Robinhood is releasing a premium rewards credit card with a $695 annual fee — the Robinhood Platinum Card.
Robinhood’s Platinum credit card is one of several updates Robinhood announced at its Robinhood Presents: Take Flight event on Wednesday, in addition to enhancements for Robinhood Strategies users, a family investing feature, and new perks for Robinhood Gold members.
“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,” Deepak Rao, GM and vice president of Robinhood Money, said in a statement.
The new Robinhood Platinum Card is invite-only; at launch, the company will send a select number of invites to customers, though you can sign up to request access via Robinhood’s site.
Robinhood Platinum details
With a $695 price tag, the Robinhood Platinum Card has among the highest annual fees available from premium rewards cards today. In exchange, you’ll earn solid rewards and get benefits for select spending each year.
Bonus rewards cover a few different categories:
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10% cash back on hotels and rental cars
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5% cash back on flights booked through the Robinhood Banking app
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5% cash back on dining
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1% cash back on everything else
You must have a Robinhood Financial brokerage account to redeem the cash back you earn with this card. You can redeem your rewards into your brokerage account, use them to purchase travel through Robinhood’s travel portal, pay with select online merchants, and more.
The Robinhood Platinum Card also offers annual benefits for cardholders:
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Complimentary Robinhood Gold membership
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Unlimited Priority Pass airport lounge access
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$250 in annual DoorDash credit and complimentary DashPass membership
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$250 annual credit for autonomous rides
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Complimentary Amazon One Medical membership
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Complimentary Function Health membership
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Complimentary Oura membership
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$200 annual credit toward health wearable purchases
Robinhood puts the value of these credits at over $3,000 — but remember, annual credits and benefits will only help you save money on purchases that are useful for you and your budget. If you already have these benefits through another card or you don’t use these services at all, you may have a hard time maximizing value with this card.
Robinhood Platinum Card vs. Robinhood Gold Card
The Robinhood Platinum Card is the platform’s second credit card offering after the Robinhood Gold Card, which launched with an ongoing waitlist in 2024.
The Robinhood Gold Card is much different. It’s a no annual fee card that earns 3% cash back on every purchase (and 5% cash back on Robinhood Travel purchases). That 3% cash-back rate is more than nearly any other flat cash-back card available today — making it a solid choice for earning rewards on everyday spending across different categories. To earn the full 3% back with your Robinhood Gold Card, you must be a Robinhood Gold member, which has an annual subscription fee of $50.
Robinhood Gold membership comes free with the $695 Robinhood Platinum Card. The Platinum is also geared much more toward premium benefits rather than the Robinhood Gold Card’s everyday rewards. You can still earn solid rewards with a Robinhood Platinum Card if you spend a lot of money on dining and travel, and if you’re willing to book flights through Robinhood’s travel portal. But you’re much more likely to maximize your value with benefits, like DoorDash credits, airport lounge access, and health and wellness memberships.
Aesthetically, both cards have a metal design. Though it launched with a limited-time offer to earn a 10-karat gold version, the Robinhood Gold Card now comes in stainless steel. The Robinhood Platinum card is plated with real platinum.
For now, both Robinhood cards may be difficult to get your hands on. The Robinhood Platinum Card is launching as an invite-only card, with plans to expand access in the future. The Robinhood Gold Card is similarly available only via waitlist. Robinhood says there are more than 600,000 cardholders today, but you can still only reserve your spot and wait for an invitation to apply.
Who is the Robinhood Platinum card best for?
Like the Robinhood Gold Card, the Robinhood Platinum Card is best for Robinhood users. You’ll get Robinhood Gold for free, which comes with plenty of tools and features for investors, including:
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3.35% APY on eligible brokerage cash
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3% match on IRA contributions
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Management fees only on the first $100,000 in assets managed by Robinhood Strategies
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Discounted mortgage rates and a $500 credit toward closing costs with Sage Home Loans
Beyond your membership with Robinhood, compare the card’s specific benefits to your regular budget to help decide if it’s right for you. Some perks, like credits for autonomous rides or health wearables, may be useful for some people, but not everyone.
If you don’t already pay for the included memberships (or wouldn’t use them) and don’t travel often to maximize bonus rewards, you may want to consider other card options. On top of that, you may already have some of the Robinhood Platinum Card’s benefits via other credit cards. Priority Pass lounge membership is common among premium travel cards, as are rewards for travel and dining.
You can get solid value from a Robinhood Platinum Card, especially if you value health and wellness purchases and can use all of the included benefits, in addition to your Robinhood Gold perks. But before you accept an invitation for the card, compare your spending — and the other cards in your wallet — to ensure you can recoup the $695 annual fee.
