**Investment Platform Robinhood Introduces New Platinum Credit Card**
Robinhood, the well-known investment platform, is stepping into the credit card arena with the launch of its new premium product, the Robinhood Platinum Card. Promoted as “the genuine Platinum Card,” this Visa Infinite offering features a steep annual fee of $695, which is defended by a variety of credits and advantages. But do these benefits genuinely make up for the expense? Let’s explore the specifics.
**Overview of the $695 Annual Fee Robinhood Platinum Card**
The Robinhood Platinum Card is crafted with 99.9% pure platinum plating, supporting its assertion as the “genuine” Platinum Card. While the physical card is striking, the essential query is whether the benefits warrant the annual cost.
The card’s rewards system comprises:
– 10% cash back on hotel bookings made via the Robinhood travel portal
– 5% cash back on flights reserved through the Robinhood travel portal
– 5% cash back on dining, up to $50,000 spent yearly
– 1% cash back on all other expenditures
Beyond the rewards, the card provides memberships with Robinhood Gold, Amazon One Medical, Function Health, and Oura, which are touted to be valued at hundreds of dollars. It also includes up to $120 in Global Entry or TSA PreCheck credit every four years and a Priority Pass membership.
The card is promoted as delivering over $3,000 in annual value, primarily through different credits:
– Up to $500 in hotel credits each year, featuring a $250 credit every six months for luxury hotel reservations via the Robinhood travel portal
– Up to $300 in travel credits annually, offering a $150 credit every six months for rideshares, hotels, flights, and other travel-related purchases
– Up to $250 in DoorDash credits per year, with two $10 credits each month (three in December) for orders of $50+
– Up to $250 in restaurant credits each year, providing a $20 credit each month ($30 in December) at selected restaurants
– Up to $250 in autonomous credits annually, with a $20 credit each month ($30 in December) for designated autonomous ride expenses
– Up to $200 in wearables credits per year for eligible health wearables purchases
**Is the New Robinhood Platinum Card a Good Deal?**
The Robinhood Platinum Card may attract individuals who like to maximize credits, but its value beyond that is somewhat limited. The 5% cash back on dining is appealing, yet the 1% return on regular spending is less attractive. The elevated cash back rates on portal bookings are specific and might not appeal to everyone.
For a lot of users, the card serves as a “coupon book,” where diligent credit usage can recover the annual fee or even lead to savings. However, the effort needed to take advantage of these credits across many transactions might not captivate everyone, particularly those dealing with credit card weariness.
The card appears to be designed more for Robinhood enthusiasts rather than value seekers, akin to how the Apple Card has become popular despite not being the most enticing choice.
**Final Thoughts**
Robinhood’s new $695 annual fee credit card is presented as the “genuine” Platinum Card. While its spending rewards are not particularly exciting, the card provides multiple credits that can help mitigate the annual fee. The secret to making this card beneficial lies in effectively leveraging these credits. How much effort are you ready to put into managing small credits with services like DoorDash?
**What do you think about the new Robinhood Platinum Card?**