Here’s the first thing to know about the new Robinhood credit card that promises 3 percent cash back on all purchases, without limits: Yesterday, when I asked Vlad Tenev, the company’s chief executive, to guarantee that it would stay at that level for 18 months, he would not.
Cash-back offers from big card issuers like Citibank generally top out at about 2 percent, and it’s hard to make money even at that level.
The Robinhood Gold Card is the company’s first credit card with its own branding.
So what does it think it knows that nobody else does, and what exactly does it hope to accomplish?
There are several ways to make money with credit cards.
Persons:
Vlad Tenev, Charles Schwab
Organizations:
Citibank