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's designed for people who already use the Robinhood investing app and want a card that ties rewards back to their brokerage account. Unlike most credit cards, which deposit cash back into a separate account or statement credit, the Robinhood card puts your rewards directly into your Robinhood account as buying power.
The card itself is a standard Visa that works anywhere Visa is accepted. There is no annual fee. The main difference from other cash-back cards is the destination of your rewards — they land in your investment account rather than your bank account, which means you can use them to buy stocks, ETFs, or crypto on the platform.
Key Takeaways
- The Robinhood credit card earns cash back that deposits directly into your Robinhood brokerage account, not your bank account.
- There is no annual fee, but you need an existing Robinhood account and must meet the card issuer's credit requirements to be considered.
- The cash-back rate varies depending on how you spend — different categories earn different percentages, and the exact rates depend on your card tier.
- Your credit history, income, and existing debts all factor into whether you will be approved and what interest rate you receive.
- Using the card responsibly — paying your full balance on time each month — is the only way the rewards actually benefit you financially.
How Cash Back Works With This Card
When you use the Robinhood card to make a purchase, you earn a percentage of that purchase back as a reward. That percentage depends on what you buy. For example, you might earn a higher rate on dining or travel purchases and a lower rate on everything else. The exact cash-back structure changes based on which version of the card you hold.
The cash back does not go to your credit card statement or a separate savings account. Instead, it appears in your Robinhood account as buying power — money you can when ready use to purchase stocks, ETFs, or cryptocurrencies on the platform. If you do not use Robinhood to invest, this card's main benefit disappears, because you cannot straightforward withdraw the cash back to your bank account the way you can with most other rewards cards.
You earn rewards on every purchase you make with the card, including recurring bills, groceries, and gas. The rewards accumulate in real time, so you can watch your buying power grow as you spend.
What You Need to Open an Account
To get the Robinhood credit card, you must first have an active Robinhood brokerage account. If you do not already use Robinhood to invest, you will need to open one before you can even request the card. Opening a Robinhood account takes about 10 minutes and requires your Social Security number, date of birth, address, and employment information.
Once your brokerage account is open and verified, you can request the credit card through the Robinhood app. The card issuer will then review your credit history, income, and existing debts to decide whether to approve you. This is a hard credit inquiry, which means it will show up on your credit report and may temporarily lower your credit score by a few points.
You do not need to have any money invested in your Robinhood account to request the card — the account just needs to exist and be in good standing. However, the card issuer's approval decision is based on your creditworthiness, not your investment activity.
Interest Rates and Fees You Should Know
The Robinhood credit card has no annual fee, which is a genuine advantage over some premium rewards cards. However, like all credit cards, it charges interest if you carry a balance from month to month. The interest rate you receive depends on your credit score and credit history — people with higher scores typically get lower rates, while those with lower scores pay more.
If you miss a payment, the card issuer will charge a late fee. If you go over your credit limit, you may face an over-limit fee. If you use the card to withdraw cash from an ATM, you will pay a cash advance fee plus interest starting when ready — this is almost never worth doing with a rewards card.
The only way to avoid interest charges is to pay your full statement balance by the due date each month. If you carry a balance, the interest you pay will quickly erase any rewards you earned, making the card a net loss financially.
How the Card Affects Your Credit
Opening a new credit card triggers a hard inquiry on your credit report, which can lower your score by a few points temporarily. Once the account is open, your credit score may go down slightly at first because you now have a new account with no history, but it will recover over time as you use the card responsibly.
Using the card and paying your balance in full each month actually helps your credit score in the long run. It shows lenders that you can manage credit responsibly. However, if you carry a balance or miss payments, your score will drop significantly and stay down until you catch up.
Your credit utilization — the percentage of your available credit that you are actively using — also affects your score. If you max out the card or use a large percentage of your limit, your score will take a hit even if you pay on time. Financial experts generally recommend keeping your utilization below 30 percent of your total available credit.
Comparing This Card to Other Rewards Cards
The main difference between the Robinhood card and a typical cash-back card is where your rewards go. Most cards let you take your cash back as a statement credit, a deposit to your bank account, or points you can redeem for travel or merchandise. The Robinhood card forces you to use your rewards as investment buying power.
This is an advantage if you already invest regularly and want to add to your portfolio without thinking about it. It is a disadvantage if you do not use Robinhood, because you cannot access your rewards as cash. Some people also prefer to keep their investing separate from their spending rewards, which this card does not allow.
The cash-back rates on the Robinhood card are competitive with other no-annual-fee cards, but not necessarily better. Before you request this card, compare the cash-back structure to cards from other issuers to see whether the rates match what you would get elsewhere. The deciding factor for most people is whether they already use Robinhood and want their rewards to land there automatically.
What Happens After You Are Approved
Once you are approved, the card issuer will mail you a physical card, which typically arrives within 7 to 10 business days. You can usually start using a temporary card number in the Robinhood app when ready while you wait for the physical card to arrive.
When your card arrives, set up it through the Robinhood app or by calling the number on the back. You can then use it anywhere Visa is accepted. Your monthly statement will appear in the Robinhood app, and you can pay your balance directly from there or set up automatic payments.
Your cash-back rewards will show up in your Robinhood account within a few days of each purchase. You can see them accumulating in real time and use them to buy investments whenever you want. There is no minimum amount you need to accumulate before you can use the rewards.
Frequently Asked Questions
Do I need to have money invested in Robinhood to get this card?
No. You need an active Robinhood account, but it does not need to have any money in it. The account just needs to be open and verified. Your approval is based on your credit history and income, not on your investment activity.
Can I withdraw my cash-back rewards as actual cash?
No. Your rewards are buying power in your Robinhood account, which means you can only use them to purchase stocks, ETFs, or crypto on the platform. You cannot transfer them to your bank account or withdraw them as cash.
What happens if I do not pay my balance in full?
You will be charged interest on the remaining balance at the rate assigned to your account. The interest will accrue daily and compound monthly. If you carry a balance for several months, the interest charges will likely exceed the cash-back rewards you earned, making the card a net loss.
How long does it take to get approved?
The card issuer typically makes a decision within a few minutes to a few hours of your request. If you are approved, your physical card will arrive within 7 to 10 business days, though you can usually use a temporary card number when ready.
Will this card hurt my credit score?
Opening the card will cause a small temporary dip in your score due to the hard inquiry and the new account. However, if you use the card responsibly and pay your balance in full each month, your score will recover and improve over time. Missing payments or carrying a high balance will damage your score significantly.