Robinhood Markets Inc HOOD has launched its Gold Card, offering a 1% increase on gold deposits and a redesigned app. The announcement was made during its first main event.
What happened: On Tuesday, Robinhood held its inaugural event, “Robinhood Presents: The New Gold Standard,” where CEO Vlad Tenev introduced the Robinhood Gold Card and a revamped Robinhood app. The announcement was clearly in the flavor of the Apple co-founder Steve Jobs’s introduction of the iPhone in 2007.
The Robinhood Gold Card, available exclusively to Robinhood Gold members, offers 3% cash back on all categories and 5% cash back on travel booked through the Robinhood travel portal. The card does not impose an annual fee or foreign transaction fees. Reward points can be redeemed for travel, gift cards, purchases at major retailers, or cash that can be transferred to a Robinhood brokerage account.
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“There have always been special benefits and opportunities reserved for the rich that make them even richer. That’s why we started Robinhood and gave our customers access to features like commission-free trading and 24-hour trading,” Tenev said. “Today’s announcements at Robinhood Presents: The New Gold Standard bring us they bring one step closer to the goal of giving everyone better access to the financial system.”
Starting in May, Gold members will also receive an unlimited 1% deposit boost on all incoming brokerage deposits. The redesigned Robinhood app will offer a more diverse and customizable user experience.
The company said reservations for the Robinhood Gold Card are now open, with widespread availability expected later this year. Anyone who wants a card can sign up here.
While there is no annual credit card fee, the Robinhood Gold membership costs $5 per month or $50 per year.
Because matter: Prior to the event, Robinhood hinted at “exciting updates” from Tenev but did not reveal specific details.
Robinhood is promoting its Gold Card by offering a limited number of solid gold cards made from real precious metals. Promotion participants who refer 10 new customers to Robinhood Gold via a personal referral code will be eligible for a 36-gram Solid Gold Card.
Referred customers must sign up for Robinhood Gold through their brokerage account, not be a current Gold subscriber, and make their first payment. The prize is a 10-karat solid gold Robinhood Gold Card (for Gold Card account holders) or an $1,100 cash prize if no cards are available.
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