MENLO PARK, Calif. — Robinhood is introducing a premium rewards credit card with a $695 annual fee, the Robinhood Platinum Card, as part of a series of product announcements made at the company’s Robinhood Presents: Take Flight event, according to Yahoo Finance.
The invite-only card is designed to offer high credit limits, travel rewards and luxury benefits, said Deepak Rao, general manager and vice president of Robinhood Money.
“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,” Rao said in a statement.
The card offers bonus cash-back rewards across several spending categories, including 10% on hotels and rental cars, 5% on flights booked through the Robinhood Banking app, 5% on dining and 1% on all other purchases, according to Yahoo Finance.
How to Redeem Awards
Rewards must be redeemed through a Robinhood Financial brokerage account and can be used for travel purchases through Robinhood’s travel portal, transferred into a brokerage account or used with select merchants.
Cardholders also receive a range of annual benefits, including complimentary Robinhood Gold membership, unlimited Priority Pass airport lounge access and $250 in annual DoorDash credits. Additional perks include credits for autonomous rides, a health wearable credit and complimentary memberships to services such as Amazon One Medical, Function Health and Oura, the report stated.
Robinhood estimates the value of the benefits at more than $3,000 annually, according to Yahoo Finance.
Follows Earlier Card Offering
The Platinum Card joins the company’s existing Robinhood Gold Card, launched in 2024, which carries no annual fee and offers 3% cash back on purchases for Robinhood Gold members.
Both cards currently have limited availability, with the Platinum card launching via invitation and the Gold card available through a waitlist. Robinhood says more than 600,000 cardholders currently hold its credit cards, according to Yahoo Finance.
