Demystifying the Robinhood Card: Cash Card vs. Gold Card

Robinhood offers two distinct cards: the Robinhood Cash Card and the Robinhood Gold Card. While both cards tie into your Robinhood account, they serve different purposes and have varying benefits. Let's break down the key features of each card to help you decide which one might be right for you.

Robinhood Cash Card: Spend Your Cash with a Mastercard®

• Type: Prepaid debit card
• Benefits:
  • Wide acceptance: Mastercard® logo ensures global acceptance for online and in-store purchases.
  • Cash back offers: Earn cash back rewards on purchases at select retailers with Robinhood Cash Card Offers.
  • FDIC-insured: Funds on the card are insured by the Federal Deposit Insurance Corporation (FDIC) for up to $250,000.
  • No fees: No monthly fees or foreign transaction fees.
• Drawbacks:
  • Not a credit card: You cannot build credit history by using this card.
  • Requires funded Robinhood account: You need to have funds in your Robinhood account to use the card.

Robinhood Gold Card: Earn 3% Cash Back on Everything

• Type: Credit card (requires membership in Robinhood Gold)
• Benefits:
  • Lucrative cash back: Earn a flat 3% cash back on all purchases, potentially making it a powerful rewards card.
  • No annual fee: Unlike many high cash back cards, the Robinhood Gold Card boasts no annual fee for Robinhood Gold members.
  • No foreign transaction fees: Use your card abroad without incurring extra charges.
  • Build credit: Responsible use of the card can help improve your credit score.
• Drawbacks:
  • Requires Robinhood Gold membership: This comes with a monthly fee, so you need to assess if the cash back earned outweighs the membership cost.
  • Credit approval required: Not everyone is guaranteed approval for the Robinhood Gold Card.

Choosing the Right Robinhood Card

• Select the Cash Card if: You prefer a simple prepaid card for everyday purchases, want to avoid credit card debt, or are not eligible for a credit card.
• Opt for the Gold Card if: You're a Robinhood Gold member who spends a lot and wants to maximize cash back rewards, and have good credit to qualify for the card.

Remember:

• Before using either card, carefully review the terms and conditions set by Robinhood and the issuing bank.