Robinhood Gold Card...the BEST new card of 2024?!
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- เผยแพร่เมื่อ 26 มิ.ย. 2024
- #robinhood #gold
Review of Robinhood Gold card, is it really the #1 credit card launch of 2024 or is it all hype?
0:00 Intro
0:41 Robhinhood Gold Review
7:39 Should You Get It?
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“If you are going to get the Robinhood Gold Card, you cannot hold a balance”
If you are going to get ANY CREDIT CARD, you cannot hold a balance.
Dumbest take of the month
This is the first time I see him mad... I was about to think consider this card until I saw how bad the company was. Good content btw
it just means they didnt sponsor him yet like his favorite bilt lol. arent you familiar with this channel?
@@cryengine_x I am but what is wrong with bilt huh? He isn't lying when he is saying that is an amazing card, getting cash back on rent is amazing!
@@cryengine_x Bilt is a pretty damn good card if you’re renting. I’ve been using it over a year and zero regrets about making it my most used card.
I was wondering why you said this and now I see why. Damn, it pisses me off too.
@@cryengine_x I am familiar with his channel and I don’t get what is so bad about bilt, I doubt he would accept a sponsor from robinhood though
John, I have Robinhood gold already. They match 3% on my Roth IRA. Basically getting $160 for free every year. Where else would do this for free? I don't necessarily have loyalty with Robinhood, but it is really nice.
No where else including Robin hood does it for free. You paid $50 a year for your Robin hood gold and you had to move your roth Ira to robinhood. Anyone who is contributing to an employer 401k , keeping their Ira elsewhere, using a traditional Ira because of their tax bracket, or doesn't excess income to max out a roth Ira yet, get no value out of the roth match to say nothing of the fact that the match is not tied to the card and even if you are already a robinhood gold user, any other card with a SUB is going to blow the cash back out of the water in the first year.
If the limit is 7k this year for Roth IRA, do t you get 210 for free with the match?
Webull has enter the chat room
@@zxynj Yes but I just subtracted the $50 for the gold subscription
@@JqwsXD Got it. Thank you.
Huge shout out to you for calling them out on this. We can't keep letting companies prey on people with no push back💯
Prey on what? Robinhood is evil because they allow degenerate idiots to trade options on their platform which typically ends in the user losing money? Who would’ve thought making very risky trades would go bad?
I will not defend RH on the GameStop crap because that was crap.
They pioneered the no commission trades, have a great, user friendly app, 3% IRA match, and now a 3% credit card. If you’re in their ecosystem in all sectors of their business, you are likely very happy with what you get in return.
John hates RH because he thinks they take advantage of their customers but will not hold their customers accountable for making stupid trades. He says they aren’t for the little guy when they’re the only ones offering matches, etc. Lmao.
You mean like capital one not approving people with decent to good credit?
@@kevinlin1529 John deleted my prior comment because I hold the idiots who trade options on RH accountable for their choices instead of just blaming robinhood lmao
The $5 sub is worth it for the credit card and 3% IRA match alone. It pays for itself and more with a 3% ira match. Its a free $210 a year into your IRA that no other company offers. Subtract your subscription from that and its still way better than any card.
This
And the High Yield Savings of 5.25%. With the IRA and the HYS, the $5 a month is easily paid off within the first month for me.
I will likely use my Bilt card for rent only then this card will be my everyday card.
Exactly
I make a 13.50% interest rate on my Roth IRA
Thanks for the valuable input.
If you are already a Robinhood Gold subscriber, then the AF is zero. If you are not a RH customer and don't have RH Gold, then the RH Gold subscription would be the AF. It's all based on perspective.
Didn’t know the video was gonna get that heated but there is actually someone who can take advantage of this card.
This is someone who has subscribed to robinhood gold to take advantage of their 3% Roth IRA match ($210) which is extra money added to the current 7k max. Only then will this card make sense to enjoy the extra 3% everyday cash-back.
Thank you for all your tips and advice 💙
Thanks for the comment, and happy to help!
Great video!!! Thank you!
This is actually very spot on. The incentives are very good, especially if you're already a Gold member. The end game, however, is to get all of your money onto the platform and let its UI do the work.
Never thought I'd get goosebumps watching a credit card review. Well done, my friend!
I appreciate the candor on this too
Thx for video
Robinhood. The same company that froze small customers money to help their big investors.
Between the card, the 3% IRA match and the 1% invest account deposit match; the subscription pays for itself. As long as you park your money into anything but meme stocks there and don’t take huge risks, your money is fairly safe.
So much respect for ya John! I thought we were going to segment the "should you get this card?" into RH users and other... but that $40 card replacement fee is AWEFUL. I think you could have made a bit more of of hook with that... b/c that is the biggest eye-opener of your video for me (secret annual fee being #2... but I expected that knowing about RH).
Appreciate the feedback Nick! And agree I should have brought that further up for sure. A replacement card fee is literally someone we see with the shady banks going after the sub-prime market. Crazy!
Much awaited video 🎉
Didn't the original Robin Hood rob the rich and give to the poor and not the other way around.
the irony
I love the unbiased discussion of robinhood and their business practices. JFT coming in with a fire video and an incredibly informative breakdown as usual. Keep up the good work!
If it were unbiased you'd think he would at least cover what the $50-60 Robinhood gold subscription offers outside of just opening the card.
love this video
The way this guy reviewed this card made me a huge fan of this channel. Not many people have the guts to say the truth.
This video was full of heavily uniformed information
Thanks for being honest, we appreciate it. Thats why we subscribed to you❤
Love this vid! Thank you! Just subscribed! ❤
I understand you’re more of a credit card guy and not a general personal finance guy, but a little more clarity on the Robinhood Gold benefits would’ve been appreciated. The 3% IRA match along with other various other features drew me into becoming a Gold Member, and the CC is just the cherry on top that I view as having no AF.
I have around 3,000 in my robinhood account that is not into stocks and the $5 basically pays itself with its 5% interest, I'm surprised he didn't say anything about it. I'm guessing he does not use Robinhood gold
Thanks John for the video regarding this, I was actually thinking of getting this card before your video, but with all your information I've decided not to, keep exposing these bad practices!
Good Stuff John!
Paypal does offer a 2% cashback, but if you use Paypal, they give you 3% and it's an free card
Thanks for looking out for those of us in the credit card community, I've never seen you angry and definitely can feel your passion and care for people to not be taken advantage of. This is a consumer service video right here. Props!
I just posted on my shorts me getting mine in the mail. I have to say I was really hyped to get it 😎
I already have robinhood gold so its a no brainer for me to get it. Still on the waiting list but I cant wait!!
John is actually mad, this card is trash and not worth getting it.
All those hidden fees are sneaky and shady
never seen bro this heated, must be serious. great content!
How can I like this video more than once? Lol
This is actually the best review video of any credit card ever I've seen. Great information. Thanks
You only have to be a gold member if you want to apply right now. If you’re okay waiting until it’s publicly available, then no annual fee.
Great breakdown
This card is a big no from me. Robinhood is too wishy washy for me. I'll stick to my Chase trifecta and Amex cards. BILT captures misc spend on rent day for 2x which is enough for me. I like the hyatt points from rent and paying misc bills.
He’s not a fan of Robinhood
lol, honestly they were my first ever brokerage platform. I still remember signing up for THAT waitlist in like 2013/2014. But since then a lot has changed about them and I've also learned a lot about investing in general. Can't say I'm a huge fan these days
can i still get the 10k version?
First time seeing you mad but great content! Definitely missed the $40 for replacement card, 3% cash back that may not be honored later and etc.
I am on the waitlist for the gold card, but I will always pay my statement balance every month.
Hope to use the card to lower my overall credit utilization and maybe use the cash back. We will see. Thanks for the video!
The AF is effectively 0 because gold gives you 1k in free margin worth at least $50 pre tax
Great video and unbiased thank you
Thank you for pointing out everything you did. I’ve seen several videos promoting this card and felt it was sus. Keep doing the great work, greatly appreciated!
I just got this card. It is better than all the rest for my spending. Love the app as well.
One of the best card if not the best I have now
Woooooowww!!! I’ve never seen you so passionate about the Cons of a credit card.. message was Loud and Clear, thank you captain!
This is why I follow this dude
John plays no games. If you didn’t know, now you know. Thank you!
Hey Brian i wanna know if i should get more then one card im 19 just got my first credit capitol one quicksilver 200 limit i dont pay any bills i only spend money on food or personal needs but i wanna know if i should get a 2nd credit my goal is to get the gold Amex
I just got mine and I would say if you understand the card and can use all the benefits I would definitely get it but you may have to build your credit more if you just started
I love your honesty.
Thanks bro.
I am already a Robinhood gold user. I do not trade but do SIP style investing. I keep more than $3K uninvested cash in the Robinhood account. I am also a high spender due to family needs but pay off all my card stmts in full every month. I do not have any cash back cards. All are points based. So, I decided to go for this card.
Does a 3 percent cashback used on rent cancel out the 3 percent fee for paying rent with a card?
yes, assuming they fee to pay rent with a card is only 3% if it's lower then in theory you come out ahead!
Robinhood is a spineless company I wouldn’t do business with them if they were the last bank on earth
Same. Moved all my investments out of the platform and closed my account after the Gamestop event.
Fantastic video! I was actually considering getting into the robinhood ecosystem, thanks for opening my eyes, and many others’
I run most of my non-category spending through the AMEX blue Business preferred which with the Amex Schwab platinum gives me an effective 2.2%. I was thinking about getting this card for the additional 0.8% but I don’t think I want to give Robinhood the business.
Your right my friend!!
Great video. I’m really glad you went into the downsides and business practices. It could be the best card ever issued but I wouldn’t get it because of their GME shenanigans but a lot of people either never heard of that or can be lured in with “ooooo shiny”
Keep being an awesome dude my dude 👍🏼
Or people just use RH for normal investing and don’t trade meme stocks so that incident means nothing to them because they just buy VOO for $25 daily.
@@slicklizardchamp that they did what they did should give anyone pause regardless of the stocks they trade
Phenomenal video and breakdown John! And when I say phenomenal, I really MEAN it! I love the fact that we as the audience can see your actual personal stance on this card and RH as a whole versus other TH-camrs who tend to take a very neutral & conservative stance on the matter. Love to see you spitting fire 🔥from the heart. Cheers mate!
Did the CEO really think this through? Imagine if someone buy a house with this card and get 3% cash back. I hope to get my card soon to get a good use out of it.
Hey John! Are you going to talk about the new Wells Fargo cards? They seem to be trying to push into the credit card market, and the BILT card has been in the news for apparently costing them a lot of money.
Just from Benefits point of view, How is Chase Sapphire preferred better than Robinhood card?
Moral of the story: Sign up bonuses are awesome, so get those first then come back to a RobinHood card!
A minor major point, but front running is very different (and very illegal) from executing orders or selling orderflow.
Hey John , very good video . I can do better editing in your videos which can help you to get more engagement in your videos . Pls lmk what do you think ?
ok, show me
What's the purchase APR?
If you have to ask the interest rate, then don't get the card. Because we pay on time and in full here. But it's 19.99-29.99%
It being from a stock trading app missed a HUGE opportunity to do like the old Stash card and a certain percent of your purchases could go to fractional shares of where you shop. That encouraged me to invest more with them because I could invest in places that I obviously saw value in.
I wonder if the $40 card replacement fee has something to do with the virtual card features? I love the idea of creating 24 hour and singe use virtual cards that they offer. Maybe creating many new physical cards can interfere with that functionality given the long wait-list currently?
also, every credit card company not offering 0% APR…. is 10000000% looking for you to carry a balance and pay them interest
Already had robinhold gold for awhile, have enough cash in the sweep program to cover the monthly cost plus. So for me, it is a fee free card. I've put my other cards on the shelf, including my citi double cash back card.
Still waiting for mine :(
You need $1,500 in your robinhhood account for gold to pay itself with 5% interest, I think is less now
Is the $40 replacement charged even when the card is not lost, but the number is compromised by fraud? Thus forcing the company issue you a new card with a new number?
All credit card companies have that fee which they can charge you for lost/stolen cards, but they usually choose not to. Its there in case they get someone who constantly reports a missing card and eats up support time not for a 1 off every 4 years.
From the Robinhood website and reviews I’ve seen, there is no number on the physical card. Card numbers are stored in the app.
Thank you for the honest review! Their business structure reminds me of Acorns. Review them next.
Talk about treasure bill. Do we get taxed if we take our earnings of robin hood
No cashback is not taxed. You're taxed on the earnings that cashback makes which is why he's recommending T Bills.
Thank you for calling them out
Once you have the card cant you just unsubscribe... Also 3% on everything makes 5000$ very realistic simply pay your rent with it. Everything is EVERYTHING. Superstores count, gas counts, every single dollar counts no exceptions. I think the only point really withholding his oppinion is that robinhood as a company is sus. But i much rather be with them than wells fargo. It just comes to opinion
All pretty reasonable takes and I don't think this card is the best choice if you qualify for cards in the mid-high tier range w/ annual fees!
I think it's important to consider the benefits offered by Robinhood Gold, though, if we are treating it as an annual fee. In that sense, things like 3% Roth IRA matching should be considered as perks IFF a prospective subscriber did not have RH Gold in the first place.
My plan for this card was to “refer” 10 people and get the “solid” gold card. Melt it and it’s worth about 1k in gold. If replacing the gold card is $40 but the card itself is 1k? Am I missing anything. I managed to get 10 of my friends on the “waitlist” and should getting the card in the next month and half.
Robinhood bought X1 last year, this card is literally X1 card discontinued before. They had unlimited 3% at beginning but had $7500 cap later. 😅
Yes, because the 3% is for IRAs account, and according to the law you can only deposit 7500 a year thats why the cap
Nobody calls the Amazon card annual fee for needing a membership or the Costco one
U forgot to mention that the regular Robinhood gold card is made of titanium so it would cost more to replace that’s why it costs more and also there’s a loop in Robinhood gold that pays for gold membership fee by itself u get deposit bonus every time u deposit and u get a high yield savings account and there’s more things that pay u and ur membership fee and then some plus %3 back every purchase this is the best Cred card it’s basically passive income no other card pays u that much it’s more money in long run than a sign up bonus
40 dollar to replace the card? that card better be made of gold
Yeah, the $40 replacement card fee is outrageous. Maybe if they said you get the first replacement free. You did forget to mention that if you get the real gold card, you will get a 1099 for the gold value of the card and have to count for it as income on your taxes.
Sofi cc gives unlimited 3% no annual fee
Thank you John for always being upfront. You always need to discuss the benefits and cons of each product. The fact that they are “targeting a special demographic” is just wrong in so many levels.
What exactly is wrong with them targeting a specific demographic? They obviously want customers who intend to be with Robinhood for the long term. What company doesn’t want that?
Great video!! Nice to see you getting angry. I would be angry if they hit me for a $40 replacement card. I've already been burned with the AmEx Platinum travel insurance fine print.
Basically it’s a credit one card 🤔
No one talking about the transfer boost with gold ?
I almost fell for this when it was first announced. The 3% catch all was too good to be true so I read more and realized you needed Robinhood Gold. I didn't even know about the replacement card fee so that's just another reason for me to stay away
Personally, I feel like this card is worth it as long as you understand the fine print and the fact that the benefits may be stripped away. Along with the other Gold benefits at the moment, I feel like Robinhood Gold is a worthwhile product at the moment.
The other stuff you said is true, but the Gamestop regulation was ordered by the SEC if you look at interview clips (and trust what Robinhood says).
I agree that the business model is a bit shady, but so is the business model of most credit cards. I understand that this instance is worse though due to the marketing of this card to new users along with the APR and junk fees.
All of what you said is true, but I personally feel like as a product, the current benefits outweigh the costs.
Let me know what you think!
Still waiting on my email to apply. Not sure I will, but I did sign up the day it announced.
They have been sneaky in the past, I am not surprised. But, people will see that 3% and jump on it without reading the fine print, unfortunately.
This is the best card for high spenders no matter all the other stuff. Also you can immediately transfer your cash into a 5% interest bearing savings account .
You can also buy bonds if you choose. Robinhood has been great for me. All the hate in this video is hilarious. 3% for the win all day long.
But gold member get 5% interest on univested cash in your brokerage account. That's a win
All these financial institutions have similar tactics to get more money from you. AMEX has their shitty coupon book, and Chase travel portal over charges. So in these situations just understand who is going to bend you over, and how how long for.
11:58 bit of a stretch
About the annual fee: Amazon’s cobranded cards do the same thing
Respect.
i think it’s dangerous bc robinhood already promotes risky behavior like options trading. sneaking in a way to lure people into owing 30% of interest that they profit more of than trading commissions is a red flag. when used responsible there is a lot of value here but the company’s values are long gone
Whether credit card are open about this or not, their preferred demographic is non financially literate people. The fact that you need Robinhood Gold to get the card means that the people who apply for the card have more financial literacy than those who don’t on a balance of probabilities in my opinion. Therefore I disagree with this guy on being mad at a company being open about how credit cards work