Robinhood has just unveiled its new premium rewards credit card, the Robinhood Platinum Card, boasting a hefty £550 annual fee. This launch was a highlight of the recent "Robinhood Presents: Take Flight" event, which also featured updates for Robinhood Strategies users, a new family investing feature, and enhanced perks for Robinhood Gold members.
Deepak Rao, General Manager and Vice President of Robinhood Money, stated that the Platinum Card aims to redefine premium credit card expectations by offering higher limits, elite rewards, and luxury benefits.
Initially, the Robinhood Platinum Card will be available on an invite-only basis, with a limited number of customers receiving invitations. However, interested individuals can register on Robinhood’s website to request access.
With its £550 price tag, the Robinhood Platinum Card positions itself among the most expensive premium rewards cards currently available. In return, cardholders can expect to earn substantial rewards and access valuable benefits for specific spending categories each year.
The bonus rewards structure covers several areas:
| Category | Reward |
|---|---|
| Travel booked via Robinhood | 5% cash back |
| Dining | 3% cash back |
| All other purchases | 1% cash back |
To redeem the cash back earned with this card, you must have a Robinhood Financial brokerage account. Rewards can be deposited into your brokerage account, used for travel bookings through Robinhood’s travel portal, or used for purchases with select online merchants.
The Robinhood Platinum Card also provides annual benefits, including:
- £235 annual DoorDash credit
- £235 annual health and wellness credit
- Complimentary Priority Pass airport lounge membership
- £79 towards CLEAR Plus membership
Robinhood estimates the total value of these credits to be over £2,360. However, it’s essential to remember that these annual credits and benefits will only offer genuine savings if they align with your spending habits and needs. If you already have similar benefits through other cards or don’t utilise these services, maximising the value of this card may be challenging.
The Robinhood Platinum Card marks the platform’s second credit card offering, following the Robinhood Gold Card, which launched in 2024 with an ongoing waitlist.
The Robinhood Gold Card is a fundamentally different product. It’s a no-annual-fee card that offers 3% cash back on every purchase (and 5% cash back on Robinhood Travel purchases). This 3% cash-back rate is highly competitive, making it an attractive option for earning rewards on everyday spending across various categories. To qualify for the full 3% cash back with your Robinhood Gold Card, you must be a Robinhood Gold member, which requires an annual subscription fee of £40.
A Robinhood Gold membership is included free of charge with the £550 Robinhood Platinum Card. The Platinum Card is primarily focused on premium benefits, while the Robinhood Gold Card emphasises everyday rewards. While the Robinhood Platinum Card offers solid rewards for dining and travel spending, especially when booking flights through Robinhood’s travel portal, its true value lies in its benefits, such as DoorDash credits, airport lounge access, and health and wellness memberships.
Both cards feature a metal design. While the Robinhood Gold Card initially launched with a limited-time offer of a 10-karat gold version, it now comes in stainless steel. The Robinhood Platinum Card is plated with genuine platinum.
Currently, both Robinhood cards may be difficult to obtain. The Robinhood Platinum Card is launching as an invite-only card, with plans to expand access in the future. Similarly, the Robinhood Gold Card is available only via a waitlist. Robinhood reports having over 600,000 cardholders, but you can still only reserve your spot and await an invitation to apply.
Like the Robinhood Gold Card, the Robinhood Platinum Card is best suited for existing Robinhood users. It provides complimentary Robinhood Gold membership, which includes various tools and features for investors, such as:
- Enhanced deposit interest rates
- Larger instant deposits
- Professional research reports
Beyond the Robinhood membership, it’s crucial to assess whether the card’s specific benefits align with your regular spending habits to determine if it’s the right choice for you. Some perks, like credits for autonomous rides or health wearables, may be valuable for some but not for everyone.
If you don’t already pay for the included memberships (or wouldn’t use them) and don’t travel frequently enough to maximise bonus rewards, you may want to consider alternative card options. Furthermore, you may already have access to some of the Robinhood Platinum Card’s benefits through other credit cards. Priority Pass lounge membership is common among premium travel cards, as are rewards for travel and dining.
The Robinhood Platinum Card can offer significant value, particularly if you prioritise health and wellness purchases and can fully utilise the included benefits, in addition to your Robinhood Gold perks. However, before accepting an invitation for the card, carefully compare your spending patterns – and the other cards in your wallet – to ensure you can justify the £550 annual fee.
If you don’t receive an invitation to apply for the Robinhood Platinum Card at launch, several other premium cards offer similar benefits and rewards. Here are a few notable alternatives:
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Chase Sapphire Reserve: This card charges £630 annually and offers similar benefits to the Robinhood Platinum Card, including bonus rewards on travel and dining, Priority Pass airport lounge membership, DashPass membership, and DoorDash credits. It also provides additional travel-related perks, such as a £235 annual travel credit, up to £235 in annual dining credits, and annual credits for select stays with The Edit hotel collection.
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American Express Platinum Card: With an annual fee of £710, this card offers bonus rewards limited to travel spending but boasts a comprehensive list of benefits. Like the Robinhood Platinum Card, it includes airport lounge access (via Global Lounge Collection) and wellness credits, such as up to £157 in annual statement credits for Oura Ring purchases and up to £235 in annual statement credits at Equinox. Other benefits include up to £315 in annual Resy credits (£79 each quarter), up to £157 in annual airline fee credits, and up to £470 in annual hotel credits for eligible bookings through Amex Travel.
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Capital One Venture X Rewards Credit Card: This card is the most affordable option on this list, with a £310 annual fee. While it doesn’t offer as extensive a list of added benefits, it’s a great choice for frequent travellers. In addition to bonus travel rewards, it offers a flat 2x miles on every purchase. You’ll also get airport lounge access, similar to the Robinhood Platinum Card. Additional annual benefits include a £235 travel credit for Capital One Travel bookings and 10,000 anniversary miles each year.
