Robinhood silently reduced my cashback since 2 weeks ago.
They still show 3% in my app next to Rewards. Which smells like a false advertisement. But when i check transactions – they show as x1, which means 1%.
I reached out to support team and they responded saying "these transactions were identified as business". Without saying what transactions 🙂
Then I asked them why I wasn't notified and what exact transactions are business. To which they responded UPS, FedEx and Nvidia are business transactions. Which is very funny because all of them are personal, especially Nvidia, because I pay for GeforceNow cloud gaming service $20 a month 😀. Additionally they say they sent me email the day before the downgrade but there was no email.
I am demanding my % recalculation because I haven't received a notice, and ask for re-evaluation because that is some obvious nonsense.
Did anyone experience anything similar and were you able to resolve it?
Robinhood looks exactly like someone who can't keep up with 3% promise and is trying to cut off everyone possible by making up the reasons.
Robinhood reduced my cashback from 3% to 1%
byu/HeadAd475 inCreditCards
Posted by HeadAd475
6 Comments
Are you rich? They might have given it to the poor…
Sorry, probably too soon. That’s messed up though. You should close your account and get a different one.
*laughs in preferred rewards*
Its not false advertising. They just flagged certain expenses as business ones and they reduced your rate since business expenses are against their T&C. With that being said, that doesnt mean they made the right decision and you should fight it or just close the card.
Did you try to pay taxes on this card? There are some exclusions they list that you shouldn’t use the card for. Giving you 1 instead of 3% is how they punish you
How long you had the card and what’s your monthly expenses? What categories do you mainly spend on?
This has happened to others. [Here is a datapoint](https://www.reddit.com/r/CreditCards/comments/1ox9wwb/robinhood_rewards_dropped_to_1/) that basically had the same problem. Rewards reduced to 1% due to being flagged as business expenditures. The OP there was able to get this reversed through conversations with customer service.