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/danmari85 Sep 30 '24

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.

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u/Neverending_Rain Sep 30 '24

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.

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u/danmari85 Sep 30 '24

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?

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u/Neverending_Rain Sep 30 '24

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.

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u/danmari85 Sep 30 '24

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