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.
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.
@@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
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.
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 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 have the crappy cap one quicksilver with the 1.5 back and I think it's better than the robin hood card because we're you can really get the most cash back is using the shopping deals where you get discounts and extra cash back on top of the 1.5.
American express platinum is $695 per year with no card replacement cost Robinhood is $60 per year for those gold subscription plus $40 if you ever lost your card. American express almost monthly cost is 1 year of robinhood gold. If you do the math. Even with those 5x flights and hotels those $69 annual fee is crazy.
To me the $50/yr fee is not really a fee. In order to get this credit card, u have to have gold membership which will give 5% interest. You only need to put a little bit over 1k in Robinhood account, you already get $50 back in interest. Regarding the CEO making the comment, i think all the credit card companies have the same idea. Thus, i think if u already have a robinhood account, it definitely worths it to get the card.
I’ve used robinhood gold for a year since it gives 5% apy back on cash held in your brokerage, letting 2k sit generates a little over 6 dollars a month so it pays for gold, so for me this card is pretty dope
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!
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!
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!
You have to keep a subscription to Gold in order to keep the card active, which is dumb. They should do it like Amazon's card: if you keep an Amazon subscription, you get 5% back, but if you don't keep a subscription, the card remains active but you get a reduced cashback percentage. Robinhood should adopt that model: make the cashback 3% if you maintain a subscription, 1% or 1.5% if you let your subscription lapse. A complete destruction of the card if you don't maintain a subscription is too greedy, too blatantly Robinhood flipping the customer the bird.
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!
When the card was announced they were clear about the subscription and the ceo went as far as saying that it makes the most sense for people who fully utilize the robinhood gold subscription. My IRA match alone pays that off over and over again
Car Rental Insurance - Important - NO PRIMARY COVERAGE !!! ...it says in the definition of the coverage that you have to contact your insurance first and they take care of the deductible.
The scenario you totally missed are people who are already Gold members. This would make this a no annual fee card. All the other 2% cards you reference charge foreign transaction fees.
As a career day trader myself who utilizes options and futures as my two day trading tools. I highly disagree about “the more you invest in the markets like a game the more you lose”. Thats how I make a living. My day trading returns a profit substantially more than my investment accounts.
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.
Didn’t know replacement fee. Not sure if you are on credit card subreddit but someone got their taxes purchase declined and a guy with 6k purchase at Costco.
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 👍🏼
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.
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
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?
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.
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.
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.
Great video!! Nice to see you getting angry. I would be angry if they hit me for a $40 replacement card. I've already been burned with the AmEx Platinum travel insurance fine print.
Once you have the card cant you just unsubscribe... Also 3% on everything makes 5000$ 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
I would say there is somethings missing on the math side as what the benefits of getting robinhood gold because you missed the math of Roth match of 3% on robinhood gold - plus all the other benefits of robinhood gold. But also this is the former X1 card that allows you assist others to improve their credit. I get it's a shady way to phrase it; but it I think you missed something again.. I do agree the replacement card fee is BS - hopefully thats only for the people who have the promotional full gold card that weight of 30 g (pure gold card) but I can see the BS of that.
Venture x lounge access is unreal and well worth the annual fee. I drink $100 of patron and my family go nuts!! Well worth the 6 lounge visits I get a year and the $300 travel credit! This card is GOAT
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.
How come they give you the card? I’ve applied at immediately after the initial announcement and I never got it. I’m under the impression that this is just a scam to drum up expectations and for people to buy Robin Hood gold until then. They terms and conditions clearly states that they can cap the rewards . and they can also possibly increase the gold subscription from fifty dollars to hundred dollars a month from next year. Having owned the card with 3% cashback, one would not hesitate much to keep paying higher price. These kind of subscriptions services or going to mess up.
As long as you’re good with money. This card beats every other card out there, by simply providing 3% cash back alone. Every single persons budget will benefit more from the cash back than the 5 dollar a month fee. You never mentioned what gold membership itself brought us. I feel this video is based more on your personal emotion against Robinhood, rather than objective fact. Robinhood CEO said the card benefits from people’s accumulated interested. But every single other credit card is also benefiting from the same thing. You don’t blame the company because people suck at managing finances themselves. Robinhood CEO was simply being straight up honest here. Objectively, if you do the math, I challenge you to come up with another card that will earn yourself more money. You simply can’t find one.
The GME Misinformation is particularly annoying. Every brokerage that got inundated with trades during the height of the Meme Stock Frenzy halted trading. It doesn't help that RH got margin called because of the T+2 settlement, RH was on the hook if the mountain of trades could not be settled in time. Yet, for some reason, only RH got called out but not any of the Legacy brokerages or smaller FinTech Brokerages. Hmm.. Very interesting. The largest competitor to Legacy Wall Street Billionaire Brokerages gets singled out by the media when everyone did the same thing.
I feel like he’s really ignoring the other benefits of Robinhood Gold, so if that’s an “annual fee”, then also talk about the other benefits of Robinhood Gold.
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
Impossible to trust this company at all. With everything you mentioned about their general practices, coupled with the shadiness that surrounds this company, you can easily see them hitting their customer acquisition goals and then nerfing the card benefits. All in all, RH is trash, and does not give me the warm and fuzzies about doing any business with them. Great review John - Respect 👊
Yet Wells Fargo has been helping the cartels launder money....closing members accounts unexpectedly....and over charging bank members on fees....THEY ARE WAY MORE CROOKED THAN ROBINHOOD COULD EVER BE.
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?
RHG is basically only better if you spend more than $5k per year vs using a 2% cash back . Math: You spend S dollars, earn R% cash back, and pay fee F. Comparing the same spend S, but different rates/fees between institution 1 and institution 2. (Spend)(cash back rate) - (fee) = profit. Equate the profits between 1 and 2 S(R1/100) - F1 = S(R2/100) - F2 Solve for S S = 100*(F1-F2)/(R1-R2) If RHG is institution 1, F1 = $50, R1 = 3 Compared to a $0 fee F2 = 0 and 2% rate R2 = 2 S = $5,000
For a guy that preaches about effective annual fees and raves about how the Venture X charges you $100 for 10,000 points as an annual bonus....he sure didnt evaluate what Robinhood Gold offers. In order to open the card you need a robinhood gold subscription, got it. So what does robinhood gold offer John? Absolute fail of a video for not covering it.
Buying stocks might seem easy, but picking the right one without a solid plan is tough. I've been trying to grow my $100K portfolio, but the tricky part is not having clear plans for when to buy and sell. Any tips on this would really help.
@@ArabellaBeatrice-099 I agree. From my own experience with an investment advisor, I've got $1 million in a diverse portfolio that's growing fast. It's not just about having money for stocks; you need to know your stuff, stay determined, and be resilient.
@@Elliot-Ivan VICTORIA CARMEN SANTAELLA is the licensed advisor I use. Just search the name. You’d find necessary details to work with to set up an appointment
@@leoma-l7r Thank you! I entered her full name into my browser, and her website came out on top. I filled her form and i hope she gets back to me soon.
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.
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.
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.
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.
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!
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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
u missed the point in the video...
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.
It is clear he is not interested in the truth or any value of the card. He has an agenda of some sort.
@@T.Webster777The value of the IRA match and the deposit match are completely separate from the card, that's part of Robinhood Gold
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
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
He was wrong and so are you for believing him so easily without fact checking
We all are consumers all these companies prey over people. That’s business
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.
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
He was not interested in facts or truth; this was not a review, it was a hit piece.
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 already have robinhood gold so its a no brainer for me to get it. Still on the waiting list but I cant wait!!
It’s a pretty awesome system they got highly recommend
Who here is planning on getting this card?
Me still on waiting list I’ve been on it for a few months
No friends invited 10 pp
Still in waitlist lol
Highly recommend it best CC experience I’ve ever had
I have the crappy cap one quicksilver with the 1.5 back and I think it's better than the robin hood card because we're you can really get the most cash back is using the shopping deals where you get discounts and extra cash back on top of the 1.5.
Right here. My last go to card reduced their cashback by 25% this month. The gold card has double the cashback that card has now.
This is actually the best review video of any credit card ever I've seen. Great information. Thanks
American express platinum is $695 per year with no card replacement cost
Robinhood is $60 per year for those gold subscription plus $40 if you ever lost your card. American express almost monthly cost is 1 year of robinhood gold. If you do the math. Even with those 5x flights and hotels those $69 annual fee is crazy.
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
You just popped up on my timeline how refreshing!!
Talk about Integrity! SUBSCRIBED!
Didn't the original Robin Hood rob the rich and give to the poor and not the other way around.
the irony
Dont forget the 5 dollar fee to belong to gold would be worth it as you get level two market data included
Thanks for the valuable input.
I just posted on my shorts me getting mine in the mail. I have to say I was really hyped to get it 😎
To me the $50/yr fee is not really a fee. In order to get this credit card, u have to have gold membership which will give 5% interest. You only need to put a little bit over 1k in Robinhood account, you already get $50 back in interest. Regarding the CEO making the comment, i think all the credit card companies have the same idea. Thus, i think if u already have a robinhood account, it definitely worths it to get the card.
I’ve used robinhood gold for a year since it gives 5% apy back on cash held in your brokerage, letting 2k sit generates a little over 6 dollars a month so it pays for gold, so for me this card is pretty dope
Thanks for being honest, we appreciate it. Thats why we subscribed to you❤
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.
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!
The AF is effectively 0 because gold gives you 1k in free margin worth at least $50 pre tax
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
Just from Benefits point of view, How is Chase Sapphire preferred better than Robinhood card?
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!
You have to keep a subscription to Gold in order to keep the card active, which is dumb. They should do it like Amazon's card: if you keep an Amazon subscription, you get 5% back, but if you don't keep a subscription, the card remains active but you get a reduced cashback percentage. Robinhood should adopt that model: make the cashback 3% if you maintain a subscription, 1% or 1.5% if you let your subscription lapse. A complete destruction of the card if you don't maintain a subscription is too greedy, too blatantly Robinhood flipping the customer the bird.
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!
When the card was announced they were clear about the subscription and the ceo went as far as saying that it makes the most sense for people who fully utilize the robinhood gold subscription. My IRA match alone pays that off over and over again
Car Rental Insurance - Important - NO PRIMARY COVERAGE !!! ...it says in the definition of the coverage that you have to contact your insurance first and they take care of the deductible.
You need $1,500 in your robinhhood account for gold to pay itself with 5% interest, I think is less now
The scenario you totally missed are people who are already Gold members. This would make this a no annual fee card. All the other 2% cards you reference charge foreign transaction fees.
As a career day trader myself who utilizes options and futures as my two day trading tools. I highly disagree about “the more you invest in the markets like a game the more you lose”. Thats how I make a living. My day trading returns a profit substantially more than my investment accounts.
Chase sapphire preffered is not a mid tier travel card……. It is an excellent credit high luxury card.
Great video. Thank you for pointing out the fine print on this card. I still got it and I will put it to good use.
Much awaited video 🎉
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 am a gold member to get the Roth IRA match 1% and yes the high yield helps negate the $50 so the gold card is an extra 3% for myself
Well first you have to be able to get it. I’ve been on the wait list for almost 2 months.
Didn’t know replacement fee. Not sure if you are on credit card subreddit but someone got their taxes purchase declined and a guy with 6k purchase at Costco.
A lot of great information, thanks for the info
Great content like always! What a way to call them out on their bs
Wait wtf? Why did they charge me $60 for the annual fee last month?
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
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.
Love this vid! Thank you! Just subscribed! ❤
Paypal does offer a 2% cashback, but if you use Paypal, they give you 3% and it's an free card
Unfortunately it's been reduced to 1.5% now and 3% off PayPal purchases only.
Still waiting for mine :(
Love your videos
Robinhood gold not only gives you 5% on the non invested money, also gives you 3% match on Roth IRA account
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
Huge shoutout to the content creator: John Liang. I trust you for reliable content, and always appreciate your passion for the average user!
Thank you for calling them out
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?
also, every credit card company not offering 0% APR…. is 10000000% looking for you to carry a balance and pay them interest
Thank you for your great video .
Quick question what do you used for stock trading ? Obviously you don’t used Robinhood
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.
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.
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.
Economics are built into every card, just cause he's transparent about it makes it worse? I think it's the opposite.
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.
Great video!! Nice to see you getting angry. I would be angry if they hit me for a $40 replacement card. I've already been burned with the AmEx Platinum travel insurance fine print.
Once you have the card cant you just unsubscribe... Also 3% on everything makes 5000$ 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
They don’t allow rent payments and irs payments. People have already tried and got rejected.
I just wanted to get it bc it looked cool 😂
Sofi cc gives unlimited 3% no annual fee
I would say there is somethings missing on the math side as what the benefits of getting robinhood gold because you missed the math of Roth match of 3% on robinhood gold - plus all the other benefits of robinhood gold.
But also this is the former X1 card that allows you assist others to improve their credit. I get it's a shady way to phrase it; but it I think you missed something again..
I do agree the replacement card fee is BS - hopefully thats only for the people who have the promotional full gold card that weight of 30 g (pure gold card) but I can see the BS of that.
About the annual fee: Amazon’s cobranded cards do the same thing
Moral of the story: Sign up bonuses are awesome, so get those first then come back to a RobinHood card!
VENTURE X IS KING!!!!!
I’m strongly considering it haha
@AgentOfLogos u gunna get the venture x? 🧐 I hope u do it's a good fuckin credit card from capital one 😌😌
Venture x lounge access is unreal and well worth the annual fee. I drink $100 of patron and my family go nuts!! Well worth the 6 lounge visits I get a year and the $300 travel credit! This card is GOAT
@@Wojiparulove it, just wish they had better transfer partners.
I get it. I get so much value from the lounges and $300 travel credit, 🎉 I am Good!
Metal card costs extra!
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!
Thanks bro.
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.
How come they give you the card? I’ve applied at immediately after the initial announcement and I never got it. I’m under the impression that this is just a scam to drum up expectations and for people to buy Robin Hood gold until then. They terms and conditions clearly states that they can cap the rewards . and they can also possibly increase the gold subscription from fifty dollars to hundred dollars a month from next year. Having owned the card with 3% cashback, one would not hesitate much to keep paying higher price. These kind of subscriptions services or going to mess up.
As long as you’re good with money. This card beats every other card out there, by simply providing 3% cash back alone. Every single persons budget will benefit more from the cash back than the 5 dollar a month fee. You never mentioned what gold membership itself brought us. I feel this video is based more on your personal emotion against Robinhood, rather than objective fact. Robinhood CEO said the card benefits from people’s accumulated interested. But every single other credit card is also benefiting from the same thing. You don’t blame the company because people suck at managing finances themselves. Robinhood CEO was simply being straight up honest here. Objectively, if you do the math, I challenge you to come up with another card that will earn yourself more money. You simply can’t find one.
Well said. I felt like he picked what he wanted and left out the 1% IRA match and 5% interest you get on your cash
What happens if we cancel the subscription after getting the credit card
Woooooowww!!! I’ve never seen you so passionate about the Cons of a credit card.. message was Loud and Clear, thank you captain!
Happy to help!! No knock on the hustle, but the messaging from the CEO was just UGH
The GME Misinformation is particularly annoying. Every brokerage that got inundated with trades during the height of the Meme Stock Frenzy halted trading. It doesn't help that RH got margin called because of the T+2 settlement, RH was on the hook if the mountain of trades could not be settled in time. Yet, for some reason, only RH got called out but not any of the Legacy brokerages or smaller FinTech Brokerages. Hmm.. Very interesting. The largest competitor to Legacy Wall Street Billionaire Brokerages gets singled out by the media when everyone did the same thing.
biased and nitpicking. failed to mention that with gold you can get 1k in margin to play with. At a boring 5% it is paying back the $50 annual fee.
I feel like he’s really ignoring the other benefits of Robinhood Gold, so if that’s an “annual fee”, then also talk about the other benefits of Robinhood Gold.
Mic drop. Well done.
No thanks to this card.
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
can i still get the 10k version?
Still waiting on my email to apply. Not sure I will, but I did sign up the day it announced.
Robbin the hood is more like it. They have screwed over their customers many times. This is a hard pass. So many better credit cards out there.
Impossible to trust this company at all. With everything you mentioned about their general practices, coupled with the shadiness that surrounds this company, you can easily see them hitting their customer acquisition goals and then nerfing the card benefits. All in all, RH is trash, and does not give me the warm and fuzzies about doing any business with them. Great review John - Respect 👊
Yet Wells Fargo has been helping the cartels launder money....closing members accounts unexpectedly....and over charging bank members on fees....THEY ARE WAY MORE CROOKED THAN ROBINHOOD COULD EVER BE.
Way to call the bs!
Way to not think for yourself! He was wrong on every single point.
Scam if u don't deposit 5 every month u will automatically be charged 5
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%
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?
RHG is basically only better if you spend more than $5k per year vs using a 2% cash back .
Math:
You spend S dollars, earn R% cash back, and pay fee F. Comparing the same spend S, but different rates/fees between institution 1 and institution 2.
(Spend)(cash back rate) - (fee) = profit.
Equate the profits between 1 and 2
S(R1/100) - F1 = S(R2/100) - F2
Solve for S
S = 100*(F1-F2)/(R1-R2)
If RHG is institution 1, F1 = $50, R1 = 3
Compared to a $0 fee F2 = 0 and 2% rate R2 = 2
S = $5,000
For a guy that preaches about effective annual fees and raves about how the Venture X charges you $100 for 10,000 points as an annual bonus....he sure didnt evaluate what Robinhood Gold offers.
In order to open the card you need a robinhood gold subscription, got it. So what does robinhood gold offer John? Absolute fail of a video for not covering it.
I hate robinhood
Buying stocks might seem easy, but picking the right one without a solid plan is tough. I've been trying to grow my $100K portfolio, but the tricky part is not having clear plans for when to buy and sell. Any tips on this would really help.
The strategies are tough for average people. They're usually done well by experts with lots of skills and knowledge.
@@ArabellaBeatrice-099 I agree. From my own experience with an investment advisor, I've got $1 million in a diverse portfolio that's growing fast. It's not just about having money for stocks; you need to know your stuff, stay determined, and be resilient.
@@leoma-l7r Mind if I ask you to recommend this particular coach you using their service?
@@Elliot-Ivan VICTORIA CARMEN SANTAELLA is the licensed advisor I use. Just search the name. You’d find necessary details to work with to set up an appointment
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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.
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.
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
@@SheekAlibabaHow?
Nobody calls the Amazon card annual fee for needing a membership or the Costco one
Thank you for all your tips and advice 💙
Thanks for the comment, and happy to help!
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!