Robinhood Markets Inc., a California-based provider of an electronic trading platform, has announced a new premium product — the Platinum card — aimed at high-income users, Reuters reported.
The company’s Platinum card carries a $695 annual fee and offers cashback and other perks. Robinhood says these benefits could total up to $3,000 per year, putting it in line with premium cards from American Express and JPMorgan Chase. The American Express Platinum card costs $895 annually, while JPMorgan’s Chase Sapphire Reserve has a $795 annual fee. Both cards offer benefits valued at about $3,500 and $2,700, respectively.
Robinhood, which has been public since 2021, said the launch is part of its broader strategy to position itself as a full-service financial platform. The card could help the company attract wealthier customers who may later use Robinhood’s other financial products and services.
Alongside the credit card, Robinhood also announced custodial investment accounts that allow parents or guardians to invest on behalf of minors. Users can set up recurring investments and invite family members to contribute. When the minor reaches adulthood, the assets are transferred to them.
