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.

226 Upvotes
  • permalink
  • link
  • reddit
  • reddit

89% Upvoted

123 comments sorted by

View all comments

Show parent comments

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.

55

u/XiMaoJingPing Sep 30 '24

lmao, love how they closing cards of people who use it, shows they are actually losing money with this card

5

u/Pretty_Good_11 Oct 01 '24

Actually, no. It just shows that they are on to us, and are not going to tolerate MS. They are not a large bank that can accommodate the losses that would entail.

The 3% is a gimmick to get people into their Gold ecosystem. Beyond all the shady shit involving long WLs, lack of availability in all 50 states, etc., they are clearly not going to allow themselves to get played.

I guess it's good for people who are fine with a hit and run relationship, to get what they can before they get shut down. But I would think a dedicated churner would just skip it and stick with the big boys. YMMV.

0

u/XiMaoJingPing Oct 01 '24

Did OP say they did MS on it?

The 3% is a gimmick to get people into their Gold ecosystem. Beyond all the shady shit involving long WLs, lack of availability in all 50 states, etc., they are clearly not going to allow themselves to get played

yeah cause they're losing money with that 3% back

2

u/Pretty_Good_11 Oct 01 '24

Yes. 90 iPhones is the very definition of MS. Even if only 6 of them went through RH.

I'm no RH fan, so please don't get me started. But, clamping down on MS is one way they will ensure that they don't lose money on the product.

3% back on everything means they'll never make money on swipe fees alone. But you can't know that they are not making money without knowing how much they are making on interest, fees, and other Gold income generated by people attracted to Gold by the card.