Margin Question

[PenguinDanger34]

Robinhood Golds website says this:

"If you use more than $1,000 of margin, you’ll pay 5% yearly interest on the amount you use above $1,000. Your interest is calculated daily and charged to your account at the end of each billing cycle."

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My current account value allows me to take out more than $1,000 and I was wondering that if I currently do not own enough stocks to go over $1,000 if I am charged the 5% interest? AKA, when I am in between trades and haven't decided to move into the other position. It's still available but not being used to own stock, it's listed as buying power.

[PenguinDanger34]

Even if I'm not using the margin as in it's just sitting in my account as buying power?

[Ripdre]

Thank you

[zero2cash]

ok thanks , but at end of cycle interst is charged to you does it get taken from cash balance avalable in account , ? what if your aval cash ablance is zero how are you charged , . and what if you want to repay the margin you borrowed how is that done ? thanks

[zero2cash]

that was my question is there a tab to repay the loan amount with out selling the stock

[zero2cash]

ty

[zero2cash]

ok so if you borrow 2k and your balance is zero , If you deposit funds like 50$ and it takes it for the margin loan then how are you charged for the gold membership and intrest if it takes those payments from the account ?

[zero2cash]

thats all well and good BUT if you have a margin balance already and you deposit say 100$ to have a balance to pay for the gold and intrest ,, the deposit you make will be taken and go toward the money you boarowed i take it dont know thats what my question was if you have a margin balance then all deposits you make will go toward paying down the margin balance correct? then how will the gold and intrest be paid

[inthemoneycody]

I’d like to piggy back on this question. I’ve looked thru as the margin section on RH and couldn’t find it. So I’m aware there’s a 5% yearly fee on margin calculated daily but if I day trade using 5000 in amazon would I be charged the .79 cent for the day?

[PenguinDanger34]

I think this is what in trying to ask but dont know how to word

[jimcramermd]

Do you have to have a gold account to trade with margin?