In June of final 12 months, Robinhood introduced it was buying the bank card startup X1.
Right this moment, we realized in regards to the fruits of that transaction: a brand new Gold Card from Robinhood.
This new card is a premium bank card that prices $5 per 30 days or $50 per 12 months and is simply accessible to Robinhood Gold members.
The cardboard does include a listing of worthwhile advantages. The principle attraction is 3% money again on each transaction and there may be additionally 5% money again when reserving journey by way of the Robinhood portal. The cashback could be transferred to brokerage accounts for inventory purchases.
The large query, as Simon Taylor identified on X immediately, is can Robinhood make cash with this card? He argues this seems extra like a loss chief however Robinhood will use the cardboard to cross-sell its different merchandise.
Both manner, Robinhood has firmly planted a stake within the floor within the premium card market. Proper concurrently the Visa-Mastercard settlement that might affect premium playing cards…
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