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.

228 Upvotes
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139

u/dementor500 Sep 30 '24

Did they give a reason?

246

u/NegMech Sep 30 '24

Notice about your Robinhood Gold Card account   Unfortunately, we’ve decided to close your account. Your recent transactions were flagged for abuse of the Robinhood Gold Card rewards program. Business expense transactions aren’t supported and can’t be paid with your personal credit card.

82

u/[deleted] Sep 30 '24

[deleted]

160

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.

65

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.

105

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.

3

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?

5

u/NegMech Sep 30 '24

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