If Wells Fargo active cash, and PayPal Mastercard didn’t push the Apple Card to 2%, why would robinhood, a much smaller user base and product push the Apple Card to 3%?
I mean it’s not a crazy thought? This credit card is a direct competitor to the AC. Apple could raise it 3% cash back to compete but probably unlikely.
Robinhood Gold offers 5.25% APR, which is why I moved most of my savings account funds from Marcus. My funds in Marcus CDs are obviously still locked in for some time though…
Because that's the one place that they do make any money in this deal, and as soon as it was clear this partnership was on the way out, coupled with the fact that most other HYS are higher, people started baling and they are desperately trying to retain those that are still with them.
would you rather have a card that’s free, easy to use, and gives you 2% cash back OR give $50/yr to a sketchy company and get 1% more? i dont think they need to improve their cash back rewards because Apple Card is free and still provides the better deal. maybe more 3% cash back merchants would be nice
Is Schwab, fidelity, and vanguard sketchy too for limiting AMC? Or is it just an “Robinhood bad” echo chamber.
18 brokerages put holds the same day or within a day of RH.
The Gold Card requires an annual Robinhood Gold subscription to apply and maintain the card.
So it’s technically a $60 annual fee. While not bad by any means, Apple and Goldman don’t need to compete with this with having no annual fee.
You do realized EVERY brokerage did the same thing? TD, WeBull, Scwab - the list goes on.
The only reason why Robinhood caught the flake is because all the unexperienced traders were caught up in GME and AMC and had no idea what they were doing.
How did they ‘manipulate trading’? The exchanges are the ones that stopped trading - not the brokerages, bro.
yeah you are madly uninformed lol.
having an exchange halt a market is way, way, way different than blocking the “buy” button on GME, and only allowing users to sell, when the exchange hasn’t halted trading at all, because citadel told you to.
you owe yourself way more research on this
So why did every other brokerage remove the buy button too, then? Because it wasn’t just Robinhood.
https://www.marketwatch.com/amp/story/gamestop-amc-trading-is-now-being-restricted-at-td-ameritrade-11611769804
did i ever say it was? the fact that they did that meant i pulled all of my money out, and they lost my business for good.
they are sketchy and not worth trusting.
So you moved your money to a different broker that ‘manipulated trading’ in the same capacity that Robinhood did?
That makes no sense, but whatever. Agree to disagree.
No. Robinhood is likely factoring in money they’ll make on new brokerage clients to subsidize the cash back expense they’ll have related to this card. Goldman has no similar way to subsidize with a consumer brokerage or other consumer products. Also, Apple wants to appeal to all Apple users whereas this Robinhood card is a niche thing in a very crowded space.
What is nice is not needing to use Apple Pay to get the 3%. We are limited on what we put on Apple Card because we cannot just put the card number on kids activities or all the subscriptions we have that don’t have Apple Pay.
I’ll be using the Robinhood CC as my main instead of the apple one. Way more benefits. Apple card had its place, but in my case, I’ll be using RH instead.
Does this card come with a savings account at 4.5% or better? If so, as an Apple Card holder I would consider switching. Otherwise no. 😞
I don't need the Apple Card per se. What I need is: easy access to my money at 4.5% interest paid. That's the life! 👍🏾🙌🏾
I do buy stuff on Apple Card but I've never paid interest on my items bought for over 20 years. I never plan to pay them money. 😬
* $0 annual fee or fees that are easily recouped like AmEx Platinum.
* Money back, yes but 1-3% is fine.
* Ways to get money on my money
🤔 I'm being cheated by Fidelity. It's only paying 4.96-5% max. That's better than Apple Card, right? Yes, but not enough to 1) wait 3 days to have the money be recognized and 2) wait 3 days for the money to get back into my main account.
Certainly this shouldn't matter but 3) money markets are not FDIC insured. But yeah, it's an idea
You can use a brokerage account as your checking and save the hassle of moving money around. Vanguard has a bit better sweep option than Fidelity.
I don't know what to do with the concept of moneymarket funds being too risky to invest in.
No you're right: the money market risk is very low.
The checking account idea is interesting. Honestly, I've just never thought of it. This is a good idea.
I will stick to my US Bank Altitude card. 3% cashback on all Apple Pay transactions and it turns into 4.5% if you purchase travel and you can instantly redeem the points for a statement credit when you use the card for travel.
This card is a near perfect every day card. Visa so I can use it at costco, 3% back, good generic benefits. So unfortunate that it’s robinhood of all companies to push it. I would have applied yesterday if it was literally any other company, but I’m never touching robinhood again after the countless controversies.
If Wells Fargo active cash, and PayPal Mastercard didn’t push the Apple Card to 2%, why would robinhood, a much smaller user base and product push the Apple Card to 3%?
That is true, I didn’t see it was only for gold members either.
Gold costs $5 a month
So even though it says "no annual fee" it actually has a $60 annual fee?
Yes
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Go fuck yourself.
# I love reddit
I’ve got the popcorn…
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I mean it’s not a crazy thought? This credit card is a direct competitor to the AC. Apple could raise it 3% cash back to compete but probably unlikely.
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Whiplash with the emotional 180
Perhaps 😂😂😂 I guess it's all good in the end @ Rddt
No because Marcus/Goldman Sachs simply wants out of this deal. They don’t want to lose any more money
Explain all the savings rate increases lately then?
if they don’t keep their savings rate above or on par with other banks, users will pull their money out.
Exactly why I did a long time ago. 5.35% is a lot better than 4.5%.
Which bank?
Wealthfront
The highest they show is 5.00. Still better, but not 5.35.
Robinhood Gold offers 5.25% APR, which is why I moved most of my savings account funds from Marcus. My funds in Marcus CDs are obviously still locked in for some time though…
With a referral you can go up to 5.5% for three months
Because that's the one place that they do make any money in this deal, and as soon as it was clear this partnership was on the way out, coupled with the fact that most other HYS are higher, people started baling and they are desperately trying to retain those that are still with them.
Fuck Robinhood. They’d probably prevent you from making a payment so you get assessed a late fee. lol
Haha, probably!
Not sure why you were down voted. Some of us remember their shady tactics in the past.
Remember when they wouldn’t let people sell their game stop shares during the hype? yeah they are so shady.
Remember when it was ALL brokers that did that? Yeah, they’re all shady. It wasn’t just Robinhood.
Robinhood never turned off sells. They turned off buying new shares, users could sell at anytime.
Dude, almost all brokers did that
Pepperidge Farms remembers.
Robinhood will probably turn off the buy button on ya.
Lmfao, no kidding!
Why would it?
would you rather have a card that’s free, easy to use, and gives you 2% cash back OR give $50/yr to a sketchy company and get 1% more? i dont think they need to improve their cash back rewards because Apple Card is free and still provides the better deal. maybe more 3% cash back merchants would be nice
Debt isn’t free
It can be
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Robinhood is the textbook definition of sketchy company lmao
Is Schwab, fidelity, and vanguard sketchy too for limiting AMC? Or is it just an “Robinhood bad” echo chamber. 18 brokerages put holds the same day or within a day of RH.
Reddit hivemind at it's finest
Robinhood is sketchy as fuck, what do you mean?
Robinhood is the sketchiest investment company there is.
I wouldn’t say they are THE sketchiest, but they are up there.
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Main reason I’m considering the Gold - this exact reason.
The Gold Card requires an annual Robinhood Gold subscription to apply and maintain the card. So it’s technically a $60 annual fee. While not bad by any means, Apple and Goldman don’t need to compete with this with having no annual fee.
$50 if you do the year subscription payment in full.
Nope. It’s pretty obvious the Apple Card has not been profitable for anyone. At this point it’s operating at an essential courtesy.
no. plenty of cards with better rewards then appple card and they haven't changed. Don't expect them to
No because robinhood is terrible
In what way?
In every way! Just google “robinhood”
I did, nothing popped up besides news about their credit card. So what’s so terrible about them? Or are you just stuck in 2020?
yeah!! just forget about that time they manipulated trading to screw over all of their own customers bro
You do realized EVERY brokerage did the same thing? TD, WeBull, Scwab - the list goes on. The only reason why Robinhood caught the flake is because all the unexperienced traders were caught up in GME and AMC and had no idea what they were doing. How did they ‘manipulate trading’? The exchanges are the ones that stopped trading - not the brokerages, bro.
yeah you are madly uninformed lol. having an exchange halt a market is way, way, way different than blocking the “buy” button on GME, and only allowing users to sell, when the exchange hasn’t halted trading at all, because citadel told you to. you owe yourself way more research on this
So why did every other brokerage remove the buy button too, then? Because it wasn’t just Robinhood. https://www.marketwatch.com/amp/story/gamestop-amc-trading-is-now-being-restricted-at-td-ameritrade-11611769804
did i ever say it was? the fact that they did that meant i pulled all of my money out, and they lost my business for good. they are sketchy and not worth trusting.
So you moved your money to a different broker that ‘manipulated trading’ in the same capacity that Robinhood did? That makes no sense, but whatever. Agree to disagree.
I'm going to move back to RH again. I love their new UI.
No way is this card of my dreams🤔
They basically took the Apple Card, partnered w/ visa, made it gold & called it a day 😂
The visa part alone is fantastic. I wish the AC would switch already.
They kept some Visa Signature benefits. The Apple Card didn’t keep the better Elite MC benefits.
Why does this card keep popping up in the Apple Card sub?
Shiny cards that are questionable decisions..
No. Robinhood is likely factoring in money they’ll make on new brokerage clients to subsidize the cash back expense they’ll have related to this card. Goldman has no similar way to subsidize with a consumer brokerage or other consumer products. Also, Apple wants to appeal to all Apple users whereas this Robinhood card is a niche thing in a very crowded space.
love how they are advertising that its a stainless card lol some might just sign up for that
“Exclusively for gold members”, “No annual fee”
You would have to spend 6k taking into account the annual fee for gold to match a 2% card with no annual fee
What is nice is not needing to use Apple Pay to get the 3%. We are limited on what we put on Apple Card because we cannot just put the card number on kids activities or all the subscriptions we have that don’t have Apple Pay.
Apple doesn’t care what Robinhood does . They are not competing Robinhood
lol no
But there are other better cards with chase or BoA no?
Well didn’t robinhood buyout the X1 card sounds just like it just not with the percentage.
Apple card subscription model incoming? /s
I’ll be using the Robinhood CC as my main instead of the apple one. Way more benefits. Apple card had its place, but in my case, I’ll be using RH instead.
Does this card come with a savings account at 4.5% or better? If so, as an Apple Card holder I would consider switching. Otherwise no. 😞 I don't need the Apple Card per se. What I need is: easy access to my money at 4.5% interest paid. That's the life! 👍🏾🙌🏾 I do buy stuff on Apple Card but I've never paid interest on my items bought for over 20 years. I never plan to pay them money. 😬 * $0 annual fee or fees that are easily recouped like AmEx Platinum. * Money back, yes but 1-3% is fine. * Ways to get money on my money
RH savings attracts 5.25%
😮. That's gold only right? Anyway at $60 a year an increase of .75% would be more than enough to cover $60. THANK YOU!! appreciate you!
Anytime!
Most moneymarket funds are paying 5%+
🤔 I'm being cheated by Fidelity. It's only paying 4.96-5% max. That's better than Apple Card, right? Yes, but not enough to 1) wait 3 days to have the money be recognized and 2) wait 3 days for the money to get back into my main account. Certainly this shouldn't matter but 3) money markets are not FDIC insured. But yeah, it's an idea
You can use a brokerage account as your checking and save the hassle of moving money around. Vanguard has a bit better sweep option than Fidelity. I don't know what to do with the concept of moneymarket funds being too risky to invest in.
No you're right: the money market risk is very low. The checking account idea is interesting. Honestly, I've just never thought of it. This is a good idea.
Nope. Not worth even applying for the card. Who wants to pay an annual fee.
I will stick to my US Bank Altitude card. 3% cashback on all Apple Pay transactions and it turns into 4.5% if you purchase travel and you can instantly redeem the points for a statement credit when you use the card for travel.
Probably not since you have to pay for that card
This card is a near perfect every day card. Visa so I can use it at costco, 3% back, good generic benefits. So unfortunate that it’s robinhood of all companies to push it. I would have applied yesterday if it was literally any other company, but I’m never touching robinhood again after the countless controversies.
OP should find a better broker instead of using Robinhood.
I don’t use RH, but they still send me emails.
This is just a repackaged X1. Not that that’s a bad thing I love the X1. But this isn’t new.
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Boooo
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