage cash through cash sweep
- Up to $2.5M in FDIC insurance on uninvested cash
- Larger instant deposits
- Professional research from Morningstar
One benefit that stood out when I upgraded from a free account to Gold was the 3% IRA match on eligible contributions to a Robinhood IRA, as long as I keep my Gold membership for a year. That incentive alone made it easier to justify opening and funding a new IRA.
I’ve also read that the application experience for the Robinhood Gold Card can vary. Even after upgrading to Gold, Robinhood may still place you on a waitlist. In my case, though, I waited about 10 minutes before seeing an option to apply in my account.
As luck would have it, I was approved instantly and had my 17g stainless steel card in hand within two weeks.
Bottom Line
Don’t get me wrong, I still love earning and burning points and miles, and that isn’t stopping anytime soon. But as some programs get more complex, I’ve come to appreciate the simplicity of carrying the Robinhood Gold Card, earning 3% cash back on every purchase, and effortlessly adding those rewards to my brokerage account.
In the short couple of months I’ve been carrying it, I’ve genuinely enjoyed earning 3% cash back on purchases that would’ve otherwise earned 2X points or miles, or even just 1X as I wrapped up the spending required to unlock AAdvantage Executive Platinum status.
As the year has kicked off, I’ve found myself increasingly excited about earning 3% cash back on every purchase, and I think many others would feel the same.
Not a Robinhood member yet? Click here to sign up with a personal referral link. Joining and upgrading your account to Robinhood Gold is the fastest way to get on the (hopefully short) waitlist for the Robinhood Gold Card.
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