The Latest on the Greatest Card
What you could (and should) do today
HOOD’s (fools?) gold (and potential matching shenanigans!) asks key questions about how Robinhood (HOOD) can offer such lavish terms on its new Gold Card. It makes me want to transfer money to Gold and use their card.
Robinhood CEO Vlad Tenev said that the 3% IRA and 401(k) rollover match caused a surge in demand. He implied that they’re struggling to handle it operationally, asking customers for patience while his company and their partners expand capacity for onboarding this new money.
This $4 billion figure is already dated, having surpassed $6 billion this month. It represents over 25,000 customers who transferred their retirement savings since January.
In addition, Robinhood has paid out over $30 million just in 1% transfer bonuses on taxable accounts. Over a million people have signed up for the Robinhood Gold Card waitlist. They’re making a big push for the new card, with a lavish presentation:
Cards are getting shipped starting this week! They’ll get shipped in greater numbers in early May so you should see yours soon. Get your card and use it for everything — from opening accounts to paying your taxes.
TL; DR
1. Join the waitlist for the unlimited 3% cash back Gold card.
2. Join Robinhood for a free stock.
3. Upgrade to Robinhood Gold to get priority treatment on the waitlist.
