Robinhood Markets (NASDAQ:HOOD) has launched its first-ever bank card, which can supply 3% cashback on all classes, because the monetary companies firm forays into the extremely aggressive market.
The announcement comes lower than a 12 months after the corporate acquired no-fee credit score card agency X1 for $95M to broaden its product line and improve engagement with present prospects.
Robinhood Gold Card, which could have no annual charge and no overseas transaction charges, shall be out there solely for Robinhood Gold members. The cardboard shall be issued by Coastal Neighborhood Financial institution.
Robinhood Gold is a $50/12 months subscription plan that provides a number of options to brokerage accounts, together with increased curiosity on uninvested money, increased on the spot deposit limits and a 3% match on IRA contributions.
“I predict we’ll see a big variety of prospects that be a part of for the bank card after which develop into traders,” Robinhood (HOOD) CEO Vlad Tenev informed Axios.
The corporate can be providing a ten karat stable gold bank card to the primary 5,000 prospects who refer 10 folks to enroll in Robinhood Gold.