NEW Robinhood 3% Gold Credit Card + Visa/Mastercard Slash Fees

NEW Robinhood 3% Gold Credit Card + Visa/Mastercard Slash Fees

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In this video we have Robin Hood Releasing a credit card that earns 3% Cash back on everything and we have visa And MasterCard who have just reached a Settlement with Merchants who sued them That will actually lower The Interchange Fees that they charge to businesses in This video we are going to go through Exactly what they've agreed to and also Look at whether that will affect your Cash back and Credit Card Rewards or not Hey everyone welcome to the show my name Is Ben Hedges aka the credit shuu and we Cover all things personal finance and Credit related on this channel let's Start with exactly what visa and MasterCard have just agreed to and take A look at whether it'll affect your Credit card rewards or not and then Later on we'll get into the Robin Hood 3% card that is going to be coming out Soon so here is what's happening let me Just read you out something from the Wall Street journal's report on this The Pact would lower the rates by 0.04 percentage points the legal team That struck the deal for the merchants Said that would amount to eliminating $30 billion in fees over 5 years the Networks and Banks collected 72 billion In total interchange fees last year According to card data company neelson Report so the result is they will be Bringing in slightly less Revenue per

Year that 30 billion figure was over 5 Years so that's $6 billion uh per year And visa and MasterCard together will Bring in 72 billion from interchange Fees then on top of that the agreement Would also allow small Merchants to form Groups to negotiate fees with visa and MasterCard which could reduce those fees Even more in addition visa and MasterCard have agreed to remove anti- Steering Provisions which stop Merchants From steering customers toward lower Cost payment cards visa for example has A rule that all Visa cards should be Treated equally but we've covered in the Past Merchants wanting to be able to Refuse high-end reward cards uh that Have higher fees to process like Visa Infinite cards for example now the Reports on this are a bit vague so I'm Not sure whether that will happen but May be able to steer customers to use Visa debit instead of Visa credit for Example now this agreement still needs To be approved by a judge and that Process is not 100% guaranteed and even If successful it could still be a while Before all of this is implemented but Will it have a negative effect on Credit Card Rewards well speaking of credit Card rewards if you have a lot of credit Cards that you are using to earn rewards And you struggle to keep track of do Check out the sponsor of today's video

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Max rewards it's an app that pulls data From all your credit cards in one place Even if they are from different issuers So you can see your transactions your Balances and your rewards and points Balances all in one place the Apple also Tell you which card from your wallet to Use at which store to earn the maximum Rate of rewards they fixed earlier Problems they had connecting to chase so It now works with all major Us credit Card issuers it's especially useful with AMX cards since if you have the pro Version Max rewards gold you can have All of your AMX offers activated for you So you never miss a deal and new offers You never even knew existed will appear In your account saving you even more Money you can get a free month of Max Rewards gold with my link below or just Check out the free features so the Consensus from various credit card Bloggers and influencers seems to be no There won't be a significant effect on Credit card rewards because of this Settlement view from the wing commented It limits price increases for 5 years But current pricing supports rewards and Also talked about how there is going to Be a little slight reduction in prices For the next 3 years but it's only a Small percentage of profits and the Points guide raised this point in an Instagram re and while this might seem

Bad for consumers I actually am Optimistic because this change shows to The government that they don't need to Pass legislation like the credit card Competition act that would Dramatically decrease interchange so he Argues that this settlement although Slightly negative for rewards may serve To hold off a far worse deal a piece of Legislation in the Senate that if passed Would basically gut credit card rewards As we know them it would turn us into Europe look here's an AMX gold card from The UK you get 20,000 points if you sign Up for it that's it the public offer Here in the US is 60,000 points and that Isn't even the highest offer out there I Think you can find 90,000 through Referrals so yeah this settlement Doesn't seem to be anything to worry About and may even have a positive Effect in stopping more extreme Legislation all right let's now talk About Robin Hood's new gold card so Robin Hood everyone's favorite zero Comm Stock brokerage is releasing a credit Card now the reason that they've been Able to get into the credit card space Is because they acquired X1 the company Behind the X1 credit card last year for $95 million and so naturally they now Have access to expertise and systems Associated with running a credit card And it really is a logical step in my

Opinion as of 2023 they had around 11 Million active monthly users on their Platform and those people obviously Because they're using a financial app They're also going to be interested in Other Financial products so that's a Free advertising channel to 11 million People per month so what are the Features of this credit card well it's Going to earn 3% cash back on everything Or across the board as they say then in Addition to that there's going to be a Robin Hood travel portal where the card Will earn 5% back the card is a Visa Signature and it has a load of benefits Like various insurances I don't want to Go through all of them and I don't know The exact details of them so I'll put Them all on screen now there are also no Foreign transaction fees you can add Authorized users of any age to help your Kids build credit you can create virtual Or one-time use card numbers for free Trials or buying from sketchy websites The card is made of stainless steel and It weighs 17 G which is you know Respectable the MX Platinum weighs 19 G And the Chase Sapphire Reserve weighs Just 13 and those are both metal cards But there will also be a limited edition Solid 10 karat gold version that weighs 36 G which is really beefy the heaviest Credit cards out there are normally 1 o Which is 28 G what do you have to do to

Get the 36 G Solid Gold version well you Have to refer 10 friends to Robin Hood Gold if you want to help me get it I'll Put my referral link somewhere down Below probably in a pin comment and hey If I do manage to get 10 people to sign Up I'll get the card and I'll do an Unboxing video of it on this channel now Let's talk about fees so the card has no Foreign transaction fees like we've Already said and is pretty light on Other types of fees too there's no Overthe limit fee there's no penalty APR If you miss a payment but the card is Only available to Robin Hood Gold Members on the annual subscription which Is currently showing me $50 per year Build annually in the app so you would Have to spend $1,666 before you offset your annual fee Through the 3% cashback rewards if you Were only signing up for Robin Hood gold To get the card you would have to spend Around 4,700 or so until you were making More in cash back than on a standard 2% Cash back card when accounting for Offsetting the annual fee but if you Wanted Robin Hood gold anyway for the Other features like earning 5.25% apy on Your cash and 3% IRA match Etc then you Would already be offsetting the annual Fee anyway so you might be doing better Than a standard 2% card right from the Start your mileage may vary anyway guys

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It looks like a great card for those who Are on team cashback it's not out just Yet but you can sign up for the wait List also if you want Robin Hood gold You can use my link below and maybe we Can get 10 people and we can get a 36 G Solid gold card to make a video about Also big thank you today's sponsor Max Rewards get a free month of Max rewards Gold with my link below that'll activate All your MX offers and enable those Secret offers that you never knew Existed saving you even more money Please subscribe to the channel if You're new we'll see you next time [Music] Byebye M

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