Posted 3/28/2024, 5:02:55 PM
Robinhood Launches New 3% Cash Back Credit Card, But Won't Guarantee Rate
- Robinhood launched a new credit card offering 3% cash back on all purchases without limits
- CEO Vlad Tenev would not guarantee the 3% rate would last 18 months when asked
- Most big bank credit cards offer cash back around 2%; Charles Schwab stopped offering 2% cash back in 2010
- Robinhood makes money from merchant fees, interest from balances, and annual fees, but its card has no annual fee
- Big spenders can earn a lot with high cash back cards, declaring themselves victors over companies, though Tenev won't guarantee the rate
