Is It Value $695 a 12 months?

Robinhood spent a decade being the app that made buying and selling really feel like a online game. Now it desires a slot in your pockets subsequent to the steel playing cards individuals truly placed on the desk. The Robinhood Platinum Card is a 27-gram, 99.9% platinum-plated Visa Infinite with a $695 annual price, an invitation-only utility, and a rewards construction that’s genuinely uncommon: 10% money again on lodges and rental automobiles, 5% on eating and flights, and 1% on every part else.

That prime charge shouldn’t be a typo, and it’s roughly double what the premium journey playing cards it competes with can pay you. The catch is that the headline charges solely apply once you e book contained in the Robinhood app, and the $695 posts to your assertion whether or not or not you contact the credit stacked behind it. The Client Monetary Safety Bureau makes the identical level about each premium card: a rewards charge solely means one thing after you subtract what you paid to carry the cardboard.

So right here is the trustworthy model — what the Platinum Card truly pays, the place the “$3,000+ in annual worth” comes from, who will get an invite, and whether or not the price pencils out for a traditional individual.

One factor value figuring out up entrance: you want a Robinhood brokerage account to redeem Platinum Card money again. That account is free, and Robinhood is at present giving new customers a free inventory only for opening one.

Open a Robinhood Account and Get a Free Inventory Value $5 to $200

What Is the Robinhood Platinum Card?

The Robinhood Platinum Card is a Visa Infinite bank card provided by Robinhood Credit score, Inc. and issued by Coastal Neighborhood Financial institution. It sits one tier above the Robinhood Gold Card and is aimed squarely on the premium journey card market — the tier occupied by playing cards with three-figure annual charges and lounge entry.

The bodily card is the half Robinhood clearly loved constructing. It’s plated in 99.9% pure platinum and weighs 27 grams, which makes it one of many heaviest playing cards in circulation. Major cardholders get the platinum-plated model at no further price; further cardholders obtain a stainless-steel card and pays to improve.

• Annual price: $695
• Community: Visa Infinite
• Availability: Invitation solely — you request entry and Robinhood decides
• Included: A complimentary Robinhood Gold membership
• Requirement: A Robinhood Monetary brokerage account is required to redeem money again

As of publication, Robinhood lists the cardboard as coming quickly and is taking entry requests relatively than reside purposes. Particular person credit score limits range by applicant and are topic to credit score approval and underwriting. Robinhood says you may see whether or not you might be accepted with out an affect to your credit score rating, and that your credit score is simply affected in the event you determine to simply accept the supply.

Robinhood Platinum Card Rewards: 10%, 5%, and 1% Money Again

The earn construction is the place this card separates itself from the pack. Most premium journey playing cards prime out at 5x on a slender reserving channel. The Platinum Card doubles that on its greatest class.

Two circumstances matter greater than the charges themselves. First, the ten% and 5% journey charges require reserving by means of Robinhood’s in-app journey portal. Robinhood states that costs are handed by means of from its reserving accomplice with no markup or added margin, which is the appropriate factor to vow — portal bookings on rival playing cards are regularly costlier than reserving direct, which quietly eats the bonus.

Second, money again is redeemed by means of a Robinhood Monetary brokerage account. That’s the complete design of the Robinhood card ecosystem: rewards land someplace you may make investments them relatively than in a factors program you need to babysit. Should you don’t have a brokerage account, the rewards have nowhere to go.

Get Your Free Inventory Value As much as $200 — Robinhood Signal-Up Bonus

The place the $3,000+ in Annual Worth Comes From

Robinhood advertises “over $3,000 in worth yearly.” That determine is constructed from stacked credit and complimentary memberships, not from money again. It’s value taking aside, as a result of most of those credit are allotted month-to-month — you can’t save them up and spend them in a single December splurge.

Eating: $490 in Annual Restaurant and Supply Credit

• $250 annual credit score at 15,000+ eligible eating places
• $120 annual DoorDash promotion with no order minimal
• $120 complimentary DashPass membership

These sit on prime of the 5% eating money again, so a heavy restaurant spender will get paid twice. The credit are allotted month-to-month, which in observe means roughly $21 a month at eating places and $10 a month at DoorDash — helpful in the event you eat out weekly, largely wasted if you don’t.

Journey: Flight Credit, World Entry, and No Overseas Transaction Charges

• $300 annual flight credit score — a $150 assertion credit score each six months, whether or not you e book within the app or straight with the airline
• No international transaction charges anyplace on the earth
• World Entry or TSA PreCheck credit score — a $120 worth
• Journey safety together with auto rental protection, journey cancellation insurance coverage, and journey accident insurance coverage
• Devoted rebooking assist when a visit falls aside

The flight credit score is probably the most versatile profit on the cardboard, as a result of it doesn’t pressure you into the Robinhood portal. E-book straight with the airline and the $150 nonetheless applies.

Airport Lounges: Limitless Precedence Cross Entry

Cardholders get limitless entry to greater than 1,400 Precedence Cross lounges worldwide. That is desk stakes for a $695 card relatively than a differentiator, however the “limitless” half issues — a number of competing playing cards cap visits or cost for friends.

Inns: $700 in Annual Credit and Elite-Model Therapy

Inns are the place the cardboard is attempting hardest. On prime of the ten% money again on in-app resort bookings, you rise up to $250 in resort credit each six months, plus $100 in on-property credit score for every keep booked by means of Robinhood’s community of 1,700+ premium lodges.

Bookings in that community additionally include the perks that usually require chain elite standing:

• Early check-in, when out there
• Day by day breakfast for 2
• Room improve, when out there
• Precedence late check-out

Well being and Wellness: WHOOP, Operate Well being, and One Medical

That is the class no different premium card is de facto contesting, and it’s the place a giant chunk of the “$3,000+” quantity lives:

• Complimentary WHOOP Peak membership with {hardware} included — a $239 per yr worth
• Operate Well being membership — 160+ superior lab checks and clinician insights, a $365 worth
• Amazon One Medical — 24/7 on-demand digital care, a $199 membership without charge
• Eight Sleep credit score — as much as a $1,000 one-time credit score towards the Pod and Base

Watch out with that Eight Sleep quantity. It’s a one-time credit score with a acknowledged expiry, not a recurring annual profit, and it solely pays out in the event you had been already planning to purchase a mattress cowl that prices greater than the cardboard’s price. Counting it towards an annual worth determine flatters the overall.

Waymo Credit and a Textual content-Message Concierge

There’s a $250 annual credit score on Waymo rides, once more allotted month-to-month, which is a genuinely enjoyable profit in the event you reside in a metropolis Waymo serves and utterly nugatory if you don’t. Individually, cardholders get a concierge they attain by textual content for occasion entry, non-public flights, and the overall class of issues concierges are for.

Robinhood Platinum Card vs. Robinhood Gold Card

Most individuals studying this could actually be evaluating the Platinum Card to its cheaper sibling relatively than to a competitor.

The Gold Card’s flat 3% is the higher deal for many spending profiles, and it is extremely laborious to beat when your spending is unfold throughout groceries, fuel, and payments. The Platinum Card solely wins if a big share of your spending is concentrated in journey and eating and you’ll truly use the month-to-month credit.

Is the $695 Annual Payment Value It?

Run the arithmetic on the credit alone, ignoring money again totally:

On paper the cardboard clears its personal price virtually thrice over. In observe, that solely holds in case you are the precise buyer Robinhood designed it for: somebody who eats out most weeks, flies a number of instances a yr, stays within the sort of lodges that seem in a premium reserving portal, and lives in a Waymo metropolis.

Strip out the advantages a given individual won’t use and the image adjustments quick. Skip the resort portal and $700 evaporates. Skip Waymo and there goes one other $250. Two deletions and the $695 price is all of a sudden an actual price relatively than a rounding error.

There’s additionally an opportunity-cost angle that Robinhood, to its credit score, has constructed the entire product round: your money again lands in a brokerage account the place it may be invested relatively than sitting in a factors ledger. If you’re new to that facet of the platform, our information to the Robinhood Free Inventory promotion covers how the sign-up bonus works and what you may truly do with it.

Verdict: in the event you journey typically and eat out continuously, the credit alone justify the price. In case your spending is atypical, the Robinhood Gold Card’s flat 3% will quietly beat it yearly.

The right way to Get the Robinhood Platinum Card

The Platinum Card is invitation solely. There is no such thing as a open utility — you request entry by means of Robinhood and wait to be invited. Approval is topic to credit score approval and underwriting, and particular person credit score limits range by applicant.

• Open a Robinhood brokerage account. You want one to redeem money again, and new accounts at present include a free inventory.
• Request entry to the Platinum Card by means of Robinhood.
• Look ahead to an invite. Robinhood checks approval with no affect to your credit score rating; your credit score is simply affected in the event you settle for the supply.
• Think about the Gold Card within the meantime in order for you 3% again with no $695 dedication.

Begin With a Free Inventory Value $5 to $200 — Open a Robinhood Account

Robinhood Platinum Card Professionals and Cons

Professionals

• 10% money again on lodges and rental automobiles is the very best journey charge on any mainstream card
• Over $1,500 in annual assertion credit earlier than you rely wellness memberships
• Limitless Precedence Cross lounge entry with no go to cap
• No international transaction charges
• Money again is redeemed right into a brokerage account, so it may be invested
• Complimentary Robinhood Gold membership is bundled in
• Credit score limits as much as 5x greater than the Gold Card

Cons

• $695 annual price is charged whether or not or not you utilize the credit
• The most effective charges require reserving contained in the Robinhood app
• Credit are allotted month-to-month, so unused worth disappears every month
• The marketed “$3,000+ in worth” leans on one-time and area of interest perks
• Invitation solely, with no printed approval standards
• Waymo credit are nugatory outdoors Waymo service areas
• You could maintain a Robinhood brokerage account to redeem rewards

The Backside Line

The Robinhood Platinum Card is a critical entry within the premium card market, not a novelty. The ten% resort charge is actual, the credit score stack genuinely exceeds the price, and routing rewards right into a brokerage account is a better default than one other factors program.

However it’s a card constructed for a selected life — frequent journey, frequent eating places, a giant metropolis. If that isn’t your life, the Robinhood Gold Card’s flat 3% with no annual price is the higher name, and you may all the time improve later. Both means, the brokerage account comes first, since that’s the place each greenback of money again has to land.

Open a Robinhood Account and Declare Your Free Inventory (Value $5 to $200)

Robinhood Platinum Card FAQs