I finally got my Robinhood solid gold card a few months ago after 10 or more referrals and keeping six figures in my brokerage account. I was given a $50,000 credit limit, so I used this card as a catch-all and gave it to my girlfriend, who doesn’t keep track of credit like I do.
I have paid in full since I got it, have not withdrawn any money from my brokerage, and still pay for Gold. Yet today, my account was closed without warning. They haven’t given me a chance to withdraw or redeem the cashback. Fine, but why did they close my account without notice? This has never happened with any other card issuer.
Winslow said:
This is the second case in 30 minutes. What a surprising move by a low-quality fintech brokerage.
The other post is just another questionable one. The original poster there clearly broke the terms based on their comments but tried to spin it like they didn’t do anything wrong.
Not sure if this is the same situation here, but it’s becoming harder to take these posts seriously.
I’m definitely staying away from Robinhood and won’t touch it.
Winslow said:
This is the second case in 30 minutes. What a surprising move by a low-quality fintech brokerage.
Man, I just wanted my 3% cashback. Of course, they start doing this nonsense. Now I have to transfer the rest of my assets to Schwab, but thankfully they reimburse the fee.
Winslow said:
This is the second case in 30 minutes. What a surprising move by a low-quality fintech brokerage.
But the posters are probably leaving out key details about why their accounts were really closed, and those eager to jump on the bandwagon showed up right on cue.
Taron said: @Quinby
Please read more of my comments. I have shared all the information people have asked for.
Oh, yeah, I’m sure you told the whole story.
What more can I share? Some people are saying business spending… I have never owned or worked for a business. Others mention Costco, but I haven’t been to a Costco in years, so it seems like you’re just being rude for no reason.
@Taron
They mean business spending like if you bought 40 iPhones and plan to resell them. Robinhood detected something like this and closed your account.
Sadie said:
Just curious, what did you use the card for? Did you do anything that they might have seen as breaking their terms?
Very basic things. I booked flights and hotels with it (all personal). Occasionally used it for groceries and gas, but other than that, just retail shopping at name-brand stores or places that didn’t take American Express (which is the only other card I have). I can’t think of anything that would be seen as breaking their terms.
@Taron
If you only did personal spending, maybe trying to contact them will eventually help.
I assume you spent a bit more than the average person, which could have flagged your account even if it was all personal spending. Someone else had a similar case where their account was closed after spending $6,000 at Costco for some bedroom furniture.
If you want to speed things up, file a CFPB complaint, and explain there that you didn’t break any of their terms and that all your spending was personal.
Dacey said: @Sadie
Yeah, but if they don’t want you to spend, why give a $50,000 limit?
Or maybe they want OP to carry a balance and pay interest. But for the Robinhood card, most people who get it are finance-savvy and won’t pay any interest.