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Online investing platform Robinhood is expanding beyond your portfolio and into your wallet.

The Robinhood Gold Card is a cash-back credit card with no annual fee and a competitive rate on your spending — which you can direct back into your Robinhood account, redeem for travel, and more.

The card (which is currently waitlist-only) is available to Robinhood users with an annual Robinhood Gold membership. If you’re already subscribed to the paid service, which has higher rates on your uninvested money, access to advanced data, and more, the new Robinhood credit card could hold some valuable benefits for your financial plan. Here’s everything you need to know before you join the waitlist.

Read more: Robinhood CEO on new credit card: We’re against additional fees

The Robinhood Gold Card works a lot like other flat cash-back cards with standard rewards on every purchase:

Just like any other rewards credit card, you’ll earn rewards on the purchases you make with your Robinhood Gold Card. For most purchases, the earning rate is equal to 3% cash back across any category.

For eligible purchases (including flights and hotels) you make through Robinhood’s travel portal using your Robinhood Gold Card, you’ll earn a boosted 5% cash back.

Some credit card transactions are ineligible for rewards, including balance transfers, cash advances, returned or unauthorized purchases, money orders, lottery tickets, person-to-person transfers, and more.

You’ll earn your Robinhood Gold Card rewards as points, according to the card terms, which you can redeem in a few different ways — including cash back. Each of the following redemptions is worth $0.01 per point:

• Cash back transferred into your Robinhood brokerage account

• Book travel through Robinhood’s travel portal

• Shop with partner merchants in the Robinhood credit card app

• Redeem for gift cards

You may also have the option to redeem points for statement credits to your account — but you’ll get less than $0.01 per point in value. If you’re eligible for this redemption option, you’ll see it within your Robinhood card app.

There aren’t a ton of added benefits with the Robinhood Gold Card, but you can enjoy some extra perks from Visa. These include access to concierge services, purchase protection and extended warranty, and travel protections (roadside dispatch, travel cancellation and interruption coverage, auto rental collision damage waiver).

The Robinhood Gold Card also has a metal design made of stainless steel, weighing in at a solid 17 grams. For even more luxe card design, you can join the waitlist and complete 10 referrals to Robinhood Gold membership (and meet the offer terms) to qualify for a “Solid Gold Card” made of 10 karat gold.

Along with the card itself, you will have access to tools and features within Robinhood’s credit card app to help you track rewards and manage your account. If you use the card when traveling abroad, there are no foreign transaction fees.

While the Robinhood Gold Card has no annual fee, you must be a Robinhood Gold subscriber with an annual membership to get the card. Robinhood Gold is a paid membership service that offers extra benefits for Robinhood investors. There is a 30-day free trial period, after which you’ll pay up to $6.99 per month or up to $75 annually.

These are some of the main features you’ll get as a Robinhood Gold member (terms apply):

• 5% APY on your uninvested cash (vs. 0.01% for free users)

• 3% match on IRA contributions through Robinhood Retirement (vs. 1% match without Gold)

• Access to more market data and research

Robinhood Gold membership will also get you unlimited 1% boosts on all deposits you make into your brokerage account on the platform. There’s no cap on the boosts you can earn, but you will need to keep the deposit amount in your account for at least two years to get the full payout.

The Robinhood Gold Card is available via waitlist only right now — you can join the waitlist through Robinhood’s site. When you’re selected, you’ll get a notification and an email alert from your Robinhood app. From there, you can apply for the card through the link provided.

If you’re already a Robinhood user (especially if you have a Robinhood Gold account) this card may offer some major savings. After all, the minimum 3% cash back is more than other flat cash-back credit cards available today with a max of 1.5% or 2% on every purchase.

But there are potential limitations. While you can redeem points for cash back in the form of statement credits, you’ll get a low redemption value of less than $0.01 per point. The other cash-back option of redeeming rewards directly into your Robinhood account is great for building up your portfolio balance but isn’t as flexible as other cards.

• Flat rewards rate: With a flat 3% cash back on every eligible purchase, the Robinhood Gold Card is among the highest-earning cash-back cards you’ll find today. Say, for example, you spend $1,000 per month or $12,000 each year using the card. That could net you $360 in cash back (not including any eligible 5% travel spending).

• Travel redemptions: The option to earn up to 5% when you book travel through Robinhood’s travel portal and redeem your rewards for up to $0.01 per point on travel can add a lot of potential value to your card spending. Unlike some other, more robust rewards programs though, you won’t have the option to boost your rewards value or transfer rewards to partner travel programs.

• Benefits for Robinhood users: If you’re already a Robinhood user with a Robinhood Gold membership this card can help you maximize your investment value with great rewards and options to direct the rewards you earn back into your portfolio. Plus, Robinhood Gold comes with useful benefits for Robinhood investors, including a higher APY on uninvested cash, boosts on your deposits, and more.

• Robinhood Gold membership cost: To open a Robinhood Gold Card, you’ll need to sign up and pay for an annual Robinhood Gold membership, which runs as high as $75 each year. While you will get perks with your membership, that does add some annual cost to this no annual fee card.

• No welcome offer: Though it has a competitive ongoing cash-back rate, the Robinhood Gold Card doesn’t have a cash welcome bonus or introductory 0% APR — unlike many other cash-back credit cards available today.

• Cash-back limitations: There are different options for redeeming your Robinhood Gold Card rewards, but they may not be as flexible as other rewards programs. For example, to get a full $0.01 per point value for cash-back redemptions, you’ll need to redeem the cash into your Robinhood brokerage account (while statement credits toward your card balance will earn a lower value). Make sure the redemption options fit your spending and financial goals before you sign up.

The Robinhood Gold Card is issued by Coastal Community Bank, but it is a Visa credit card that runs on Visa’s network. That means you can use it anywhere that accepts Visa payments.

Right now, you can only make payments toward your card through the Robinhood Credit Card app with a connected bank account. You can set up autopay through the app and schedule payments. You can opt to pay your total balance, statement balance, minimum payment, or a custom amount.

• Robinhood support is available via chat 24/7 and by phone from 7 a.m. to 9 p.m. ET. You can contact general support through your Robinhood account by selecting “Contact Support.”

• For Robinhood Gold Card-specific support, navigate to Menu then Help Center within the Robinhood Credit Card app.

• Phone number: 650-761-7789

• Robinhood login page

If you’re not already a Robinhood user or you’d prefer a great rewards credit card you can open today without a waitlist, consider these cash-back and travel rewards options:

This article was edited by Rebecca McCracken

Editorial Disclosure: The information in this article has not been reviewed or approved by any advertiser. The details on financial products, including card rates and fees, are accurate as of the publish date. All products or services are presented without warranty. Check the bank’s website for the most current information. This site doesn’t include all currently available offers.