Robinhood’s new bank card was revealed Tuesday, and although it’s solely accessible for Robinhood Gold members, the Gold Card does have a function that’s spurring headlines: the power to speculate cash-back bonuses into investments.
The announcement comes eight months after the acquisition of the startup X1 for $95 million, and it simply so occurs one of X1’s biggest features was the ability to invest cash-back benefits. Coincidence? Clearly not! Robinhood is hoping that bonus, plus a slew of different perks, together with the power so as to add relations as cardholders, even when they’re younger or with out a Social Safety quantity, might be sufficient to drag clients away from Apple’s pull.
However what provides with tech corporations entering into the buyer credit score sport? You possibly can argue that Robinhood’s alternative to supply a card is simply an extension of its already increasing portfolio of monetary merchandise. However Apple additionally has a card, recall. And the tech large is getting deeper into the realm of private finance as time goes alongside.
Tech corporations increasing their product remit over time is just not new — hell, I wrote about it back in 2014 — but it surely’s notable to see how everyday shopper finance is turning into a know-how story. Hit the clip, let’s chat!
