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Robinhood 3% cash-back credit card.

15 14 April 12, 2024 at 10:54 PM
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Last Edited by Tedteddy April 12, 2024 at 11:59 PM
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Robinhood is now offering an uncapped 3% cash back card [robinhood.com]. Has anyone here gotten this card yet? This is the highest all-category card that I am aware of. I'm not familiar with the issuing bank (Coastal Community Bank), does anyone here have any past experience with them? I'm wondering how tolerant they will be of manufactured spending type activities.

Also, it is rumored that you will be able to deposit the cash back directly into a Roth IRA (coded as a bonus). This gives an additional tax benefit on top of the 3%.
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Tedteddy
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Joined Sep 2013
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Prcv
08-08-2024 at 07:46 AM.
08-08-2024 at 07:46 AM.
looks like, it needs gold membership which is $5/month. i guess that's why no buzz on this.
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Joined May 2006
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hbasavar
08-14-2024 at 08:29 PM.
08-14-2024 at 08:29 PM.
Robinhood Gold is the best decision I made. Last month I made over $800 in interest alone on the money that is sitting in cash at 5% interest. Losing $5 per month is not a big deal along with this credit card... you're going to make up that money and many times more.
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Joined Aug 2005
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> bubble2 1,538 Posts
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kcobra
08-30-2024 at 07:40 AM.
08-30-2024 at 07:40 AM.
Quote from hbasavar :
Robinhood Gold is the best decision I made. Last month I made over $800 in interest alone on the money that is sitting in cash at 5% interest. Losing $5 per month is not a big deal along with this credit card... you're going to make up that money and many times more.
What's the advantage of paying them $5 per month to give you 5% interest rate versus the multiple other banks, brokerages, etc that charge you nothing for the same interest rate?
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Joined May 2006
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hbasavar
08-30-2024 at 08:04 AM.
08-30-2024 at 08:04 AM.
Quote from kcobra :
What's the advantage of paying them $5 per month to give you 5% interest rate versus the multiple other banks, brokerages, etc that charge you nothing for the same interest rate?
I earn 5.5% APY on my savings account at another bank. But no brokerage gives you 5% APY on your parked money that is lying there uninvested in your account. I lost lot of money like that with ETrade. Unless your whole balance is invested in the market all the time, this is a good option to have where your uninvested cash is automatically earning at least 5%.
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Joined Aug 2008
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minifigg
09-04-2024 at 11:58 AM.
09-04-2024 at 11:58 AM.
But Robinhood tho...
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