Robinhood’s $695 Platinum Card Challenges American Express’s $895 Fee and Perks
Robinhood launched a $695 Platinum card to compete with American Express’s $895 annual-fee Platinum offering, though experts argue American Express still leads in rewards flexibility and perks. Senator Markwayne Mullin acquired $50,000–$100,000 in American Express shares as part of a $24 million trading spree, raising conflict concerns.
1. Robinhood’s Platinum Card Launch
Robinhood introduced a $695 annual-fee invite-only Platinum credit card plated with 99.9% pure platinum. The card offers cashback redeemable as statement credit or reinvestment into brokerage accounts, targeting younger investors and directly challenging legacy premium-rewards issuers.
2. Perks and Fee Comparison
The Robinhood card’s $695 fee undercuts American Express’s $895 Platinum card, but analysts note AmEx provides extensive lounge access, hotel credits and a $200 annual airline fee credit alongside transferable Membership Rewards points, giving it a competitive edge in flexibility and value.
3. Mullin’s American Express Stock Purchases
Senator Markwayne Mullin purchased between $50,000 and $100,000 in American Express shares as part of over $24 million in trades since 2023. Those transactions have drawn scrutiny over potential conflicts of interest ahead of his expected nomination to lead the Department of Homeland Security.