Robinhood unveiled its first-ever credit card at a company keynote event held in New York City on 26 March 2024, entering the consumer credit market. The Robinhood Gold Card offers 3% cash back on all purchases and carries no annual fee attached to the card itself.
The card is issued by Coastal Community Bank and operates on the Visa network. Access to the Gold Card requires an active Robinhood Gold subscription, priced at five dollars per month, which also includes investment-related features such as a higher instant deposit limit, access to Nasdaq Level 2 market data, and a 5% annual percentage yield on uninvested brokerage cash. Users who book travel through Robinhood's dedicated travel portal receive an elevated reward rate of 5% cash back on those transactions.
ISSUER AND BACKGROUND
Coastal Community Bank is a Washington State-chartered institution.
Robinhood was founded as a commission-free stock trading platform and has broadened its product range into retirement accounts, cryptocurrency trading, and cash management.