Robinhood Debuts Actual Platinum Card to Challenge AmEx and Chase, But Who Can Actually Get One?

Robinhood has launched what it describes as an actual Platinum Card. Each card comes with pure platinum plating. 

But customers interested in signing up for the Robinhood Platinum Card will have to be patient. Right now, the card is available by invitation only, and there is an unsurprisingly long waiting list based on the mobile investment and banking app’s popularity and track record of slow credit card rollouts.

The Robinhood Gold Card launched in March 2024 with a wait list of more than 1 million people. The card is especially popular because it has no annual fee and offers an attractive 3% cash back in every spending category.

Credit limits on the Platinum Card are five times higher than what Robinhood offers on its Gold Card in a direct play for the same big spenders being courted by American Express and Chase.

Platinum cardholders earn 5% cash back on dining purchases for their first $50,000 in annual spending (after that, it goes down to 1% cash back on dining, but $50,000 buys a lot of surf-and-turfs).

Platinum cardholders also receive a $250 annual DoorDash discount, and a $250 annual credit at more than 15,000 restaurants. 

Robinhood Platinum cardholders earn 5% cash back on flights, and 10% cash back on hotels and cars. To qualify for these rewards, cardholders must book travel through the Robinhood banking app. Additional travel perks include daily breakfast for two and room upgrades in hotels. 

Platinum cardholders have unlimited access to more than 1,800 Priority Pass airport lounges around the world. Cardholders also receive a $500 annual hotel credit and $300 annual travel credit. Whether traveling or at home, cardholders enjoy health and wellness benefits such as complimentary memberships to Oura, Function Health, and Amazon One Medical. 

All told, Robinhood Platinum Card provides more than $3,000 in credits and memberships each year, according to the company’s website. The price of all these benefits is a $695 annual fee. 

The Robinhood Platinum Card came to be after Robinhood Gold Card customers asked for higher spending limits.

Issued by Coastal Community Bank, the Robinhood Platinum Card’s annual percentage rate for purchases is 29.99%. The APR for balance transfers is 29.99% as is the APR for cash advances.

Late payments are charged up to $41. The card charges no foreign transaction fees. 

The American Express Platinum Card comes with a $895 annual fee. The card’s categories include premium travel, dining and entertainment, shopping and wellness, and reward points. The card offers more than $3,500 in annual benefits, according to Amex.

The Chase Sapphire Reserve Card rewards cardholders upfront. Cardholders can earn 125,000 points after charging $6,000 in purchases in the first three months of opening the account. The card comes with a $795 annual fee.  

Robinhood is not shy about seeking out new customers from American Express and JPMorgan Chase and other card issuers. 

“We want to go after ​the legacy players’ customers,” said Deepak Rao, Vice President and General ​Manager of Robinhood Money, adding that AmEx was “obviously the benchmark,” Reuters reports. 

A new Platinum Card from Robinhood is taking aim at the competition with card benefits totaling $3,000 a year. The card comes with a $695 annual fee, $200 less than the American Express Platinum Card. The Robinhood Platinum Card has a waiting list. To register for the Platinum Card, go to the Robinhood mobile app.