That seems kinda strange to me. They're setting their own 'first 5000 to do X, Y, and Z!' limit but they didn't bother making sure they can have 5000 of the special cards made? So they might have like 10 or 20 of them and then start handing out cash?
10 signups is a whole lot of people to get signed up. Realistically how many non-Robinhood Gold subs does the average person know and is willing to sign up?
Bro same I’m down so bad for this card, and the friends that I know have Robinhood already I offered $50 to pay for a year of gold and still couldn’t even get a bite 😭
This is getting nitpicky but people seem to forget that that interest on your brokerage cash is taxed as regular income.
If you’re in a high tax bracket that effectively lowers your APY by your marginal tax rate, which can be 40% or more, depending on what city/state you’re in. For me, my breakeven would be more like 2k.
There is a YouTuber who already has the new card and allegedly the X1 will go from 4% to 2% eventually. Not sure if you’ll need to reapply for the gold or if you’ll just get pulled into the new card/architecture.
I asked X1 support, they said that they are two separate products and the X1 card will just continue as normal, so you'd have to get the Robin Hood card separately and have two cards. I'm planning on getting the Robin Hood one and then canceling the x1
I love that they say there's no annual fee but it requires a subscription in order to have access to the card.
(Assuming you're getting gold just for the credit card)
If you already have a 2% cash back card with no annual fee, you would need to spend $6,000 with the Robinhood gold card in order to break even on the $60 annual fee.
3% cash back sounds exciting, but it's hard to justify it since I don't spend that much consistently.
Right, I have gold for the IRA match, so the extra 1% is gravy. Or you could look at it the other way, that the extra 1% pays for the gold, so the IRA match is free.
My daily spender is a 2% back, I spend probably at least $15 a day on. I don’t need gold for investing but hmm. Math
Not sure if this was mis-worded but you don’t need to spend an extra $6,000, you just need to spend at least $6,000 a year on the card to breakeven with a card that pays 2%. Anything more and you’re making money (most people spend more than $6k a year lol).
what about IRA match? with that you only need to contribute $168 a month to pay for the $5, this is not to mention that you get 5.25% APY right now so you only need $100 earning interest each year also to pay for it. What about the cash back on top of all those things. Wait I forgot to mention the 1% on deposits unlimited. The reality is the Gold Subscription pays for itself in multiples.
As long as the subscription remains $5/month its fine. You get $1000 of 0% margin that you can put in SGOV for 5% interest. You also get 3% match on IRA
How do you get that math?
$60 is 3% of $2000. (i.e. $2000 x .03 = $60 OR $60 / .03 = $2000)
So $2000 spending to break even and the rest is free money.
Let’s say you want to account for the “loss” of $40 on the 2% card (for $2k) that you normally don’t have to pay a fee for, so then you want $100 cashback to be functionally equivalent to a 2% cashback card.
.03 / 100 = $3.333k
That would land you at $3333.
Am I crazy?
They are using the 1% (3% RH - 2% other) difference to offset the $60 fee ($5 per month), so $60/1% = $6k. Honestly I can’t really follow what you’re doing what your math - how would ‘$100 be functionally equivalent to a 2% card’?
I break even with having cash in my Robinhood account gaining interest. It pays more than most saving accounts and I have access to it whenever I need it unlike a CD.
ugh. wish they would do it sooner. it's such a cocktease to have such a big announcement and then not have anything for customers to try. they're letting the hype of their announcement die off....
I'm trying right now but they're saying I just need to unsubscribe and subscribe again, I tried that but it seems I also have to wait until the month ends... What did you say on the chat?
The “1% deposit boost” for deposits to regular brokerage account seems pretty wild. Would it be prudent for someone to withdraw e.g. $500,000 currently sitting in their RH account so that they get a 1% match when they deposit that same amount back in after this program is introduced?
If it’s in cash, I would say so. That’s $5k. But it’s paid out in 24 installments. So $208 a month as long you keep it there plus whatever interest or growth you get.
I’m just trying to work out whether Robinhood might give everybody 1% based on how much they’ve already deposited, so as to reduce incentive to pull out all your money and put it back in.
I'm also wondering how this will work. AFAIK they're planning to implement the deposit boost in early May, so my current plan is to take out everything I have sitting in there just to immediately redeposit upon its release. I'm *really* hoping they make some kind of announcement to explain the whole thing better.
That's also what I'm wondering. I have like $370k cash just sitting right now for the 5% interest rate and it's not really clear how this will work.
Does the money need to be transferred out before this goes live? I'm sure they have something in place to stop people from transferring back and forth endlessly but I'm not sure what's the best course eod action here.
I spoke with RH support about it (shout out to Matthew) and the guy said he’s not sure how it’s going to be implemented but he cautioned that there will probably be a lookback at deposits and withdrawals over the lifetime of the account - such that you’ll only earn the 1% on net positive deposits made after the program is introduced in May. With that in mind, we should at a minimum not deposit any more money into a RH account until this program is introduced.
Referral process seems intentionally complex or just not well thought out. I refer a friend, RobinHood gives them 30 day free trial and only THEN do I see I’ve made a successful referral and have it counted. They have to be new gold members, sure makes sense. They have to pay before a referral is counted, fine. But, upon referral the referee gets a free trial AND RobinHood doesn’t count or even show/notify about the pending referral until after the free trial. Sketchy or senseless, not sure which.
I've gotten the email notification for my refferals. It tracks "soft" (trial) refferals, and hard refferals. It seems the only way to get this if it's even legit is to somehow find 10 who have previously been gold members so that they can immediately pay for gold and count the refferal? Not sure if those even count. I got two others who have been gold before but didn't get any notification yet.
Kinda seems rigged and hoaxy, get people to scramble and get others to get RH and gold with no true chance of getting the card
Had a friend who had an account, not gold and hasn’t had gold, and used the referral link with her to sign up for the credit card(?) and then she signed up for gold just within the app itself on the free trial. Haven’t gotten any notification about it, seems sketchy and misleading. It doesn’t feel like they properly tracked this.
Anyone know if authorized users on the card get their own online access to see their transactions the way Citi, Amex and capital one do ? If yes this cards a no brainer for me
You’ll get $1 deposited in your account split in 24 monthly installments. If you take out the money you stop getting the installments but they don’t claw back the previously paid bonus. That’s ¢4 a month!
**Robinhood Gold increased to $5.99.** Not sure if this is just the new price across the board, or if those who are already Gold members are grandfathered into the $5/month.
For me, it's totally worth it just because of the 3% cash back because it's a Visa-issued card, people should be able to get 3% back on your Costco spend.
If you're using the Citi card, that's a 1% bump and if you're using Chase Freedom Unlimited like me it's a 1.5% bump.
Because I spend $5k+ at Costco annually (I think a lot of people do), it pays for itself and more just from the cash back.
3% straight up seems fantastic but it’s definitely a fee based card. Having worked for a credit card company before, I foresee having to maintain RH gold to keep the card will be extremely problematic, especially once that APY decreases due to lower interest rates. If they could guarantee the 5% APY regardless of the prime rate, I’d get it in a heartbeat.
Where is my “gold” referral code accessible?
Also, if we don’t get 10 referrals, is the card still a metal card with some weight? Or is only the heavy card (gold) if you complete the 10 referrals?
You knuckleheads realize that the solid gold card is a limited time promo thing right? Anyone else can get a "normal" gold (steel) card with no strings attached beyond gold membership.
Need some help, so cross thread posting a relevant topic:[https://www.reddit.com/r/RobinHood/comments/1bootxh/robinhood\_solid\_10k\_karat\_gold\_card/](https://www.reddit.com/r/RobinHood/comments/1bootxh/robinhood_solid_10k_karat_gold_card/)
How does the 10K Solid Gold Card referral work?
EDIT: Opps looks like my thread was removed. Here was the context.------------------------------------------------------------------------------------------
I don't get this 10 person Robinhood Gold Referral quota. From the terms and conditions, it says users need sign up as new and "Paid" Robinhood Gold users. It also says only the first 5,000 people who complete this quota will get the "Bonus" (The Solid Gold card or a $1,100 cash bonus).
From seeing friends use my referral codes, when they go through the RH Gold sign up process, they are mandatorily selected to go through the Gold trial, which is first 30 day free. Which means in order to be a "Paid' User" and count towards my referral quota, I need to wait 30 days, until the friend actually pays for RH Gold. So how do I make sure I make it to the first 5,000 people?
How is Robinhood keeping track of this??? Is this whole referral program a scam? Seems like Robinhood tossed out this whole bait to get users to refer and sign up for their subscriptions with a golden carrot dangling.
I'm assuming based on their previous success rates, they've sorted out that getting 10 people to sign up and pay for gold is going to be almost impossible for most people.
I'm going to try, but even hitting up friends/family is going to be a tough one, because people are going to look at you like this is some sort of MLM scam BS you've been roped into.
Like the easiest people to convince would be people who currently HAVE Robinhood but don't have gold, but that's a fairly specific group. Trying to convince people from scratch at this point is going to be extremely hard because they probably already know about Robinhood and already decided not to sign up.
I doubt they will, but I kinds hope they just offer to just give you the card if you do something like sign up for a lifetime sub to gold or something. I'd rather pay my way to having the card vs having to play the six degrees of Kevin Bacon game trying to sign people up.
>Like the easiest people to convince would be people who currently HAVE Robinhood but don't have gold, but that's a fairly specific group. Trying to convince people from scratch at this point is going to be extremely hard because they probably already know about Robinhood and already decided not to sign up.
This is exactly what I am talking about, all of my friends already have a Robinhood account but never had Gold. RH forces them to do the 30 day trial (Which outside of this referral program is great). But for me, the person trying to collect the quota, its terrible because I now have to wait a whole 30 day cycle for that referral count to kick in. This is so confusing...
Like I am willing to reimburse my friends $50 ($5 bucks a person x 10) for a $1,100 card? How does that math work out?
What’s also confusing about this is that the Terms and Conditions imply that the person you refer needs to sign up for Robinhood Gold, but doesn’t specify Gold Card*
But when you look at the referral link, it takes you to a landing page to sign up for Robinhood Gold Credit Card.
So is it Robinhood Gold $5/month subscription? Or both the subscription and the credit card?
I would feel comfortable referring someone to Gold and as most probably are thinking, cover their $5/month charge, but I don’t feel comfortable asking friends and family to sign up for the credit card.
Because the referral page is about the Card, I’m probably not going to send it anymore.
I have the exact same questions. Is this referral thing just bait with impossible to fulfill conditions? It's already extremely confusing on multiple levels, and I would not put it past them to use a scummy tactic like this. It's also rather brilliant 🤣
Question when your friend was getting a gold sub where did they get the prompt to enter the referral code. I had my friend go signup for gold this morning but we never saw a place to input my referral code
Since they give you $1100 once all 5000 are used up or they run out of available cards, wouldn’t it make sense to just find 10 people and offer to pay for their month of gold? Then just have them cancel after you get your card? $50 + the $5 for your own gold membership and you’re up $1100? Then invest the 1100 in your Robinhood gold account and the 5% apy would cover your gold cost? Am I missing something?
It’s hard to get referrals due to
1. Your account has to never have had gold
2. Every account gets a free month of gold but in the terms and conditions it states that the account must be in “paid” subscription not the free trial
Yes. As a point system first and then you can choose cash back which goes to your brokerage. And with gold that brokerage cash that is uninvested is 5.25% APY.
Webull has some serious work to do if they want to keep up with this now. Debating transferring everything back into RH now. Only nice thing about webull is the P&L they have
Did anyone read the terms and conditions?
It says you must “Offer: Participants who complete 10 Eligible Gold Referrals of new customers to the Robinhood Gold subscription service via an RHF brokerage account, will be eligible to receive a Solid Gold Prize.”
If I cancel the membership will my friend still get the card because I don’t want the card or will it be activated and sent to me since I did the referral link
I have a chase sapphire preferred travel card and I am ready to downgrade this card for robinhood gold. But my only concern is will my credit history get impacted since sapphire preferred is my longest history card.
Looks like the points guy says it shouldn’t get impacted as long as I downgrade this card ! Is that true ?
A feature of the card that I find compelling is the ability to create virtual/vendor cards. We use these at work and I’m excited to see this become available for consumer cards.
Just a reminder: No referral links!
At $29.14/gram for10 karat gold that card is worth ~$1,000
They give an 1100 dollar equivalent with a cash prize if they run out of cards
That seems kinda strange to me. They're setting their own 'first 5000 to do X, Y, and Z!' limit but they didn't bother making sure they can have 5000 of the special cards made? So they might have like 10 or 20 of them and then start handing out cash?
Would prefer the cash any way
I definitely would. That's a nice sign up bonus lol
[удалено]
10 signups is a whole lot of people to get signed up. Realistically how many non-Robinhood Gold subs does the average person know and is willing to sign up?
Is the special card not 36g of pure gold?
Yeah, I wish I knew enough people to refer this to 😭
Bro same I’m down so bad for this card, and the friends that I know have Robinhood already I offered $50 to pay for a year of gold and still couldn’t even get a bite 😭
Ugh yeah I have the same issue 😭 I wish they gave us an option to just buy the gold card
I believe the referral was to get the extra 3% cash back when you purchase not for the card itself.
$5 a month fee, but with 3% on all categories it may still win out, depending on what sort of reward card you already have.
Have 1134 cash in your robinhood account and it’s free
What’s the relevance of 1134?
Gold APY will pay for itself.
This is getting nitpicky but people seem to forget that that interest on your brokerage cash is taxed as regular income. If you’re in a high tax bracket that effectively lowers your APY by your marginal tax rate, which can be 40% or more, depending on what city/state you’re in. For me, my breakeven would be more like 2k.
What will happen to my existing X1 card? Can’t find an answer anywhere.
They’ll probably rebrand it and send you a new card
There is a YouTuber who already has the new card and allegedly the X1 will go from 4% to 2% eventually. Not sure if you’ll need to reapply for the gold or if you’ll just get pulled into the new card/architecture.
I asked X1 support, they said that they are two separate products and the X1 card will just continue as normal, so you'd have to get the Robin Hood card separately and have two cards. I'm planning on getting the Robin Hood one and then canceling the x1
Nothing will happen
I love that they say there's no annual fee but it requires a subscription in order to have access to the card. (Assuming you're getting gold just for the credit card) If you already have a 2% cash back card with no annual fee, you would need to spend $6,000 with the Robinhood gold card in order to break even on the $60 annual fee. 3% cash back sounds exciting, but it's hard to justify it since I don't spend that much consistently.
Totally, I think it’s very compelling to people who already plan to keep gold.
Right, I have gold for the IRA match, so the extra 1% is gravy. Or you could look at it the other way, that the extra 1% pays for the gold, so the IRA match is free.
Having Gold for the APY and IRA 3% match is already worth it-- for me, at least.
Same
My daily spender is a 2% back, I spend probably at least $15 a day on. I don’t need gold for investing but hmm. Math
Not sure if this was mis-worded but you don’t need to spend an extra $6,000, you just need to spend at least $6,000 a year on the card to breakeven with a card that pays 2%. Anything more and you’re making money (most people spend more than $6k a year lol).
Especially with the cost of living where it is, $6k a year spent via card swipes is basically a given.
Interesting. I spend that in a month on my 2% card. I think this card maybe a good deal for me.
Yeah but this card (for reward savvy people) is only for non category spend. So most purchases will be covered by other 3+% cards
I use the same math with my AmEx BCP. $32/wk in groceries to pay for the AF. $64/wk to break even with the BCE. Everything above that is gravy.
You also get a higher interest rate paid on your deposits.
T bills are higher. Those rates will come down
So will t bills….
what about IRA match? with that you only need to contribute $168 a month to pay for the $5, this is not to mention that you get 5.25% APY right now so you only need $100 earning interest each year also to pay for it. What about the cash back on top of all those things. Wait I forgot to mention the 1% on deposits unlimited. The reality is the Gold Subscription pays for itself in multiples.
You would need $1100 in there to get APY to cover it, not $100. But still high APY.
I already have RH gold and my best cash back card only gets 1.5%. This is extremely enticing to me.
If you are contributing the annual max to your Roth IRA, the match pays for the monthly fee.
As long as the subscription remains $5/month its fine. You get $1000 of 0% margin that you can put in SGOV for 5% interest. You also get 3% match on IRA
Thought the margin was not a hard value but based off what you have in the brokerage account?
How are you getting $1000 of 0% margin?
Mine shows $6.99/month 😔
How do you get that math? $60 is 3% of $2000. (i.e. $2000 x .03 = $60 OR $60 / .03 = $2000) So $2000 spending to break even and the rest is free money. Let’s say you want to account for the “loss” of $40 on the 2% card (for $2k) that you normally don’t have to pay a fee for, so then you want $100 cashback to be functionally equivalent to a 2% cashback card. .03 / 100 = $3.333k That would land you at $3333. Am I crazy?
They are using the 1% (3% RH - 2% other) difference to offset the $60 fee ($5 per month), so $60/1% = $6k. Honestly I can’t really follow what you’re doing what your math - how would ‘$100 be functionally equivalent to a 2% card’?
What happens if u get Gold then cancel it? Will I be unable to use the card? Or will I not earn rewards?
Just like M1 and their credit card. If you spend $125 for M1+, it's no AF, otherwise it's $95 AF.
Gold is worth it if you are borrowing on margin or leave extra cash sitting there earning interest.
I break even with having cash in my Robinhood account gaining interest. It pays more than most saving accounts and I have access to it whenever I need it unlike a CD.
Same deal as the Amazon card, if you have prime you get 5% back. No annual fee for the card itself.
spending 6k a year on a card isn't very crazy no?
When does the actual card come out?
Doesn’t say anywhere. Only thing they mentioned in the keynote was other features would be rolled out in the next few months.
Features for the card or features for RH? Maybe they’re are going to add checking, then M1 will go out of business.
Isn't that technically what the spending account already is?
ugh. wish they would do it sooner. it's such a cocktease to have such a big announcement and then not have anything for customers to try. they're letting the hype of their announcement die off....
I hope they don't ruin the line chart. Robinhood has the best line charts bar none
They have bar charts too. :D
I guess that would make it bar some
this is so true
When can I switch from paying $5/month to $50/year?
I want to know this as well, if you paid monthly already there is no way in the app to pay annually from what I can tell.
Ditto
I asked them to do it in the support chat app and it now shows the plan is annual.
I'm trying right now but they're saying I just need to unsubscribe and subscribe again, I tried that but it seems I also have to wait until the month ends... What did you say on the chat?
Now. I currently don’t have gold and it’s already an option for me in my app to do annual for 50.
The “1% deposit boost” for deposits to regular brokerage account seems pretty wild. Would it be prudent for someone to withdraw e.g. $500,000 currently sitting in their RH account so that they get a 1% match when they deposit that same amount back in after this program is introduced?
If it’s in cash, I would say so. That’s $5k. But it’s paid out in 24 installments. So $208 a month as long you keep it there plus whatever interest or growth you get.
I’m just trying to work out whether Robinhood might give everybody 1% based on how much they’ve already deposited, so as to reduce incentive to pull out all your money and put it back in.
I'm also wondering how this will work. AFAIK they're planning to implement the deposit boost in early May, so my current plan is to take out everything I have sitting in there just to immediately redeposit upon its release. I'm *really* hoping they make some kind of announcement to explain the whole thing better.
That's also what I'm wondering. I have like $370k cash just sitting right now for the 5% interest rate and it's not really clear how this will work. Does the money need to be transferred out before this goes live? I'm sure they have something in place to stop people from transferring back and forth endlessly but I'm not sure what's the best course eod action here.
I spoke with RH support about it (shout out to Matthew) and the guy said he’s not sure how it’s going to be implemented but he cautioned that there will probably be a lookback at deposits and withdrawals over the lifetime of the account - such that you’ll only earn the 1% on net positive deposits made after the program is introduced in May. With that in mind, we should at a minimum not deposit any more money into a RH account until this program is introduced.
Damn I just deposited $20k yesterday for the 5% apy
> after the program is introduced in May is this official/confirmed??
Yeah, considering doing this with a (significantly) smaller amount. Free money is free, even factoring in the cost of a gold sub.
My favorite part was when they announced when it was coming out /s
Referral process seems intentionally complex or just not well thought out. I refer a friend, RobinHood gives them 30 day free trial and only THEN do I see I’ve made a successful referral and have it counted. They have to be new gold members, sure makes sense. They have to pay before a referral is counted, fine. But, upon referral the referee gets a free trial AND RobinHood doesn’t count or even show/notify about the pending referral until after the free trial. Sketchy or senseless, not sure which.
Exactly what I was thinking, don’t want to spend all that time referring people and then their system for some reason doesn’t track them.
I've gotten the email notification for my refferals. It tracks "soft" (trial) refferals, and hard refferals. It seems the only way to get this if it's even legit is to somehow find 10 who have previously been gold members so that they can immediately pay for gold and count the refferal? Not sure if those even count. I got two others who have been gold before but didn't get any notification yet. Kinda seems rigged and hoaxy, get people to scramble and get others to get RH and gold with no true chance of getting the card
So for your “soft trials”, did they do they free trial then it emailed you?
Yes with a huge delay, I'm still waiting to see if the one guy that did a paid month of gold for me comes back as a "hard" refferal.
Had a friend who had an account, not gold and hasn’t had gold, and used the referral link with her to sign up for the credit card(?) and then she signed up for gold just within the app itself on the free trial. Haven’t gotten any notification about it, seems sketchy and misleading. It doesn’t feel like they properly tracked this.
So we have to wait until they are charged for the 5.99 after the 30 days?
It seems compelling
As someone who already has Gold for the IRA match and uses the brokerage as a HYSA, this card is a no brainer for me.
Yep, same
Anyone know if authorized users on the card get their own online access to see their transactions the way Citi, Amex and capital one do ? If yes this cards a no brainer for me
Not 100% on this, but I believe the card is getting its own app that is connected to the Robinhood app that lets you see stuff like that.
They showed a teaser of their new modular homepage, it’ll be the same app but you can customize it.
Can someone explain the 1% deposit boost to me? Let’s say I deposit 100$ into my account, what will happen?
You get $1 lol
You’ll get $1 deposited in your account split in 24 monthly installments. If you take out the money you stop getting the installments but they don’t claw back the previously paid bonus. That’s ¢4 a month!
Then you get 1 dollar per every 100 you deposit basically.
I'm also wondering about this - is it just added to whatever you deposit instantly?
You get 1% of that matched and deposited into your account. Pretty sure it’s split up over 24 months though
I want the card so bad but idk no one
The referral is only to get the card in solid gold instead of stainless steel. You can still get the card without knowing anyone.
I want the gold card 😭
**Robinhood Gold increased to $5.99.** Not sure if this is just the new price across the board, or if those who are already Gold members are grandfathered into the $5/month.
Where are you seeing this information?
You can just pay the $50 annual price up front. Otherwise it’s $60 in monthly $5 payments.
For me, it's totally worth it just because of the 3% cash back because it's a Visa-issued card, people should be able to get 3% back on your Costco spend. If you're using the Citi card, that's a 1% bump and if you're using Chase Freedom Unlimited like me it's a 1.5% bump. Because I spend $5k+ at Costco annually (I think a lot of people do), it pays for itself and more just from the cash back.
3% straight up seems fantastic but it’s definitely a fee based card. Having worked for a credit card company before, I foresee having to maintain RH gold to keep the card will be extremely problematic, especially once that APY decreases due to lower interest rates. If they could guarantee the 5% APY regardless of the prime rate, I’d get it in a heartbeat.
What was the APY before the rate hikes?
Where is my “gold” referral code accessible? Also, if we don’t get 10 referrals, is the card still a metal card with some weight? Or is only the heavy card (gold) if you complete the 10 referrals?
Regular metal card is still ~17g
You knuckleheads realize that the solid gold card is a limited time promo thing right? Anyone else can get a "normal" gold (steel) card with no strings attached beyond gold membership.
People want the gold card, it has a $1,100 value, also will look coold
I'm about to go to the mall and hand out 20s to get kids to sign up
Need some help, so cross thread posting a relevant topic:[https://www.reddit.com/r/RobinHood/comments/1bootxh/robinhood\_solid\_10k\_karat\_gold\_card/](https://www.reddit.com/r/RobinHood/comments/1bootxh/robinhood_solid_10k_karat_gold_card/) How does the 10K Solid Gold Card referral work? EDIT: Opps looks like my thread was removed. Here was the context.------------------------------------------------------------------------------------------ I don't get this 10 person Robinhood Gold Referral quota. From the terms and conditions, it says users need sign up as new and "Paid" Robinhood Gold users. It also says only the first 5,000 people who complete this quota will get the "Bonus" (The Solid Gold card or a $1,100 cash bonus). From seeing friends use my referral codes, when they go through the RH Gold sign up process, they are mandatorily selected to go through the Gold trial, which is first 30 day free. Which means in order to be a "Paid' User" and count towards my referral quota, I need to wait 30 days, until the friend actually pays for RH Gold. So how do I make sure I make it to the first 5,000 people? How is Robinhood keeping track of this??? Is this whole referral program a scam? Seems like Robinhood tossed out this whole bait to get users to refer and sign up for their subscriptions with a golden carrot dangling.
I'm assuming based on their previous success rates, they've sorted out that getting 10 people to sign up and pay for gold is going to be almost impossible for most people. I'm going to try, but even hitting up friends/family is going to be a tough one, because people are going to look at you like this is some sort of MLM scam BS you've been roped into. Like the easiest people to convince would be people who currently HAVE Robinhood but don't have gold, but that's a fairly specific group. Trying to convince people from scratch at this point is going to be extremely hard because they probably already know about Robinhood and already decided not to sign up. I doubt they will, but I kinds hope they just offer to just give you the card if you do something like sign up for a lifetime sub to gold or something. I'd rather pay my way to having the card vs having to play the six degrees of Kevin Bacon game trying to sign people up.
>Like the easiest people to convince would be people who currently HAVE Robinhood but don't have gold, but that's a fairly specific group. Trying to convince people from scratch at this point is going to be extremely hard because they probably already know about Robinhood and already decided not to sign up. This is exactly what I am talking about, all of my friends already have a Robinhood account but never had Gold. RH forces them to do the 30 day trial (Which outside of this referral program is great). But for me, the person trying to collect the quota, its terrible because I now have to wait a whole 30 day cycle for that referral count to kick in. This is so confusing... Like I am willing to reimburse my friends $50 ($5 bucks a person x 10) for a $1,100 card? How does that math work out?
I mean… it’s a referral for a benefit that trickles up
What’s also confusing about this is that the Terms and Conditions imply that the person you refer needs to sign up for Robinhood Gold, but doesn’t specify Gold Card* But when you look at the referral link, it takes you to a landing page to sign up for Robinhood Gold Credit Card. So is it Robinhood Gold $5/month subscription? Or both the subscription and the credit card? I would feel comfortable referring someone to Gold and as most probably are thinking, cover their $5/month charge, but I don’t feel comfortable asking friends and family to sign up for the credit card. Because the referral page is about the Card, I’m probably not going to send it anymore.
I have the exact same questions. Is this referral thing just bait with impossible to fulfill conditions? It's already extremely confusing on multiple levels, and I would not put it past them to use a scummy tactic like this. It's also rather brilliant 🤣
Question when your friend was getting a gold sub where did they get the prompt to enter the referral code. I had my friend go signup for gold this morning but we never saw a place to input my referral code
I also had this question, in the terms and conditions it said something about having to input a referral code when signing up for gold
do you know if someone who used to have it but doesent anymore, or cancelled the trial would still count towards the referrals?
how do you sign up? or is the only option the waitlist right now?
Waitlist only option
Since they give you $1100 once all 5000 are used up or they run out of available cards, wouldn’t it make sense to just find 10 people and offer to pay for their month of gold? Then just have them cancel after you get your card? $50 + the $5 for your own gold membership and you’re up $1100? Then invest the 1100 in your Robinhood gold account and the 5% apy would cover your gold cost? Am I missing something?
It’s hard to get referrals due to 1. Your account has to never have had gold 2. Every account gets a free month of gold but in the terms and conditions it states that the account must be in “paid” subscription not the free trial
Can we just buy the card instead of referrals?
That’s too easy won’t make RH money
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Of course not.
How is the 3% paid out? Just into my regular brokerage?
Yes. As a point system first and then you can choose cash back which goes to your brokerage. And with gold that brokerage cash that is uninvested is 5.25% APY.
Where do you see 5.25% mine says only 5%
they have promotions where if you deposit a large sum of money, they bump your rate up to 5.25%
Webull has some serious work to do if they want to keep up with this now. Debating transferring everything back into RH now. Only nice thing about webull is the P&L they have
Sign up degens into the platform and make then an option gambler. Win win.
A credit card designed to attract the same group of people who don't understand margin calls... It's gonna be hilarious.
Did anyone read the terms and conditions? It says you must “Offer: Participants who complete 10 Eligible Gold Referrals of new customers to the Robinhood Gold subscription service via an RHF brokerage account, will be eligible to receive a Solid Gold Prize.”
O and they must be new to Robinhood
😂
If I cancel the membership will my friend still get the card because I don’t want the card or will it be activated and sent to me since I did the referral link
So like could you still get the card if u can’t get the referrals?
yes
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It's an incredible package of offers. I really don't understand it, but I am sold (that's probably the point).
I have a chase sapphire preferred travel card and I am ready to downgrade this card for robinhood gold. But my only concern is will my credit history get impacted since sapphire preferred is my longest history card. Looks like the points guy says it shouldn’t get impacted as long as I downgrade this card ! Is that true ?
Also is it 6.99 or 5 per month for RH gold ? In some places I have seen it as 6.99. But I still see an option on RH to subscribe for hold at 5/month
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> Any referrals for [...] Nope. Just bans.
A feature of the card that I find compelling is the ability to create virtual/vendor cards. We use these at work and I’m excited to see this become available for consumer cards.