Robinhood continues to expand beyond its stock trading origins, launching a credit card with a host of perks, including three per cent cashback.
The Robinhood Gold Card arrives eight months after the company bought credit card startup X1 for about $95 million in cash.
Available to Robinhood Gold members, the card has no annual fee, no foreign transaction fees, and three per cent cash back on all categories. Users get five per cent cashback when using the company’s new travel portal.
Robinhood currently has more than one million Gold members, who pay $5 a month, or $50 a year, for various perks.
Cardholders can also create virtual cards for one-off purchases, add up to five family members and get insights into their spending via a dedicated app.
Meanwhile, people that get 10 friends to sign up get a solid gold card weighing 36 grams.
Robinhood acquired X1’s team when it bought the company, which targeted digital natives, using current and future income instead of credit scores to set smart credit limits.
