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.
    William Charles
  • On March 26, 2024, 16:53
Tags: bignew credit cardsrobinhood

View Comments (115)

  • 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?

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

  • 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?

  • 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."

    • 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.

  • 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.

  • 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)

  • 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!

    • 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.

    • 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

    • 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.

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