Robinhood Introduces $695 Premium Credit Card to Target Wealthier Clients

Robinhood has launched a premium credit card priced at $695 per year, as the company expands beyond retail trading and seeks to attract higher-income customers.

The new “Platinum” card includes cashback and perks the company says could be worth about $3,000 annually. The offering places Robinhood in the same premium card segment as products from American Express and JPMorgan Chase, which also charge high annual fees for cards tied to travel rewards and lifestyle benefits.

“We want to go after the legacy players’ customers,” said Deepak Rao, vice president and general manager of Robinhood Money, noting that American Express is “obviously the benchmark.”

The launch is part of Robinhood’s broader push to build a more comprehensive financial services platform. In recent years the company has expanded into retirement accounts, cash management, and subscription services in an effort to reduce reliance on trading activity.

Company executives say their user base is also evolving. “Our customers are maturing and starting to have more complex financial needs,” said Abhishek Fatehpuria, Robinhood’s vice president of product.

Industry observers note that while Robinhood benefits from a large existing user base, competing with long-established premium credit card issuers may prove challenging, as those brands have built extensive ecosystems around rewards, travel benefits, and high-spending customers.