Robinhood Markets Inc HOOD has launched its Gold Card, offering a 1% boost on Gold deposits and a redesigned app. The announcement was made at its first-ever keynote event.
What Happened: On Tuesday, Robinhood conducted its inaugural keynote event, “Robinhood Presents: The New Gold Standard,” where CEO Vlad Tenev introduced the Robinhood Gold Card and a revamped Robinhood app. The announcement was distinctly in the flavor of Apple co-founder Steve Jobs’s introduction of the iPhone in 2007.
The Robinhood Gold Card, available exclusively for Robinhood Gold members, provides 3% cash back on all categories and 5% cash back on travel booked through the Robinhood travel portal. The card does not impose an annual fee or foreign transaction fees. Reward points can be redeemed for travel, gift cards, shopping at major retailers, or cash that can be transferred to a Robinhood brokerage account.
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“There's always been special perks and opportunities reserved for the wealthy that make them even richer. It's why we started Robinhood and gave our customers access to features like commission free trading and the 24 Hour Market,” Tenev stated. “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.”
Starting in May, Gold members will also receive a 1% unlimited deposit boost on all incoming brokerage deposits. The redesigned Robinhood app will offer a more diverse and customizable user experience.
The company said reservations for the Robinhood Gold Card are now open, with widespread availability anticipated later this year. Those wanting the card can sign up here.
While there is no annual fee for the credit card, Robinhood Gold membership costs $5 per month or $50 per year.
Why It Matters: Prior to the event, Robinhood had hinted at “exciting updates” from Tenev but did not disclose any specific details.
Robinhood is promoting its gold card by offering a limited number of solid gold cards made out of real precious metals. Participants in the promo who refer 10 new customers to Robinhood Gold through a personal referral code will be eligible for a 36-gram Solid Gold Card.
Referred customers must sign up for Robinhood Gold via their brokerage account, not be current Gold subscribers, and make their first payment. The prize is either a 10-karat solid gold Robinhood Gold Card (for Gold Card account holders) or a $1,100 cash prize if no cards are available.
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