Can You Fund Robinhood With a Credit Card?

How Do People Use a Credit Card to Fund Robinhood?

The workaround takes a few steps, and it is not free. Here is how it works, so you can judge the cost before you try it.

1. Review your card's cash advance terms. Find the cash advance fee, the cash advance APR, and your cash advance limit, which is often lower than your overall credit limit.
2. Move the advance into your bank account. Depending on your issuer, this may be a transfer to your checking account or a convenience check.
3. Transfer the money to Robinhood. Use a standard or instant bank transfer from that linked bank account.
4. Repay the advance quickly. Because interest usually starts right away, paying it off fast limits the cost.

For most people, waiting until you have the cash in your bank account is the cheaper choice.

Impact on Your Credit Score

Funding an investment account with borrowed money can affect your credit in a few ways. Here is what to keep in mind.

• Credit utilization: A cash advance adds to your card balance, which raises your utilization until you pay it down.
• Growing balance: Fees and immediate interest make the balance larger and harder to pay off.
• Payment history: Missing a payment on the card can hurt your score far more than any investment gain helps.

Alternative Ways to Fund Robinhood

Bank Transfers

Robinhood says standard bank deposits can take up to 5 business days to become available, though Instant Deposits may let you trade some pending funds sooner. Instant bank transfers move money in minutes with no fees, but they cannot be canceled and are not available for recurring deposits.

Debit Card Transfers

Robinhood says debit card transfers typically take 30 minutes, though your bank may take longer or ask you to verify the transfer. Debit card transfers cannot be canceled and cannot be set up as recurring deposits.

Wire Transfers and Direct Deposit

Robinhood does not charge incoming wire fees, though your bank may. A domestic wire your bank sends before 4 p.m. ET should arrive the same day, and Robinhood does not support international wires. You can also route part of a paycheck into Robinhood with direct deposit.

Choose the Right Card for Your Everyday Spending

Robinhood also offers its own credit card, the Robinhood Gold Credit Card, but it is a card for purchases, not a way to deposit money into a brokerage account. Our Robinhood Gold Credit Card review explains how it works.

^{The information for the Robinhood Gold Credit Card has been collected independently by Kudos. The card details on this page have not been reviewed or provided by the card issuer.}

If you want a card that fits your spending, the Kudos Explore tool lets you compare cards by rewards, fees, and perks.

Kudos can help with your everyday spending. The free Kudos browser extension recommends which of your cards to use at online checkout and shows your card rewards in one place, so your cards earn more on the purchases they are meant for. Kudos Premium can also automatically activate eligible card-linked offers.

Frequently Asked Questions

Can I use a credit card on Robinhood?

Not to deposit money. Robinhood's deposit options are bank transfers, debit card transfers, direct deposit, and internal transfers from Robinhood Banking.

Can I use a debit card to fund Robinhood?

Yes. Robinhood supports debit card transfers, which typically take about 30 minutes. They cannot be canceled once submitted.

How long does a Robinhood deposit take?

Standard bank deposits can take up to 5 business days, instant bank transfers arrive in minutes, and debit card transfers typically take about 30 minutes, according to Robinhood.

Does Robinhood charge for wire transfers?

Robinhood does not charge for incoming wires, though your bank may. It charges $25 for each outgoing wire from a Robinhood investing account.