Robinhood Credit Cards in 2024: A Sneak Peek at Possible Features

Robinhood, the stock broker that made trading cheap, may be releasing a credit card in 2024. If it's anything like what Robinhood has done so far, it'll be low-cost and user-friendly.

The company has hinted on X (formerly Twitter) and media reports at possible features and timelines. Here's a sneak peek at perks the Robinhood credit card might offer.

Zero fees

Robinhood acquired credit card company X1 in July of 2023. The platform offered a fee-free credit card with rewards on every purchase. In the official press release, it was mentioned the card charged no annual fees, late fees, or foreign transaction fees pre-acquisition.

Robinhood made no mention of changing this setup. According to the press release, "Providing people with access to a no-fee credit card aligns with our mission to democratize finance for all."

Chances are, Robinhood's credit card will charge zero fees. This would pit it against popular no fee credit cards, including the Chase Freedom Unlimited®.

Limits based on income

Credit cards companies typically use credit scores to determine how much money you can borrow. The original X1 card did things differently. It determined limits based on the user's current and future income. Roughly speaking, the more you make, the more you can spend.

If Robinhood keeps this feature, users who make decent income but have poor credit scores might get access to the Robinhood credit card. It's possible the card could end up one of the top credit cards for bad credit.

Stainless steel

Pre-acquisition, the X1 card was stainless steel. This was reiterated in the official press release, which only made mention of Robinhood bringing "the sleek and intuitive mobile app experience our customers have come to expect."

The feature is purely cosmetic, but I'm as much of a sucker for a nice card as the next guy. Apple Card titanium, anyone? At the very least, the card won't break when I use it to scrape something gross from my shoe, or fish a key from the narrow space behind my cabinet.

Releasing spring 2024

The Robinhood credit card is likely to be released in spring 2024. That's the release date on the official X1 homepage; it's right smack dab in the middle of it. Subtle, it is not.

In an X post in December 2023, Robinhood CEO Vlad Tenev hinted at the credit card releasing sometime in 2024. He said, "We kicked off our credit card offering with the acquisition of X1, stay tuned next year!"

It's possible the card's release will be delayed until a later date. But for now, there's no reason to suspect things aren't proceeding on schedule.

Changes for Robinhood users

Robinhood may decide to change or scrap specific features. The credit card is unreleased, and no promises have been made to the public. But it's likely the card will shake things up for current Robinhood users.

Users can expect to see changes to the in-app experience. Possibly, there could be a dedicated tab for the credit card. Robinhood has the opportunity to do some neat things with points, such as turn cash back rewards into stock ownership, or double points earned for Robinhood Gold members.

Whatever the case, the Robinhood credit card is worth keeping an eye on into 2024. The broker did away with many stock trading fees for regular Americans. It could potentially do the same with credit card fees, simplifying a complicated financial product.