What the Robinhood Credit Card Is
The Robinhood Credit Card is a cash-back rewards card issued by Robinhood Financial in partnership with a bank. It offers cash back on purchases and is designed for people who already use Robinhood's investment platform or are interested in investing. The card itself is not an investment product — it works like any other credit card for everyday spending — but Robinhood markets it as part of a broader financial ecosystem.
As of now, the card is in limited availability and has not been rolled out to all applicants who request it. Robinhood has been selective about who receives the card, and the program has faced delays since its announcement. Before you plan around having this card, you should know that you may not be able to get one when ready, and the terms and rewards structure may change as the program expands.
Key Takeaways
- The Robinhood Credit Card offers cash-back rewards but is not yet widely available to all who request it.
- You must have a Robinhood brokerage account to be considered for the card, and approval depends on Robinhood's internal review process.
- The card's rewards rate and annual fee (if any) have not been finalized or publicly confirmed for all tiers of users.
- Like any credit card, the Robinhood card will report to credit bureaus and affect your credit score based on your payment history and credit utilization.
- You can check your status in the Robinhood app if you have requested the card, but there is no way to speed up the review process.
How to Request the Card
To request the Robinhood Credit Card, you must first have an active Robinhood brokerage account. If you do not have one, you will need to open an account through the Robinhood app or website, which involves providing your Social Security number, address, and employment information. The account opening process typically takes a few minutes.
Once your brokerage account is set up, you can look for the credit card option within the Robinhood app. Robinhood has been rolling out access in waves, so not everyone sees the option when ready. If you see the card offer, you can express interest, but this does not may provide you will receive one. Robinhood then reviews your account based on factors like your account history, trading activity, and creditworthiness.
There is no public timeline for when you will hear back, and Robinhood does not publish the specific criteria it uses to approve or deny card requests. Some users have reported waiting months after requesting the card without receiving approval or a clear rejection.
Rewards and Fees You Should Know
Robinhood has not publicly locked in final details about the card's rewards structure or whether there will be an annual fee. Early information suggested the card would offer cash back on purchases, but the exact percentage varies depending on the category of purchase and possibly on your account status with Robinhood.
Because the card is still in a limited rollout phase, the terms you see advertised may not match the terms you receive if you are approved. Before you count on specific rewards rates or assume there is no annual fee, contact Robinhood directly or check the terms in your card agreement once you receive it.
Like any credit card, the Robinhood card will charge interest on balances you do not pay in full each month. The interest rate (APR) will depend on your credit score and creditworthiness at the time of approval. You should compare this rate to other cards you might be considering.
How the Card Affects Your Credit
When you request the Robinhood Credit Card, Robinhood will perform a hard inquiry on your credit report. This inquiry will lower your credit score by a small amount, usually between 5 and 10 points, and will remain on your report for about a year. If you are denied, the inquiry still appears on your report.
Once you receive the card and begin using it, your payment history and credit utilization will be reported to the three major credit bureaus — Equifax, Experian, and TransUnion. Paying your bill on time every month will help your credit score over time. Carrying a high balance relative to your credit limit will lower your score, even if you pay on time.
If you already have multiple credit cards or have recently requested several cards, adding another hard inquiry may have a larger impact on your score. Consider spacing out credit card requests if you are planning to explore for a loan or mortgage in the near future.
Comparing the Robinhood Card to Other Rewards Cards
The main reason to choose the Robinhood card over another rewards card is convenience if you already use Robinhood to invest. You can see your spending and rewards in the same app where you manage your investments. However, this convenience does not automatically make the card a better financial choice.
Many established credit card issuers offer higher cash-back rates, no annual fees, and better sign-up bonuses than what Robinhood has announced so far. Cards from Chase, American Express, Capital One, and Discover often have more generous rewards and clearer terms because they have been in the credit card business longer. If you do not have a strong reason to use Robinhood's card, comparing the actual rewards rates and fees to cards from these issuers is worth your time.
The Robinhood card may also be less useful if you do not plan to keep a brokerage account open. If you close your Robinhood account, you may lose access to the card or its benefits, depending on Robinhood's policies.
What Happens If You Are Denied
If Robinhood denies your request for the card, you will not receive a detailed explanation of why. Robinhood may cite general reasons like credit score, income, or account history, but you will not know which specific factor led to the denial.
You can request a copy of your credit report from AnnualCreditReport.com to see if there are errors that may have affected the decision. If you find errors, you can dispute them with the credit bureau. You can also wait a few months and request the card again if your credit situation has improved.
If you need a credit card now and cannot wait for Robinhood's approval, you should explore other options. Cards with lower credit score requirements or cards designed for people building credit may be easier to get approved for.
Frequently Asked Questions
Do I need to have money invested in Robinhood to get the card?
You need to have an active Robinhood brokerage account, but Robinhood has not publicly stated whether you need to have a minimum balance or any investments at all. Some users have reported being approved with very small account balances, while others with larger balances have been denied. Your overall account history and credit profile likely matter more than the dollar amount you have invested.
Can I use the card if I do not have a Robinhood account?
No. The card is tied to your Robinhood account, and you must have an active brokerage account to request it. If you close your Robinhood account, you may lose the ability to use the card or access its benefits.
How long does it take to get approved?
There is no set timeline. Some users have reported approval within days, while others have waited months without hearing back. Robinhood does not publish approval timelines, and there is no way to check your status beyond looking in the app. If you have been waiting longer than a few weeks, you can contact Robinhood support to ask about your request.
What if my credit score is low?
A lower credit score makes approval less likely, but Robinhood has not published its minimum credit score requirement. You can check your own credit score for free through services like Credit Karma or AnnualCreditReport.com. If your score is below 650, approval may be difficult, but it is not impossible. Improving your score by paying down existing debt or fixing errors on your report may help your chances if you request the card again later.
Will the card help me build credit?
Yes, if you use it responsibly. Making on-time payments and keeping your balance low relative to your credit limit will help your credit score grow over time. However, missing payments or carrying a high balance will damage your score. The card itself is not special in this regard — any credit card used responsibly will help build credit.