Fintech Nexus Newsletter (March 27, 2024): Robinhood launches a fancy new gold credit card
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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