The Best Redemption Options for the Robinhood Gold Card

The Best Redemption Options for the Robinhood Gold Card

The Robinhood Gold card is a popular cashback credit card that offers 3% rewards on all purchases. However, the card’s redemption options are varied, and some are more valuable than others. In this blog post, we’ll explore the best redemption options for the Robinhood Gold card and provide insights into the card’s features and benefits.

Understanding the Robinhood Gold Card

Before we dive into the redemption options, let’s cover the basics of the Robinhood Gold card. The card has a $0 annual fee, but you need to sign up for Robinhood Gold, which costs $50 per year. The card offers 3% cashback on all purchases, with some exceptions, such as cash equivalent transactions.

Redemption Options

The Robinhood Gold card offers several redemption options, which are ranked below from worst to best:

Number 10: Gambling Option: This option allows you to redeem your points for a mystery box, which can contain rewards such as 5% back on DoorDash or Uber Eats, 15% off Starbucks, or 10% on your next Amazon purchase. However, the odds of getting a good reward are low, making this option less desirable.

Number 9: Shopping with Amazon: You can redeem your points for shopping with Amazon directly, but the value of your points may be less than 1 cent per point.

Number 8: Robinhood Merch: You can redeem your points for Robinhood merchandise, such as hats and water bottles, but the value of your points is not always clear.

Number 7: Rose Gold Credit Card: You can redeem 7,500 points for a rose gold-style credit card, which is equivalent to $75 in rewards.

Number 6: Statement Credit: You can redeem your points for a statement credit, but the value of your points may be less than 1 cent per point.

Number 5: Purchase Gift Cards: You can purchase gift cards to a number of retailers and food providers, but they need to be redeemed in increments of $25.

Number 4: Redeem for One-Time Lounge Passes: You can book lounge visits directly in the Robinhood Credit Card app. These are often Priority Pass lounges, but you can use rewards to book visits if you don’t have Priority Pass.

Number 3: Shopping with Points: You can redeem your points for shopping at certain brands, such as Athleta, eBay, GameStop, Macy’s, Nike, Target, and Walmart, where they are worth 1 cent per point.

Number 2: Travel Portal: You can redeem your points for travel purchases made through the Robinhood travel portal, where they are worth 1 cent per point. This option allows you to book hotel stays and flights, but be aware that the portal’s protections and policies may not be as robust as those offered by other credit card issuers.

Number 1: Redeem to Brokerage Account: You can redeem your points directly to your Robinhood brokerage account, where they are worth 1 cent per point. This option allows you to invest your rewards in stocks, cryptocurrencies, or other investment products. You can also transfer the funds to a Roth IRA or traditional IRA, making it a tax-advantaged option.

Conclusion

The Robinhood Gold card is a solid cashback credit card that offers 3% rewards on all purchases. While the card’s redemption options are varied, the best options are redeeming your points to a brokerage account, using the travel portal, or shopping with points. These options offer the most value for your rewards, and they can help you achieve your financial goals.

Should You Get the Robinhood Gold Card?

Whether or not to get the Robinhood Gold card depends on your individual financial situation and goals. If you’re looking for a simple cashback credit card with a high rewards rate, the Robinhood Gold card may be a good option. However, if you’re concerned about the card’s $50 annual fee or the potential for the rewards rate to decrease in the future, you may want to consider other options.

Ultimately, the Robinhood Gold card is a good choice for those who want to earn cashback rewards on their purchases and are willing to sign up for Robinhood Gold. With its flexible redemption options and potential for long-term investment growth, the Robinhood Gold card can be a valuable addition to your wallet.