These affected by premium bank card fatigue have one more heavy steel contender to weigh of their selections. Solely, perhaps it will have to decide on you.
On Wednesday, Robinhood introduced the Robinhood Platinum Card, an invite-only, $695/yr annual payment bank card provided by the retail brokerage large.
Due out within the second quarter of this 12 months, the cardboard will provide a aggressive 5% money again on eating, 5% money again on flights booked by way of its personal journey portal, plus 10% again on accommodations and rental vehicles.
Its first foray within the premium bank card fold comes two years after the corporate made a splash with its 3% money again Robinhood Gold Card. Regardless of the Gold Card’s premium feel and look, together with stable gold variants of the corporate’s first branded card, the Platinum Card is arguably extra of a good comparable with credit score incumbents.
What is going to the Robinhood Platinum Card provide?
Much like different premium bank cards, the corporate has a coupon ebook of advantages. This has turn into a normal a part of many highfalutin card choices, even when slightly inconvenient.
Robinhood claims that its advantages are value over $3,000/yr in worth, which comes within the type of complimentary memberships, life-style credit, and a “courtesy” Robinhood Gold membership.
Apart from money again, the complete listing of card advantages contains (so as of worth):
- A $500 Resort Credit score
- A complimentary Perform Well being membership ($365/yr)
- A $300 Journey Credit score
- $250 in annual DoorDash credit score + a complimentary DashPass membership
- $250 Restaurant Credit score
- $250 annual credit score for autonomous rideshare
- $200 annual credit score for well being wearables
- A complimentary Amazon One Medical membership ($199/yr for Non-Prime members)
- A complimentary Oura membership ($70/yr)
- A complimentary Robinhood Gold membership ($50/yr)
The cardboard additionally contains some pickings which have turn into customary amongst comparable premium playing cards:
- A complimentary Precedence Cross Choose membership
- World Entry/TSA Credit score (~$120/each 4 years)
How Robinhood’s tackle the coupon ebook would possibly differ from opponents like American Specific and Chase has but to be discerned. These collectors typically require credit to be spent on a quarterly or month-to-month foundation to be fully earned, introducing layers of complexity to earn again the hefty annual payment.
As well as, the brand-new bank card, because the identify implies, will ship plated with actual platinum. CEO Vlad Tenev referred to as “annoyingly heavy” throughout the keynote announcement.
A brand new participant enters the image
The brand new premium card can be a shot throughout the bow of premium credit score contenders similar to American Specific and Chase, which rolled out new and improved variations of their flagship Platinum and Sapphire Reserve playing cards final 12 months. It’s going to additionally be part of an more and more crowded cohort of card gamers, together with Capital One and Bilt.
Solely, Robinhood might need an edge over incumbents. Its 3% money again Gold Card made fairly the splash practically two years in the past, pulling in over one million waitlist prospects after its launch. It has since turn into out there to over 600,000 cardholders, per an organization assertion. That comes regardless of skepticism that the corporate wouldn’t have the ability to provide the product’s industry-leading money again long-term.
Those that might need mistaken Robinhood’s creativeness for gimmicky conduct may very well be forgiven. In any case, the corporate provided stable gold variations of its Gold bank card and thriller containers as a redemption choice for money again on the cardboard. However regardless of that, the bank card enterprise is turning into a significant contributor to the enterprise, serving to to place a dent within the $75 million acquisition of X1 that it undertook in Jun. 2023.
The cardboard was introduced alongside a slew of latest merchandise on the firm’s “Take Flight” keynote. Among the many new options added have been new tax loss harvesting options, new advantages for the corporate’s Robinhood Gold prospects, and short-term affords for patrons transferring to Robinhood.
