Robinhood (NASDAQ:HOOD) CEO Vlad Tenev has unveiled a new product and feature for the Fintech firm’s clients during a session in New York City.
Robinhood notes that its New Gold Standard is yet another step forward in their company’s mission to “democratize finance for all as they unveil their first credit card–the Robinhood Gold Card.”
Vlad Tenev, Co-Founder and CEO of Robinhood, said:
“There’s always been special perks and opportunities reserved for the wealthy that make them even richer. It’s why we started Robinhood and gave our customers access to features like commission free trading and the 24 Hour Market. Today’s announcements at Robinhood Presents: The New Gold Standard bring us one step closer to the goal of giving everyone better access to the financial system.”
The Robinhood Gold Card is supposed to be (but more than likely not) the only credit card you’ll need, and it’s exclusively for Robinhood Gold members.
The Robinhood Gold Card reportedly has “no annual fee, no foreign transaction fees,” and offers a 3% cash back on all categories.
According to the announcement, clients will also “earn even more on travel, getting 5% cash back when they book through the all-new Robinhood travel portal.”
Users’ reward points are then “redeemable for travel, giftcards, and shopping at major retailers such as Apple, Nike, Bloomingdales, and more.”
As explained in the update, points can also “be redeemed as cash, which can then be instantly transferred to your Robinhood brokerage account to invest, earn interest, or withdraw.”
At Robinhood, they claim to “recognize the need for change.”
As mentioned in a blog post, over 80% of U.S. adults “have at least one credit card, but people still find everything from rewards, credit card terms, fees, and interest rates overwhelming.”
The Robinhood Gold Card reimagines the credit card experience, “making it easy for people to keep track of how they spend their money.”
Here’s what else you can expect from the Robinhood Gold Card:
- Premium benefits and perks: Wherever you go, the Robinhood Gold Card has you covered with a number of benefits and protections, including: trip interruption reimbursement, purchase security, auto rental collision damage waiver, extended warranty protection, return protection, zero liability protection, Visa Signature Concierge Service, travel and emergency assistance, roadside dispatch, and more3.
- Take control with virtual cards: With the Robinhood Gold Card, you can create virtual cards that allow you to pay with disposable card numbers for smarter, more private spending. Easily cancel subscription payments, end free trials automatically, authorize cards for one-time use, and get a new card right in the app if your physical card is lost.
- New app, same Robinhood: The Robinhood Gold Card works with a new app designed to change how you shop, spend, and manage your money: the Robinhood Credit Card app.
