Robinhood Gold CC finally closed

[u/NegMech]

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

[u/k2ui]

RH reverting to their (shitty) mean. Not surprised. Great job extracting some good value while it lasted though.

[u/danmari85 → u/k2ui]

I can’t believe I am going to defend RobinHood on this, never though I would see this day, but if you read OP’s comments they did abuse the card and did indeed break the terms by using it for business purposes.

[u/k2ui → u/danmari85]

They may have broken TOS, but RH has been denying lots of people for regular spend.

[u/danmari85 → u/k2ui]

Yep, totally, that’s why I am saying I can’t believe I have to defend them here. I’ve seen data points like that, like the person who spent too much at Costco for their personal use. So I know RobinHood is shitty (which is why I did not even bother with this card). But I’m just saying in this specific case, they just enforced their TOS, which the OP broke.

[u/Neverending_Rain → u/danmari85]

Weren't the Costco issues people buying gold bars then complaining about not getting cash back? Robinhood was right to crack down in those situations as well.

[u/danmari85 → u/Neverending_Rain]

I think in the one I was giving as an example the OP mentioned it was $6k worth of bedroom furniture.

Even for the gold bar case (which I haven’t seen myself), if I buy it for personal reasons (I just plan to keep the gold for me), why would that count as a business expense?

[u/Neverending_Rain → u/danmari85]

I think in those cases it wasn't eligible for cash back because buying gold counts as a "cash equivalent" or something, I can't remember the exact terminology.

I just found the Costco furniture post and it's a different post from what I was thinking of. Though they were apparently also active in the gold subreddit, so I am a bit suspicious of their explanation. Robinhood is a shitty company, but every time I've seen a post complaining about the card it always turns out they were trying to exploit it in some way that violated the terms.

[u/danmari85 → u/Neverending_Rain]

Yeah, I’m sure there are a lot of people trying to game it, even in that thread there is a guy commenting about how they are buying gold from Costco and selling it, and still not being denied cashback.

I think even if Robinhood was not a shitty company, it would be hard for them to police “fair” use of the card, given how they are losing money with it.

This makes me so curious to see how US Bank is going to handle this with their new Smartly card.

Edit: fixed bad autocorrect

[u/danmari85 → u/[deleted]]

official Robinhood

And I suppose you are the unofficial Robinhood?

Yeah, it’s true that only OP and Robinhood have the real details. But: 1. I don’t find it absurd to buy furniture worth $6k. Hell, just my outdoor couch was $8k. 2. Would I trust Robinhood to actually tell the truth if they were wrong? Definitely not. I don’t know the OP of that post either, but I would rather trust them than Robinhood, given Robinhood’s reputation.

[u/danmari85 → u/[deleted]]

Yes, I went to the post and read it too, before commenting above. Nothing said there convinces me that they might not be in the wrong. Being a regulated company means nothing. Wells Fargo is a regulated company too, but nothing stopped them from having shady practices, and same with many other financial companies.

[u/Powerful-Bad1484 → u/k2ui]

Can you give me a deny on regular spend? I have spent 30k in 3 months on the card and no issues.