Robinhood Launches $695 Platinum Card to Challenge American Express’s Premium Franchise
Robinhood is launching a $695-per-year Platinum card offering 10% cash back on hotels and rental cars, 5% back on dining and flights, and over $3,000 in potential annual rewards. Bank of America warns this super-premium offering poses an incremental negative challenge to American Express’s high-margin franchise.
1. Robinhood Unveils Super-Premium Card
Robinhood introduced a $695-per-year, invite-only Platinum card plated in 99.9% pure platinum at its “Take Flight” keynote, targeting high-income consumers with a card directly positioned against established premium offerings.
2. Features and Rewards
The card delivers 10% cash back on hotels and rental cars, 5% on dining and flights, unlimited airport lounge access, plus perks like an Oura Ring membership, Amazon One Medical, $250 in DoorDash credits, $500 in hotel credits and a Robinhood Gold subscription, with total rewards exceeding $3,000 annually.
3. Competitive Implications for American Express
Bank of America flagged Robinhood’s entry as an incremental negative for American Express’s lucrative Platinum franchise, noting younger consumers—average age 33 for Platinum new accounts and 29 for Gold—may be drawn to digital-native platforms and optimized cross-product rewards.