Robinhood announced on Tuesday the launch of its first credit card, which will offer a suite of premium rewards that includes a new travel portal that offers 5% cash back on purchases and 3% cash back on everything else. Those rewards are among the most generous in the industry, and signify that the company is intent on becoming a significant player in credit card sector as part of a larger push to offer a full suite of financial services, including retirement accounts.
The new card, named Robinhood Gold, is on the Visa network and will be available to those who have signed up for the company's $5-per-month subscription service of the same name. Meanwhile, Robinhood is also offering a limited edition version of the card that's made of 10 karat gold and weighs more than twice a typical card to those who sign up 10 others for the product.
