Robinhood To Launch New Card (3x Points On All Purchases)

Full details now available here.

Robinhood is set to launch a new credit card, although this is really a rebrand of the X1 credit card after Robinhood acquired X1 for $95 million in June last year. The Robinhood card will offer the following:

  • Earn 3x points per $1 spent on all purchases
  • Refer 10 friends and receive a solid gold card (can see some pictures of what that looks like here)

X1 card had a cap of $7,500 in spend per month for earning 3x points. Points were only worth 1¢ against select merchants and 0.75¢ towards other merchants. You can view coverage of the x1 card in the past here.

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robertw
robertw (@guest_1821675)
March 28, 2024 16:59

I wonder if they are going to try and get me to pay an annual fee for this card.I have the X1 card. Maybe on renewal?

Gerald
Gerald (@guest_1821571)
March 28, 2024 14:38

Marginally off topic, but could someone explain the weird illustration on Robinhood’s desktop login screen?

Ben
Ben (@guest_1821405)
March 28, 2024 11:37

Currently my WF Active Cash is my general use card for the 2x if a purchase doesn’t match a higher % category from another card. If I have a robinhood account already, what’s to keep me from getting this and using it as my fallback card?

It sounds like I can redeem the points earned into my robinhood account, and then withdraw it from Robinhood as desired. Is that generally correct?

Things like my annual terminte bond, or semi-annual car insurance, etc never seem to catch a good cash back deal better than 2%. Is this a chance to make those 3%? Or is there some catch that I’m missing?

Danny
Danny (@guest_1821432)
March 28, 2024 12:02

Redemption to cash is an option?

Rick
Rick (@guest_1821504)
March 28, 2024 13:45

Are you gold?

LAG
LAG (@guest_1821269)
March 28, 2024 08:20

Most concerning T&C for credit card churners is this piece…

“Robinhood reserves the right to temporarily suspend your ability to earn or use Points, take away any Points in your account, cancel your Points account or cancel your Robinhood Card altogether if Robinhood determines in its sole judgment that you engaged in fraud, abuse, misuse or gaming in connection with earning or using points or that you may attempt to do so, including, but not limited to:


by repeatedly opening or otherwise maintaining credit card accounts for the purpose of generating rewards”

Also don’t love giving up a 5/24 spot when they could nerf the program with in 45 days but I suppose that’s always a risk:

“We may revise any of these Card Rewards Program Rules at any time with or without notice. In addition, we may terminate the Robinhood Card Reward Program with 45 days prior written notice. If we terminate the program, you will have 90 days to redeem your Points. Points which are not redeemed within that 90 day period will be forfeited.”

Gerald
Gerald (@guest_1821570)
March 28, 2024 14:37

I think you’ll find similar language in other points programs. I don’t understand how “repeatedly opening or otherwise maintaining credit card accounts for the purpose of generating rewards” works when there’s no SUB. But I’d be wary of doing MS with this card until it’s determined how MS friendly they are.

robertw
robertw (@guest_1821676)
March 28, 2024 17:02

Yes. Thats in every program.

Bockrr
Bockrr (@guest_1821127)
March 27, 2024 23:26

If you are in a position to make full use of the margin/interest/IRA match benefits of gold it seems like a decent card.

ktn 💸
ktn 💸 (@guest_1820870)
March 27, 2024 19:21

More details here: http://robinhood.com/creditcard

3% back on everything5% back via their travel portal1% bonus on deposits3% bonus match on IRA contributions 5% APY SavingsRequires Gold: https://robinhood.com/us/en/gold/
Rewards Terms
Card Terms

[removed]

Fenspinbi
Fenspinbi (@guest_1820857)
March 27, 2024 19:05

What becomes of existing X1 users who don’t care to join RH? (I got recently upgraded to M1+, so RH is redundant at best)

Green
Green (@guest_1820753)
March 27, 2024 15:35

What’s the phone number for information about the card?

Mopar4Life
Mopar4Life (@guest_1820708)
March 27, 2024 14:13

I’m hearing no credit check, and approval will be income based.

Lily
Lily (@guest_1820780)
March 27, 2024 16:10

There is a credit check. Soft pull to preview your credit limit and then hard pull after you decide to continue with application.

Rick
Rick (@guest_1820799)
March 27, 2024 16:49

Good because I’m not sending in tax documents.

Mopar4Life
Mopar4Life (@guest_1820803)
March 27, 2024 17:01

Thanks for letting me know!

Franddy Nunez Galicia
Franddy Nunez Galicia (@guest_1820666)
March 27, 2024 13:12

So the card essentially still is the X1? Like you cannot do whatever you want with the points you get and redemption value brings it down to 0.75? If I stand correct, what a joke!

Matthew
Matthew (@guest_1820678)
March 27, 2024 13:25

No, it looks like you can now cash it out 1:1 into Robinhood Brokerage. In which case it’s actually a substantial upgrade from the older X1 card.

anita
anita (@guest_1820724)
March 27, 2024 14:43

I watched the launch video and they showed you can redeem to your brokerage account at 1cpp, and someone asked if you earn the 1% too and he said yes

Lily
Lily (@guest_1820782)
March 27, 2024 16:14

Points are 1 cent each when redeemed to Robinhood brokerage account.

From T&C: Your Points may be converted to cash (USD dollars) and transferred to your Robinhood Financial Brokerage Account. If choosing to redeem in this way, the value of your Points will be $.01 per point This conversion rate is only applicable when converting Points to cash in your Robinhood Financial Brokerage Account. If this option is available to you, it will be visible in the App. Visit the Rewards tab in the Robinhood Credit Card App to learn how to redeem Points for cash in your Robinhood Financial Brokerage Account.