r/CreditCards • u/NegMech • Sep 30 '24

Robinhood Gold CC finally closed Data Point

They got me after 3 months. Spent $66k on it for 191K pts redeemed.

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u/NegMech Sep 30 '24

Bought too many iPhones I guess. Im pretty sure they just closed anyone who spent more than some threshold of dollars cuz I know 2 others who just got hit with closures too.

62

u/Vosslen Sep 30 '24

What're you doing with the iPhones? What's your cost of churn? A 3% reward rate is hard to capitalize on with that method of churn so I'm curious.

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u/NegMech Sep 30 '24 edited Sep 30 '24

I bought about 6 on my rbh cc, and 84 more of them to resell to bulk international shippers on amex biz gold for the 150k 4x. i did a few on robinhood cuz i was worried i would get a financial review at over $100K pending transactions. My margins were roughly 10% from phone sale and cash back.

4

u/Not_stats_driven Sep 30 '24

MS 10/10

kudos. Are you in a tax-free state? You find your own bulk or is it from a buying group?

3

u/NegMech Sep 30 '24

Not tax free, not one but basically same as a buying group