Robinhood Challenges Apple Card with the Launch of its Gold Card

Hey FinTech Fanatic,

As I predicted last week ??, Robinhood, the popular brokerage app FinTech, has launched its Gold Card , aiming to rival the Apple Card by offering unique cash-back rewards that can be invested directly into stocks.

Exclusive to Robinhood Gold members, who pay $5 monthly or $50 annually, the card features no annual or foreign transaction fees, providing a competitive edge in the credit card market.

The Gold Card offers 3% cash back on all purchases and 5% on travel through Robinhood's travel portal, with the innovative option to transfer cash back into brokerage accounts for investment.

This move, a first since acquiring credit card startup X1, marks Robinhood's entry into family-oriented financial products, allowing up to five additional cardholders per account to help build credit and monitor spending with customizable controls.

With security in mind, the card will be numberless, minimizing risks if lost or stolen, and will be supported by a separate app from Robinhood's investment platform.

What do you think about this new card? Can it challenge Apple Card?

Cheers,

Marcel

#FINTECHREPORT

?? Airwallex surveyed over 3,000 consumers and interviewed leading merchants across Australia, Hong Kong, China, Singapore, the UK and the US with the support of consulting firm Edgar, Dunn & Company in January 2024 to learn how businesses can drive global eCommerce growth. I highly recommend downloading and reading the complete report to learn more.

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