Invitations for Robinhood’s latest credit card are now going out — although the final product has been updated from what was announced earlier this year.
About the Robinhood Platinum Card At Launch:
This week, Robinhood announced that its Platinum Card (not to be confused with the American Express Platinum card) was officially launching. In a blog post, the company said that an “initial group of customers” was being invited to apply, with this group expected to expand in the coming months. However, as Robinhood notes, the card that’s rolling out features some changes from what was initially detailed in March, with the firm saying that these updates were due to customer feedback and response.
One change is that the card will now offer $10 a month in DoorDash promos, which can be used with no minimum order size. Previously, while the DoorDash credits totaled $250 per year, this included two $10 per month credits (plus an extra $10 in January) that required a minimum order of $50 to use. The complimentary DashPass perk that was previously announced will also still be offered on the updated card.
The Robinhood Platinum card’s travel credits will now expand to $1,000 per year. This includes $700 in hotel credits ( two credits of $250 issued every six months, as well as a $100 property credit for hotel services), valid on stays of at least two nights booked via Robinhood, as well as $300 in flight credits ($150 every six months). Meanwhile, some of the card’s partner credits are being adjusted, with an Oura Ring credit being replaced by WHOOP. Cardholders will now enjoy a complimentary WHOOP Peak membership that includes hardware. One-time credits for Eight Sleep Pod and VVase have also been added, although these are only available through September 15th.
As for what’s staying the same, the card will continue to earn 5% back on eligible dining purchases. Additionally, cardholders earn 10% on hotels and rental cars booked via Robinhood, as well as 5% back on flights booked through the platform. A complimentary Robinhood Gold membership is also included. Plus, $250 in annual dining credits at eligible restaurants and an Amazon One Medical membership remain a part of the finalized card.
In total, Robinhood says that the Platinum Card offers more than $3,000 in value. The card carries an annual fee of $695.
What They’re Saying:
Commenting on the launch of the card, Robinhood SVP and GM of Robinhood Money, Robinhood Gold, Growth, and Marketing Deepak Rao said, “Whether you’re just getting started or are ready for a premium credit card with industry-leading benefits, we want Robinhood to be the place you turn to at every stage of your financial life.”
My Thoughts:
Well, there’s no question that this updated version of the Robinhood Platinum Card is an improvement over what they unveiled a mere few months ago. Still, for me, there are some questions that will need to be answered before I can determine if this card is a good deal. In particular, I’d need to see the list of dining credit restaurant options and compare prices on Robinhood’s travel portal to direct booking and other third-party options.
Of course, this is also likely moot as I still haven’t been invited to get the Robinhood Gold card even as they’ve apparently hit one million customers. So, it seems unlikely that I’d even have a chance to apply for this one either. But, if you do get an invite and are thinking about taking them up on the offer, just be sure to take a closer look at the fine print and run the numbers to see if you’ll actually be able to get positive value out of this premium Platinum Card.
