Online investing platform Robinhood is expanding beyond your portfolio and into your wallet. The company this week announced the launch of the Robinhood Gold Card, a rewards credit card for Robinhood Gold subscribers.

The card (currently waitlist-only) is reserved for members of Robinhood Gold. 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.

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

What is the Robinhood Gold Card?

Robinhood’s Gold Card (on the Visa network) is a no-annual-fee rewards credit card with a simple earning structure:

• 3% cash back on every eligible purchase

• 5% cash back on purchases through the Robinhood travel portal

You’ll earn these 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

More details about the Robinhood credit card

Along with the card itself, you’ll have access to tools and features within Robinhood’s credit card app to help you track rewards and manage your account. The card also has some added benefits as a Visa card, including travel protections, purchase protections, and access to concierge services.

Finally, the Robinhood Gold Card has a unique offer for cardholders who value premium metal card design. If you complete 10 referrals to Robinhood Gold membership (and meet the offer terms), you can qualify for a “Solid Gold Card” made of 10 karat gold.

Robinhood Gold Card: Our take

With a minimum 3% cash back, you’ll earn more than other flat cash-back credit cards available today, which offer a max of 1.5% or 2% on any purchase.

But there are potential limitations. While you can redeem points for cash back, you’ll receive the rewards directly into your Robinhood account. That’s great for building up your portfolio balance — especially for a card designed with Robinhood customers in mind — but may not offer the same flexibility as other cash-back cards today.

There are plenty of unknowns, too. The Robinhood travel portal, for example, could open more options for earning and redeeming travel rewards. But it’s difficult to weigh the value of the card’s travel offering without specific details about Robinhood’s travel portal or what it offers, especially compared to robust travel rewards programs already available.

Right now, you can join the waitlist for the Robinhood Gold Card before the card itself becomes available later this year.

What is Robinhood Gold?

Robinhood Gold is a paid membership service that offers extra benefits for Robinhood investors. There is a free trial period, after which you’ll pay $5 per month. However, users who opt for the annual subscription receive a discount, bringing the total to $50 annually. Remember, while the Robinhood Gold Card has no annual fee, you must be a Robinhood Gold subscriber to get the card.

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

• 5% APY on your uninvested cash (vs. 1.5% for free users)

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

• 8% rate for margin investing (vs. 12% without Gold)

• Access to more market data and research

Starting in May, 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.

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.