Stock trading platform Robinhood has announced its newest offering: the Robinhood Platinum Card.
The upgraded option comes two years after the company unveiled its first credit card, the Gold Card.
“We built the Gold Card to be the best card for everyday spending, and customer demand showed us there was room to push the boundaries even further,” Deepak Rao, the vice president and general manager of Robinhood Money, said in the announcement. “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.”
Although you can request access, the new Platinum Card is invite only. Even if you do get access, be aware that Robinhood’s Platinum Card will cost you $695 annually.
Coastal Community Bank is the card’s issuing bank.
The high fee isn’t shocking given that premium card issuers have been raising their annual fees. Take the Chase Sapphire Reserve credit card, which went up to $795 from $550 last year. The Amex Platinum Card, meanwhile, is $895 annually.
What benefits does Robinhood’s Platinum Card have?
So, for such a steep price, what does the new Robinhood card give you? Here are just some of the benefits Robinhood is offering with its Platinum Card:
- 5% cash back on dining
- 10% cash back on hotels and cars
- Unlimited access to over 1,800 Priority Pass lounges worldwide
- $500 annual hotel credit
- $300 annual travel credit
- $250 in autonomous rides credit
- $200 wearables credit
- Amazon One Medical membership
- Add family members for free
Of course, each of those points comes with caveats written in fine print that are worth exploring.
People have strong opinions on the new Platinum Card
Unsurprisingly, people have a lot of thoughts about the new card.
A sea of comments on Reddit threads discussing the card run the gamut. One user wrote, “The devil is in the details. On the surface, it looks good, then it turns into a coupon book that’s even worse.”
“I think people are being way too hard on this card,” said another user, while comparing and contrasting some of its benefits with those offered by Amex. “Nobody is talking about the things this card has which are amazing,” the user added. “I just think it’s a different target audience.”