Robinhood’s First Credit Card Was a Smash Hit — Its Premium One Is a Big Miss

They said it couldn’t happen: a 3% cash back credit card? Surely, it was a marketing stunt. The pundits reckoned it was “doomed” to be nerfed. But over two years later, Robinhood’s Gold Card is still going strong. Maybe that’s why they felt it was time for a sequel.

Unfortunately, what they say about sequels is true of Robinhood’s push into the crowded premium credit card category. This week, the firm announced its new Platinum Card at $695/yr. You probably won’t ever get an invite, but it’s okay, because you’re not missing much.

Platinum isn’t much of an upgrade: After setting the Gold standard in “catch-all” spending with its first credit card, it’s perplexing how Robinhood’s second credit card is such a step backward. They claim the card offers $3K+ worth of value every year and offers at least 5% cash back in a number of categories, but with a base earning rate of 1% and a coupon book that was constructed in a way that makes it incredibly easy to lose money, Robinhood’s first “premium” entry feels anything but.

• Fine print disaster: If you think coupon books are annoying, wow, this one is a treat — the fact that you have to spend $50 on a DoorDash delivery to earn a $10 credit is only the tip of the iceberg.
• Travel portal bruh: If you want to earn 5% on flights or 10% on rental cars and hotels, you have to spend money in the Robinhood Travel Portal — kind of stupid.

Coupon Book Hell

If this is the best that Robinhood could bring to the premium credit card discussion, I really hate that. It’s like if you turned the Bay Area into a credit card. But if DoorDash orders, Waymo trips, and luxury hotels aren’t part of your spending budget, this is a skip.

• Absent a $300 travel credit, you’ll (probably) be agonizing over how to spend credits like a $200 Autonomous Rideshare or $500 Hotel Credit with tons of asterisks.
• Sign-up bonuses and credits on the newly refreshed Amex Plat and CSR are more compelling, plus the Capital One VX also exists for coupon book haters.

I wish they tried harder: There is a way to get your $695 back on this card, but I suspect it would be easiest if your zip code starts with a 9 (with some exceptions; sorry, Alaska and Hawaii). Credit to Robinhood: I am told its premium card will be exclusive to its highest-value customers. Only, perhaps the worst thing about this card is that you have to choose between it and the Gold Card — I suspect that should be an easy decision if, by some miracle, you are ever invited.