Fintech Nexus Newsletter (March 27, 2024): Robinhood Launches A Fancy New Gold Credit Card

Republished By Plato

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In June of last year, Robinhood announced it was acquiring the credit card startup X1.

Today, we learned about the fruits of that transaction: a new Gold Card from Robinhood.

This new card is a premium credit card that costs $5 per month or $50 per year and is only available to Robinhood Gold members.

The card does come with a list of valuable benefits. The main attraction is 3% cash back on every transaction and there is also 5% cash back when booking travel through the Robinhood portal. The cashback can be transferred to brokerage accounts for stock purchases.

The big question, as Simon Taylor pointed out on X today, is can Robinhood make money with this card? He argues this looks more like a loss leader but Robinhood will use the card to cross-sell its other products.

Either way, Robinhood has firmly planted a stake in the ground in the premium card market. Right at the same time as the Visa-Mastercard settlement that could impact premium cards…

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Peter Renton is the chairman and co-founder of Fintech Nexus, the world’s largest digital media company focused on fintech. Peter has been writing about fintech since 2010 and he is the author and creator of the Fintech One-on-One Podcast, the first and longest-running fintech interview series.

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