Didn’t believe it at first as they still advertise this benefit on their website and within the app when you sign up for RH Gold. So many people have been planning to use the $1,000 in free margin to invest and offset the fee.
This is no longer possible. Robinhood quietly changed it- but didn’t inform users or communicate the change anywhere. In fact it still shows the benefit when you sign up. Insanely scummy.
This community doesn’t allow screenshots, but emailed support today to confirm:
“ My name is Tyler, and I'm with the brokerage team at Robinhood. I hope you are well today.
We recently changed the benefit for margin that comes with a Gold subscriptions. Previously the benefit was having access to the first $1000 of margin interest free, but it has now been changed to an overall discount to a rate of 8%.
You can learn more about the benefits of a Gold subscription on our Help Center.
Please let us know if you have any questions or concerns: We’re here to help!
Sincerely,
Tyler”
