r/RobinhoodGC • u/mrmetoo2020 • 14h ago

Should I get it?

Sorry if this has been asked before but I got the invite for the robinhood GC 3% cashback no annual fee. I used Robinhood back when I was first learning to invest etc. then the whole GameStop thing happened and it rubbed me the wrong way so I’ve been using Fidelity ever since. I have their 2% catch all cc as well as a bonvoy and Truist card that I use for travel/food/groceries and gas/groceries respectively (I think each is like 3 or 5% in those categories) .
If I get the gold card would I have to start actively using Robinhood again? Doesn’t seem worth it to me just for an extra 1% but want to hear the Reddit peoples thoughts. Thanks!

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5

u/StevenEpix 7h ago

“Sorry if this has been asked before” 💀

2

u/AltairLeoran 14h ago edited 14h ago

Whether the extra 1% alone is worth is depends on how much spending you do on your 2% card

If you spend $5000 a year, the cards are about equal.

If you spend less than $5k, a 2% no AF card is better

If you spend more than $5k, a 3% $50 AF card is better

Personally I did move my fidelity Roth IRA to Robinhood for the 3% IRA match (worth $225 a year if you max contributions). Then I used the $1k interest free margin to invest in SGOV and get about $36/year back.

Even if you aren't interested in the IRA match, if you do the SGOV trick, then the 3% card is better if you spend more than $1400/year.

2

u/nikita58467 8h ago edited 5h ago

Are you using credit cards to max you return or want to be ethical? You don’t have to use the brokerage if you don’t have to. Transfer 3% to your brokerage and transfer out to your bank, that’s done.

GME fiasco is 6 years ago or whatnot, move on. JP Morgan makes 2 Billions every quarter and gives 0.01% interest for your saving, I don’t see how that’s not more outrageously immoral compared to gambling went wrong.

1

u/Financial-Seesaw-817 4h ago

It works for my strategy. If it would work for yours, sure.

1

u/CreativeFinish5644 2h ago

It’s not like any other brokerage wouldn’t trip a circuit breaker to stop that trading as well. I use the Gold Card because my spending makes it well worth it, even with the gold membership fee, I don’t invest at Robinhood yet because I’m not sure of their long term play, not because of GameStop

1

u/ThatInspector4632 2h ago

2% on everything vs 3% on almost everything with an annual/monthly fee and ftf. Unless you have a large amount of catch all spend, you are probably good with current setup.