TLDR, I got off the waitlist for the Robinhood card but am hesitant because my main card is the fidelity visa and I'm pretty vested in that ecosystem. Ignoring the "fee" for using the card due to needing gold I can't help but feel like I wouldn't be getting the most out of it since I don't think moving over a bunch of money just to make use of benefits would be advisable. Can I just use it for the 3% and be done with it?
Unsure if Robinhood Gold would be an upgrade for me.
byu/skaryterry inCreditCards
Posted by skaryterry
8 Comments
I have the gold and I’m canceling it.
I too had the Fidelity card but switched to RHG. Simplified my whole setup to one card for 99% of spend.
The Fidelity App was atrocious to use.
I also just got off the waitlist. Not sure if it’s worth it for me though, I already have the 3% Aven card and it has been great for me so far + no annual fee. I think I may start an IRA with RH though and I’m not sure if gold has any benefits in that regard.
$50 annual fee / 1% difference = $5,000 break even point ($416 per month). This falls to about $1,700 if you’re willing to transfer over $2,000 of your savings to take advantage of the free margin.
Fidelity isn’t really an ecosystem? You get the cashback through your fidelity account sure but you can transfer it wherever you want.
I think moving money over to RH is a great idea personally, I moved my IRA from Fidelity for the 2% bonus and the 3% IRA matching with gold, more than making up the annual fee. Then ofc you get the credit card as well.
It’s $50, pretty easy to recover that on a month of spend
I got off the waitlist 7 months ago, and it has become my daily driver. Also, my spouse is able to have it as her Apple Pay default so she doesn’t have to remember which card to use for what, and I can keep optimizing for fun.
The $50 for Robinhood Gold is annoying at first, but I max out IRA every year so the $210 match last year already covered the fee for multiple years.
The one gotcha to know is that Robinhood doesn’t allow tax payments with their card if that is important to you.
If you spend $5000 a year on the fidelity card you earn $100. On the gold card you earn $150 and break even on your membership. Every dollar after 5k is pure gain and the rest of the Robinhood gold perks are optional value adds