Robinhood Unveils Credit Card in Further Push Beyond Trading
- Card offers 3% cash back on all purchases, more than rivals
- ‘Our goal is to enter this market in a big way,’ Tenev says
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Robinhood Markets Inc., best known for offering commission-free trading, is rolling out a credit card to US consumers as it looks to become a broader financial-services company.
The Robinhood Gold Card, which will be offered exclusively to members of the firm’s subscription-based Gold program, will have no annual cost or foreign-transaction fees, according to a statement Tuesday. The card offers 3% cash back on all categories of purchase, while rivals such as JPMorgan Chase & Co.’s Chase Sapphire Reserve provide such rewards for only some transactions.