This Week in Credit Cards: Robinhood Revamps $695 Card After Customer Backlash

Financial services company Robinhood has begun rolling out a new credit card after revamping its perks in response to customer feedback, according to The Wall Street Journal.

The Robinhood Platinum Card — weighing in at a hefty 27 grams — was designed to feel different in a cardholder’s hand, according to a press release from the company.

Robinhood revamps its Platinum Card perks, Samsung takes on Apple in a new category, and an SMB card launch from Intuit. Find out what else happened This Week in Credit Cards 💳 https://t.co/XEhNgnLJ0T pic.twitter.com/K8fqjiAYtP

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The card’s design isn’t its only distinguishing feature. It comes with credit limits that can be up to five times higher than those for Robinhood’s Gold Card, although individual limits vary and are subject to approval.

The card now features benefits that Robinhood said are inspired by its customers. They include $120 in DoorDash promos every year, up to $700 in annual hotel credits, and $300 in annual flight credits. Terms and redemption restrictions apply.

In addition, the Platinum Card offers 10% cash back when cardholders use it to book hotels and rental cars through Robinhood’s app, 5% back on eligible dining and flight purchases booked through the company, and 1% on all other eligible purchases.

Altogether, the card offers more than $3,000 in value each year, according to Robinhood. However, it does come with an annual fee of $695. The card is not yet broadly available, but consumers can request access through Robinhood’s website.

Samsung, best known for technology products including smartphones, rolled out its first-ever credit card for the U.S. market this week. Barclays US Consumer Bank issues the Samsung Galaxy Card, which runs on the Visa network.

The card puts Samsung in more direct competition with Apple and its credit card for a prominent spot in consumer wallets. Samsung is offering several rewards with the new card to attract consumers.

The Galaxy card allows cardholders to earn 5% cash back when they use it to make Samsung purchases and 3% back on purchases made through Samsung Wallet. In comparison, the Apple Card offers 3% cash back when cardholders use the product to buy items from Apple and 2% back when they pay with the card through Apple Pay.

Samsung’s new card also offers 2% cash back on purchases of streaming services and 1% on all other transactions. In a press release, Samsung revealed that the card is integrated into Samsung Wallet.

“Consumers expect payments to be embedded into the digital experiences they use every day,” Kirk Stuart, SVP, Head of North America Enablers, Merchants and Fintechs at Visa, said in the release.

A federal judge in Maryland dismissed a proposed class-action lawsuit accusing Capital One of charging credit card customers excessive interest rates. A plaintiff had claimed the bank had charged her an interest rate that was close to 30% for longer than a year.

The plaintiff said she hadn’t agreed to that rate and claimed it was five times the 6% maximum allowed under Virginia law. Capital One is based in McLean, Virginia.

But U.S. District Judge Theodore Chuang said that the plaintiff’s card agreement permitted the bank to change the terms. The judge added that the rate cap in Virginia only applies to agreements that don’t have an express interest rate.

The ruling comes amid renewed debate over credit card interest rates. Last week, Senator Bernie Sanders (I-VT) called out President Donald Trump for not implementing a 10% cap on card rates.

But this week, groups including the Delaware Black Chamber of Commerce warned that a credit card rate cap could cut off access to credit for consumers and business owners.

Intuit introduced a card designed for small businesses this week.

The Intuit Business Credit Card allows cardholders to earn rewards on purchases while helping them manage spending and better understand their cash flow.

Cardholders earn 5% cash back on eligible Intuit products and services and 2% back on all other completed purchases. The no-annual-fee card is issued by WebBank and runs on the Mastercard network.

Businesses that use QuickBooks can benefit from the new Intuit card’s integration with the platform, which connects receipts with transactions and helps owners track their spending.

Companies can provide employees with physical or virtual versions of the new Intuit card. The card also offers customizable spending controls, allowing business owners to manage employee purchases.

“The Intuit Business Credit Card gives businesses something they have never had before: a single, connected solution for spending, cash flow, and credit that is built around how their business actually performs,” David Hahn, EVP and General Manager, Services Group at Intuit, said in a press release from the company on the new product.

Credit card late fees were at the heart of complaints highlighted by Senator Elizabeth Warren (D-MA) in a new report.

According to CNBC, Warren’s report estimates that the overhaul of the Consumer Financial Protection Bureau (CFPB) during President Trump’s second term has cost Americans up to $26.5 billion in forgone consumer savings.

In addition to cutting staff at the agency, the Trump administration has either scaled back or completely dropped a number of enforcement cases since last year, according to CNBC.

The senator’s message comes at a critical time for the bureau. Brian Johnson, an executive at Capital One, is undergoing Senate confirmation to become director of the CFPB.

Warren’s report attributes up to $15 billion of the estimated $26.5 billion in forgone consumer savings to the CFPB’s decision to agree to vacate a finalized rule that generally would have lowered late fees at large card issuers to $8.