Robinhood Launches $695 Platinum Card
A new Robinhood platinum credit card ($695/year) is buzzing for unlimited lounge access at 1,800 airports, plus $500 travel credit, $250 restaurant credit, and more perks targeting frequent travelers and investors.
The Robinhood Platinum Card enters a competitive premium travel card market, directly challenging established players like the American Express Platinum and Chase Sapphire Reserve. With a $695 annual fee, it undercuts the Amex Platinum's $895 fee and sits below the Chase Sapphire Reserve's $795 fee. Robinhood estimates the total value of its card's perks at over $3,000 annually. This new card is an invite-only product, continuing a strategy of phased rollouts seen with previous Robinhood products. The physical card itself is made with 99.9% pure platinum plating, a move to appeal to the luxury market. It follows the 2024 launch of Robinhood's Gold Card, which offered a simpler 3% cash back for a monthly membership fee. The rewards structure is heavily focused on travel and dining, offering 10% cash back on hotels and rental cars and 5% back on flights, but only when booked through Robinhood's own travel portal. Dining also earns 5% back, while all other purchases receive 1%. This reward system is a departure from the flat 3% cash back offered by the company's Gold Card. Unlike traditional travel cards that offer points transferable to airline and hotel partners, the Robinhood Platinum Card's rewards are redeemed as cash back directly into a user's Robinhood brokerage account. This positions the card as a tool for investors to turn everyday spending into portfolio contributions. The launch is part of a broader strategy to reposition Robinhood as a comprehensive financial platform beyond just trading.
