Robinhood Takes Aim at AmEx and Chase With $695 Platinum Card

Robinhood has started rolling out its invite-only Platinum Card, a premium credit card with a $695 annual fee and more than $3,000 in stated annual benefits. The card targets higher-income customers and positions the trading app against established players such as American Express and JPMorgan Chase.

The launch follows an initial announcement in March, but Robinhood revised several benefits before placing the product in customers’ hands. Invitations are now being sent to an initial group and will expand over the coming months. The company also disclosed that more than one million people now hold its lower-tier Gold Card, up from over 700,000 in March.

Revised Benefits and Rewards

Robinhood overhauled the Platinum Card’s benefits before launch. Annual travel credits now total $1,000, comprising $700 in hotel credits and $300 in flight credits. The hotel credit applies to stays of at least two consecutive nights booked through Robinhood, while the flight benefit is split into two $150 increments every six months. The premium hotel network has grown to more than 1,700 properties, offering perks like priority late checkout and room upgrades.

Other benefits include $120 in annual DoorDash promotions, a complimentary DashPass membership, and a $250 annual Waymo ride credit. A WHOOP Peak membership with hardware replaces the previously announced wearable package. Cardholders also receive a one-time credit of up to $1,000 toward an Eight Sleep Pod and Base, available until September 15. A concierge service can assist with exclusive events, private flights, and travel disruptions.

The card offers 5% cash back on eligible dining purchases, capped at $50,000 spent in that category per year; spending above that earns 1%. Cardholders earn 5% on flights and 10% on hotel and rental car bookings made through Robinhood. Other purchases earn 1%. Additional perks include $250 in annual dining credits at over 15,000 restaurants, Priority Pass lounge access, Global Entry/TSA PreCheck credit, travel protection, and no foreign transaction fees. Health benefits include Function Health and Amazon One Medical memberships. A Robinhood Gold subscription is included in the fee.

Competing in the Premium Card Arms Race

The $695 annual fee places Robinhood directly against cards like the Chase Sapphire Reserve ($795) and the American Express Platinum Card (which claims over $3,500 in potential annual value). Robinhood notes its fee is up to $200 lower than competitors. However, many benefits require using Robinhood’s booking portal or are divided into monthly or semi-annual increments, which may appeal mainly to customers willing to shift travel and dining spending into the Robinhood ecosystem.

The card supports Robinhood’s broader strategy of expanding beyond trading into banking, retirement, managed portfolios, and credit cards. CEO Vlad Tenev has stated the goal is to make Robinhood more central to customers’ financial lives. With over one million Gold Card holders and growing card receivables, the company has a base to target for Platinum invitations. Cash-back redemption requires a Robinhood brokerage account, and travel rewards encourage in-app bookings, further integrating customers into the platform.

Robinhood faces challenges in credit risk and maintaining benefits against established issuers. The Platinum Card is now available to invited customers, with wider rollout expected in the coming months.