Robinhood unveiled some new additions to its services this week at a keynote webinar hosted by CEO and Co-Founder Vlad Tenev, including a new credit card.
The Robinhood Gold Card will be made exclusively to the financial services firms Robinhood Gold members. The card offers a 3% cashback on all categories with no annual fee or transaction fees.
A rewards point system has also been built into the card, with points redeemable for travel, gift cards and retail shopping, whilst points can also be redeemed for cash. A travel portal also allows users to gain a 5% cashback when using Robinhood’s travel portal.
The launch of the new card at the New York City keynote coincided with the launch of a new app, although the firm asserted in a following press statement that it is still the ‘same Robinhood’.
“There’s always been special perks and opportunities reserved for the wealthy that make them even richer,” Tenev remarked.
“It’s why we started Robinhood and gave our customers access to features like commission free trading and the 24-Hour Market.
“Today’s announcements at Robinhood Presents: The New Gold Standard bring us one step closer to the goal of giving everyone better access to the financial system.”
Looking back at Robinhood’s new credit card, the firm asserts that the latest addition to its consumer offering holds a number of benefits for Gold members.
This includes premium benefits and perks, particularly with respect to travel. For example, warranty protection, auto rental collision damage, purchase security and trip interruption reimbursement.
The card has also been designed to track family spending and set spending limits and an additional feature allows creation of virtual cards, including disposable card numbers for private spending.
Based in Menlo Park, California, Robinhood is a Nasdaq traded enterprise with a primary speciality in commission-free trading of stocks, exchange-traded funds and cryptocurrencies.
The launch of its credit card offering comes after an active few years for the firm, including some controversial publicity following the 2021 Gamestop short squeeze.
More positive developments have occurred for the firm since then, however. Notably, the company was able to secure a UK launch in November 2023, marking this achievement by setting up a statue of the Nottinghamshire folklore figure from which its name is derived outside the Bank of England earlier this month.
