Robinhood Targets Affluent Market With $695-a-Year Platinum Card

Robinhood built its business by attracting retail investors with commission-free trading. After launching its first Gold Card in March 2024, it gradually expanded beyond securities and crypto into banking and credit cards. The company is now targeting affluent customers to generate more recurring, sticky revenue and compete with traditional issuers such as American Express in the premium spending market, accelerating its push to build an all-in-one financial app.

Robinhood unveiled the invitation-only Robinhood Platinum Card on March 4, 2026. The card carries a $695 annual fee and is plated with 99.9% pure platinum. It offers up to 10% cash back on hotels and rental cars booked through Robinhood Travel, and 5% on dining and flights. The company said its benefits are worth more than $3,000 a year, while the Gold Card has more than 700,000 users and over $10 billion in annualized spending.