Robinhood has unveiled a new high-end credit card called the Robinhood Platinum Card, featuring luxury benefits and an annual fee of $695. The announcement was made during the company’s Robinhood Presents: Take Flight event, where the platform also revealed updates for Robinhood Strategies, new family investing tools, and added perks for Robinhood Gold members.
The company positions this card as a premium offering designed for customers who want elite rewards, higher credit limits, and luxury lifestyle benefits. According to Deepak Rao, Vice President and General Manager of Robinhood Money, the new card aims to raise expectations for what consumers should receive from a premium credit card.
At launch, the card will be invite-only, meaning Robinhood will initially send invitations to selected users. Interested customers can request access through Robinhood’s website.
Overview of the Robinhood Platinum Card
The Robinhood Platinum Card enters the market with one of the highest annual fees among premium rewards cards, priced at $695 per year. In return, users gain access to generous cash-back rates and a large collection of lifestyle and travel benefits.
Cardholders can earn rewards in several spending categories, particularly travel and dining.
Cash-Back Rewards Structure
| Spending Category | Rewards Rate |
|---|---|
| Hotels and rental cars | 10% cash back |
| Flights booked through Robinhood app | 5% cash back |
| Dining purchases | 5% cash back |
| All other purchases | 1% cash back |
To redeem these rewards, customers must have a Robinhood Financial brokerage account. Earned cash back can be deposited into the brokerage account, used for travel bookings within the Robinhood travel portal, or applied at selected online merchants.
Annual Credits and Premium Benefits
The card also includes numerous annual credits and memberships designed to appeal to travelers and health-focused consumers.
Major Cardholder Benefits
| Benefit | Annual Value |
|---|---|
| Complimentary Robinhood Gold membership | Included |
| Priority Pass airport lounge access | Unlimited |
| DoorDash credits + DashPass membership | $250 per year |
| Autonomous ride credits | $250 annually |
| Amazon One Medical membership | Included |
| Function Health membership | Included |
| Oura membership | Included |
| Health wearable purchase credit | $200 annually |
Robinhood estimates that the total potential value of these benefits can exceed $3,000 each year. However, the real value depends on whether cardholders actually use these services.
If someone already receives similar perks from another premium credit card, they may find it harder to fully justify the card’s annual fee.
Robinhood Platinum Card vs Robinhood Gold Card
Before launching the Platinum version, Robinhood introduced the Robinhood Gold Card in 2024. The two cards serve different audiences.
Robinhood Gold Card Features
- No annual fee
- 3% cash back on all purchases
- 5% cash back on Robinhood Travel purchases
- Requires Robinhood Gold membership ($50 yearly) to unlock the full rewards rate
This 3% flat cash-back structure makes the Gold Card one of the strongest everyday spending cards available.
In contrast, the Robinhood Platinum Card focuses more on luxury perks and travel benefits rather than simple everyday rewards.
Another difference lies in their design. Both cards are made from metal, but the materials differ:
- Robinhood Gold Card: stainless steel (previously offered limited gold version)
- Robinhood Platinum Card: plated with real platinum
At the moment, both cards remain somewhat difficult to obtain. The Gold Card operates through a waitlist, while the Platinum Card launches as invite-only. Robinhood reports that more than 600,000 cardholders currently hold its cards.
Who Should Consider the Robinhood Platinum Card?
The Robinhood Platinum Card is most beneficial for people who actively use the Robinhood investing platform.
Because the card includes a free Robinhood Gold membership, users gain access to several investment-related perks:
Robinhood Gold Membership Benefits
| Feature | Details |
|---|---|
| Brokerage cash interest | 3.35% APY |
| IRA contribution match | 3% match |
| Asset management fees | Charged only on first $100,000 managed |
| Mortgage benefit | Discounted rates + $500 closing credit through Sage Home Loans |
Beyond investment perks, the card becomes more valuable for individuals who:
- Frequently travel
- Spend heavily on dining
- Value airport lounge access
- Use services like DoorDash, health memberships, or wearable technology
However, people who rarely travel or do not plan to use the included memberships may struggle to justify the $695 annual fee.
Before accepting an invitation, consumers should compare the card’s benefits with other credit cards they already own.
Alternative Premium Credit Cards to Consider
If you are not invited to apply for the Robinhood Platinum Card, there are several well-known alternatives offering similar benefits.
One example is the Chase Sapphire Reserve, another premium travel card.
Chase Sapphire Reserve Overview
| Feature | Details |
|---|---|
| Annual fee | $795 |
| Welcome bonus | 125,000 bonus points after $6,000 spending in 3 months |
| Rewards | 8x points on Chase Travel, 4x flights & hotels, 3x dining |
| Travel credit | Up to $300 annually |
| Airport security credit | Up to $120 every four years for Global Entry or TSA PreCheck |
This card also offers perks such as Priority Pass airport lounge membership, travel protections, and dining credits. Additionally, rewards points can be transferred to airline or hotel loyalty programs.
The Robinhood Platinum Card represents the company’s attempt to compete in the luxury credit card market. With its $695 annual fee, it delivers strong rewards on travel and dining while offering a wide range of lifestyle perks, including airport lounge access, DoorDash credits, health memberships, and investment-related benefits.
For dedicated Robinhood users, the card may provide strong value thanks to the included Robinhood Gold membership and investing advantages. However, the card makes the most sense for consumers who frequently travel, spend heavily on dining, and can fully utilize the many annual credits.
Before committing, potential applicants should carefully compare their spending habits and existing credit card perks to ensure they can recover the card’s high yearly cost.