The investing app Robinhood has launched its new financial product, the Gold Card. This credit card features a minimum of 3% cashback on all purchases and there’s even a limited-edition 10-karat gold version. When compared to other cards, that rewards rate is typically capped after a certain amount of spending or to a specific category of purchases, but with this card one will be able to earn 3% cashback on all purchases — with no limit on the amount one can earn.
It’s not open for applications yet, but people can add Themselves to the waitlist. While it’s technically a no-annual-fee card, it’s only open to Robinhood Gold members, which costs USD 5/month or USD 50/year.
On top of the 3% cash back everywhere, cardholders also receive 5% cash back on travel purchases made through the Robinhood travel portal. Other benefits include:
Trip interruption protection;
Travel and emergency assistance;
Roadside Dispatch;
Visa Signature Concierge;
Rental car collision damage waiver;
Purchase security;
Return protection;
Extended warranty protection;
No foreign transaction fees.
In March 2024, Robinhood has delayed its introduction of margin investing to UK consumers following discussions with regulators. The company initially planned to offer margin investing, a risky trading method where customers borrow money to make larger trades. The decision comes after Robinhood's UK website briefly displayed information about margin investing, including interest rates and a claimed regulatory exemption, before the page was made unavailable in the UK.
In February 2024, Robinhood has introduced the Retirement for Independent Workers programme to enhance savings accessibility. The initiative targets freelancers and side job workers who often lack access to traditional retirement accounts. Launched in January 2023, the programme aims to address concerns of over 50% of independent workers regarding retirement and savings plans. Initially partnering with Gopuff, Grubhub, and Taskrabbit, the programme offers retirement savings opportunities to workers in the gig economy.
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