I turned 18 around 3 months ago and got a basic starter card with my local bank. I got an email recently saying that I got off the waitlist for Robinhood Gold only after reserving a spot a couple weeks ago. I originally was going to apply for the student card for Capital One Savor, but is it worth going for this Robinhood Card? I don’t have a Robinhood Gold subscription, I have 2 years of credit history as an AU and a 750 VantageScore. I personally don’t think I’ll be accepted but should I put in an inquiry or just do what I originally was going to do and get the student card?
Robinhood Gold Card as a second card?
byu/Jon-TheListless inCreditCards
Posted by Jon-TheListless
4 Comments
Go for it. Afaik Robinhood does a no ding decline like AmEx, so you don’t stand much to lose, and what you stand to gain is a really great card for one’s second ever.
Man jumping from starter card to premium card after just 3 months might be pushing it even with that AU history. Most issuers want to see at least 6-12 months of your own credit management before they hand out the good stuff
I’d probably stick with student card route since you’re still building that foundation – those are designed exactly for people in your situation and approval odds are way better
Ignore AU history and ignore VS3. Robinhood will tell you if you’re approved or denied before they hard pull. If you get approved for the RH Gold, I would take it. It’s a great all in one card.
I would ask your parents if they would be willing to give you $2K for the SGOV trick to help offset the fee, and only if you feel you are responsible enough to do it. You set up a secondary account with margin enabled in your RH brokerage, put $2.1K in, and then buy $3.1K of SGOV. You never touch the money in this account, and SGOV is risk free like an HYSA or money market. The interest earned on the margin is the fee offset. This is not spending money.
Lastly, credit cards are not loans. If you do not have the money to pay for something, you can’t afford it. You should only put on the card what you can afford to pay off.
Go for it. A Robinhood Gold Subscription (if you contribute to their IRA) more than pays for itself