Robinhood Markets Inc (NASDAQ:HOOD) unveiled the Robinhood Gold Card at its first-ever keynote event this week. Co-founder and CEO Vlad Tenev explained the company’s strategy following the event.
Robinhood Gold Card: Wednesday on CNBC’s “Squawk Box,” Tenev said that Robinhood is much more than a brokerage platform as the company continues to expand financial services offerings.
“I’ve been saying for a while that what we’d like to do is build a world for our customers where all of their assets are custodied at Robinhood and every financial transaction goes through Robinhood, and credit is just such a critical part,” Tenev said.
Robinhood announced its new credit card Tuesday night, available exclusively to Robinhood Gold customers. The card offers 3% cash back on all categories with no annual fees and no foreign transaction fees, which is well above industry standards.
Tenev told CNBC the best cash back offerings that exist are around 2%, and most cash back cards offer closer to 1.5% at best. Robinhood didn’t just want to offer another “good” cash ...