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In June of final yr, Robinhood introduced it was buying the bank card startup X1.
As we speak, we discovered concerning 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 yr and is simply obtainable to Robinhood Gold members.
The cardboard does include an inventory of worthwhile advantages. The principle attraction is 3% money again on each transaction and there’s additionally 5% money again when reserving journey via the Robinhood portal. The cashback will be transferred to brokerage accounts for inventory purchases.
The large query, as Simon Taylor identified on X as we speak, is can Robinhood generate income 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 influence premium playing cards…
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Eight months after buying bank card startup X1 for $95 million, Robinhood introduced as we speak the launch of its new Gold Card, with an inventory of options that might even give Apple Card customers envy.
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