I'm Broke
from 03/01/2025, by uni — 4m read
"New card. What do you think? Picked them up from the printer yesterday" - Patrick Bateman
After nearly a year on the waitlist (11 months, to be exact), I finally got approved for the Robinhood Gold Card. If you're unfamiliar, its standout feature is unlimited 3% cash back on everything - a rarity in the credit card world. Typically, flat-rate cash back maxes out at 2%, unless you start playing the category game with cards like the Amazon Prime Visa (5-6% at Amazon) or the Amex Blue Cash Preferred (6% on groceries, plus a fee).
When Robinhood first announced this card, the credit card nerds were quick to call foul. "How can they afford this?" "What's the catch?" Well, the one catch is that you need an active Robinhood Gold subscription ($50 annually). Since I actively trade on Robinhood, I already get value from the Gold perks, but for someone who doesn't use those benefits, it might not be worth it. To break even on the Gold fee, you'd need to spend at least $1,667 per year - not exactly a high bar.
According to r/CreditCards' List of 2%+ Cash Back Cards, there are only three other cards offering unlimited 3% cash back, and just one that goes up to 4% - but there's always a tradeoff.
The biggest competitor? U.S. Bank Smartly. You can get 3% cash back, but only if you park $50,000 in a checking account. Want 4%? That'll be $100,000. Yeah... I don't have that kind of cash just sitting around. And if I did, it would probably be invested rather than chilling in a checking account for a slightly better credit card perk.
Sure, I could build a more optimized setup - throw in an Amex Blue Cash Preferred (6% on groceries, $95 AF) or a Citi Custom Cash (5% on any single chosen category). Some people even stack multiple Custom Cash cards using a loophole to get 5% in multiple categories. Then there are insane credit union cards like the Redstone Signature Visa, which casually gives 5% on restaurants and gas, plus 3% on groceries.
But honestly... is it worth it?
With unlimited 3%, I'm already beating 99% of people who just swipe their default 1.5-2% card without thinking. I could squeeze out slightly more with a Frankenstein card setup, but I don't want to waste mental energy micromanaging my swipes. I don't want to pause before every purchase, asking myself: Which card do I use here?
There's also the inevitability factor. Robinhood's terms explicitly state:
"Robinhood may make changes to the Rewards Program (including termination of the Rewards Program) or change the terms of this agreement at any time."
At some point (not if, but when), they'll cut the 3%. When that happens, I'll reassess my options. But for now? I'm in a good spot.
Rich Amex Platinum holders don't care about points. They just swipe. Credit card optimizers cry, “You're losing so many points!” - but they're missing the bigger picture.
The real question isn't, "How do I optimize my cash back?" - it's, "How do I get so wealthy that cash back doesn't even matter?"
Modern status symbols have shifted. It used to be about land, art, and assets. Now? It's premium credit cards, VIP access, and algorithm-driven exclusivity - all just gamified spending. We obsess over squeezing out 2% here, 5% there, celebrating it like some grand victory, while companies profit off every single swipe.
The ultimate flex? Not needing to optimize at all.