Business
Robinhood Revamped Its Platinum Card. Is It Finally Worth the Fee?
Market Competitiveness
By Rhea Lobo
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Robinhood is giving its Platinum Card a second shot. More than 50K people joined the waitlist in the first week, but early customer feedback pushed the company to revamp the perks before the broader rollout.
The original DoorDash credit was the loudest grievance. It offered $250 annually but required orders of $50 or more, redeemed in $10 increments. The revised version drops the annual credit to $120, but cardholders can use $10 a month with no minimum order size.
The fitness wearable benefit also shifted. The previous offer covered an Oura ring membership but not the device itself. Now cardholders get a complimentary WHOOP Peak membership that includes the wristband hardware.
The annual travel credit increased from $800 to $1K, split as $700 toward hotels and $300 toward flights. The hotel network expanded to 1.7K-plus properties with perks like priority late checkout and room upgrades. A white-glove concierge service was added, accessible by text, covering exclusive events, private flights, and travel disruptions.
Robinhood also added a one-time credit of up to $1K toward an Eight Sleep Pod and Base, available through Sept. 15. The $250 annual Waymo ride credit, allotted monthly, replaced a broader autonomous ride benefit.
The $695 annual fee sits below the American Express Platinum at $895 and the Chase Sapphire Reserve at $795. The Citi Strata Elite charges $595 and the Capital One Venture X charges $395.
Robinhood advertises roughly $3K in annual benefits for its fee, compared to roughly $2.7K for the Chase Sapphire Reserve and roughly $3.5K for the Amex Platinum at its higher fee.
The card earns 5% cash back on eligible dining and flights booked through the Robinhood app, 10% on hotels and rental cars booked through the app, and 1% on everything else.
That structure requires booking through Robinhood's portal to unlock the higher rates, which limits flexibility compared to cards that reward direct bookings.
The Robinhood Platinum has two structural gaps that matter for frequent travelers. There are no airline or hotel transfer partners, which is often the highest-value way to redeem credit card points.
The card also launches with no welcome bonus, a meaningful difference from competitors that routinely offer six-figure point bonuses at sign-up.
Some credits are also geographically limited. Waymo currently operates in 11 cities, so the $250 annual ride credit won't work for most cardholders. The Eight Sleep credit requires spending over $3K for a bed-cooling system before the discount applies.
To redeem cash back, cardholders need a Robinhood brokerage account. Rewards convert to cash and transfer to that account, where they can be withdrawn or reinvested.
The card is invite-only for now, with initial offers going to high-spending Gold cardholders. Others can request access at Robinhood's website.
If you already use Robinhood heavily for investing and spend regularly on dining and travel booked through the app, the math on the revised card is worth running.
