Everything you need to know about the new Robinhood Platinum card

Robinhood has launched its new card, the Robinhood Platinum, which offers exclusive benefits and an annual fee of $695, as part of a series of updates announced during the "Robinhood Presents: Launch" event.

Deepak Rao, the General Manager and Vice President of Finance at Robinhood, stated: "The card offers higher limits, exclusive rewards, and luxury benefits, elevating customer expectations for premium credit cards." The Robinhood Platinum card is available by special invitation, with pre-registration options on the company's website.

The rewards for the Robinhood Platinum card include 10% cash back on hotels and car rentals, 5% on flights booked through the Robinhood Banking app, 5% on restaurants, and 1% on other purchases. To earn these rewards, users must have a brokerage account with Robinhood.

The card also offers multiple annual benefits, including Robinhood Gold membership, unlimited access to Priority Pass lounges at airports, and credits worth $250 for DoorDash and self-driving car rides, as well as free memberships in health services such as Amazon One Medical, Function Health, and Oura, and a $200 credit for purchasing wearable health tracking devices. The company estimates the value of these credits and annual benefits to exceed $3,000.

The Robinhood Platinum card is one of the highest annual fee cards among premium rewards cards today, but it offers a wide range of benefits that can help users maximize their purchases and services if utilized effectively.

This move demonstrates that Robinhood aims to expand its presence in the premium credit card market, focusing on providing exclusive benefits and significant rewards to attract users seeking a luxurious banking experience.