Robinhood is on fire on Wall Street with its credit card

(Boursier.com) — Robinhood jumps 7% pre-market on Wall Street, as the online broker known for its commission-free trading will offer a credit card to American consumers in a bid to become a broader financial services company. The Robinhood Gold Card will be offered exclusively to members of the company’s subscription-based Gold program. It will have no annual costs or foreign transaction fees. The card offers 3% cash back on all purchase categories. “Our goal is to penetrate this market in a significant way,” CEO Vlad Tenev said, as quoted by Bloomberg. “We don’t want to just roll out a credit card that our customers will adopt. We want to roll out a product that can lead the industry and move it forward.”