Robinhood Launches Premium Platinum Card with $695 Annual Fee

Robinhood has entered the premium credit card market with the launch of the Robinhood Platinum Card, an invite-only offering carrying a $695 annual fee announced at the company's "Robinhood Presents: Take Flight" event. The card is plated with real platinum and puts Robinhood in direct competition with the American Express Platinum Card.

"The Platinum Card offers higher limits, elite rewards and luxury benefits, and raises the bar for what customers should expect from a premium credit card," said Deepak Rao, GM and VP of Robinhood Money.

Rewards Structure

The Robinhood Platinum Card offers strong earning rates across travel and dining categories:

• 10% cash back on hotels and rental cars
• 5% cash back on flights booked through the Robinhood Banking app
• 5% cash back on dining
• 1% cash back on everything else

Cash back must be redeemed into a Robinhood Financial brokerage account. Cardholders can also use rewards to purchase travel through Robinhood's travel portal or pay with select online merchants.

Annual Benefits and Credits

Robinhood values the card's annual benefits at over $3,000, including:

• Complimentary Robinhood Gold membership (normally $50/year)
• Unlimited Priority Pass airport lounge access
• $250 annual DoorDash credit and complimentary DashPass membership
• $250 annual credit for autonomous rides
• Complimentary Amazon One Medical membership
• Complimentary Function Health membership
• Complimentary Oura membership
• $200 annual credit toward health wearable purchases

The health and wellness focus differentiates the Robinhood Platinum from traditional premium travel cards, though some cardholders may find it difficult to use all the included memberships.

How It Compares to the Robinhood Gold Card

The Platinum Card is Robinhood's second credit card after the Gold Card, which launched in 2024. The two cards serve different purposes:

The Gold Card is a no-annual-fee card earning 3% cash back on everything (5% on Robinhood Travel), making it one of the best flat-rate cash-back cards available. It requires a Robinhood Gold membership ($50/year), which comes free with the Platinum Card.

The Platinum Card is built around premium benefits and elevated travel/dining rewards rather than everyday spending. If you spend heavily on dining and travel and can use the included credits and memberships, the Platinum offers strong value. Otherwise, the Gold Card's 3% flat rate may be the better choice.

Both cards feature metal designs — the Gold Card in stainless steel and the Platinum Card in actual platinum plating. Both currently have limited availability: the Platinum is invite-only at launch, while the Gold Card still operates via waitlist with over 600,000 cardholders.

Who Should Consider This Card

The Robinhood Platinum is best suited for existing Robinhood users who travel and dine frequently and can take advantage of the health and wellness perks. The complimentary Robinhood Gold membership adds value for investors, providing 3.35% APY on eligible brokerage cash, 3% IRA contribution match, and discounted mortgage rates.

However, many of the card's benefits — particularly Priority Pass lounge access and elevated travel/dining rewards — are also available through competing premium cards like the Amex Platinum, Chase Sapphire Reserve, and Capital One Venture X. Cardholders should compare the unique wellness credits against what they already have in their wallet before committing to the $695 annual fee.