Robinhood Is Offering a Credit Card for the First Time — and It's Available in 10-Karat Gold Robinhood wants to take a bite out of the Apple Card with its new Gold Card, which has up to 5% cash back with no fees. Here's what to know.

Robinhood introduced a credit card on Tuesday with no annual or foreign transaction fees and a minimum of 3% cash back to the general public. However, the card is only available to Robinhood Gold subscribers who pay $5 per month or $50 per year for a membership.

Robinhood announced the card and its waitlist on Tuesday, marking the first time that the online trading app has expanded to credit cards. The company began offering a debit card two years ago and acquired no-fee credit card startup X1 Inc for about $95 million last year.

The card offers 5% cash back on travel bookings through Robinhood's new portal.

^{Credit: Robinhood}

Similar to the Apple Card, the Robinhood Gold card has a clean look with no numbers, so users won't have to worry about their information being stolen if they lose their cards. Other cards, such as one from Mastercard, also have this kind of design.

Related: Apple Moves to Sever Ties With Goldman Sachs — Here's What That Means for Apple Card and Savings Holders

Robinhood allows for the same family opt-ins as the Apple Card but with up to six people able to access one shared account.

The Robinhood card has a similar sheen to the American Express Gold Rewards Card, without the $250 annual fee, and it offers the same 3% cashback percentage as the Apple Card, which also has zero fees.

Robinhood aims to "open up" a "high-net-worth experience" with the Gold membership, which is $5 per month, according to co-founder and CEO Vlad Tenev.

Instead of requiring a minimum income or balance, Robinhood is trying to make its offerings available to "as many people as possible," Tenev told CNBC.

Related: Robinhood CEO Says Big Banks Are Taking Advantage of Americans. Now His Company Wants to Put More Money Into Your Wallet — No Investing Required.

For example, Tenev said that when Robinhood looked at the entire credit card landscape, they found that the highest cashback percentage with no limits was usually around 2%.

Most 2% cards come with some kind of a catch, according to NerdWallet. Credit cards from Bank of America and U.S. Bank do offer 3% cash back but in limited categories.

"3% is beyond what anyone else offers with no limit, no minimum balance, no net worth requirement to be part of the program," Tenev claimed.

How to Get a Real 10-Karat Gold Card

Robinhood is rewarding its Gold members who share news about the credit card by offering a solid gold version of the card.

If Gold members share the news with their network and can get 10 people to sign up for the card, they will receive a 10-karat real gold card that weighs 36 grams.

The regular card comes in stainless steel.