New York, March 5, 2026, 04:55 EST
- Robinhood set the annual fee for its exclusive, invite-only Platinum credit card at $695, targeting the premium card market.
- The trading app’s latest update brought new family finance tools into the mix, adding both custodial and trust account options.
- Robinhood shares climbed roughly 8% Wednesday, just before the product event.
Robinhood Markets, Inc. is rolling out a Platinum credit card with a $695 annual price tag, zeroing in on affluent clients—and taking a direct swing at territory long held by American Express and JPMorgan Chase. The card, Robinhood claims, dishes out cash back and perks that it values at roughly $3,000 per year. For comparison, American Express’ Platinum card demands a steeper $895 annual fee, while JPMorgan’s Chase Sapphire Reserve sits at $795, per their websites. “We want to go after the legacy players’ customers,” said Deepak Rao, vice president and general manager of Robinhood Money. Reuters
Robinhood is rolling out the card as it tries to shift away from its image as a spot for quick-hit trades and toward being a platform where users actually keep their money. Trading activity can swing wildly, but fees from a card, an advisory service, or a cash account are usually steadier over time.
Robinhood unveiled a set of new family-focused features during its “Take Flight” event, including a shared “family hub” view in the app, custodial accounts for minors, and trust accounts for those doing estate planning through trusts. The company said its Robinhood Strategies digital advisory platform now manages more than $1.5 billion in assets for over 250,000 funded customers. Robinhood also pointed to its Gold card, with over 700,000 users and upwards of $10 billion in annualized spend. CEO Vlad Tenev described the initiative as an effort to create a “financial superapp for families.” Disruption Banking
Robinhood shares climbed roughly 8% Wednesday afternoon, just ahead of its event at the TWA Hotel, JFK Airport, where the company had teased “a new wave of products” for users. Still, despite the rally, the stock remains down over 25% for the year as slumping cryptocurrency prices have dragged on crypto-related trading. Investopedia
Robinhood is taking a new tack with its Platinum card. It charges an upfront annual fee and bets that customers will spend and carry balances long enough to make the rewards worthwhile on its end.
The premium card move shifts Robinhood’s competitive landscape. It’s not simply a fight with brokerage peers anymore—the company is now angling for a place in wallets already spoken for by entrenched issuers and their established rewards.
Custodial and trust accounts both point toward long-term horizons. A custodial account lets an adult manage investments on behalf of a child, while a trust account manages funds held by a trust, usually for estate planning purposes. Longevity is the central feature for both—these are accounts that tend to stick around, regardless of market volatility.
Robinhood rolled out enhancements to its advisory offering, adding features designed to help clients shift portfolios with taxes in mind. For investors thinking about switching firms, the risk of triggering unexpected tax bills from selling appreciated assets has long been a sticking point.
The company also rolled out features aimed at turning the app into more of a full-service dashboard. That includes the ability to view accounts held at other brokerages, plus a program the company says will let select customers get dividend payouts ahead of the official payment date. For context, dividends are cash payments sent by companies to their shareholders—“early” in this case means users access those funds before the scheduled payout.
Still, this strategy isn’t without its hazards. Cards loaded with rewards can eat into profits if perks outweigh what they bring in, and credit offerings leave Robinhood vulnerable to missed payments if the economy sours. Then there’s the hurdle of persuading wealthier clients — Robinhood’s new target audience — that a platform known for retail trading deserves a role in handling their bigger, more complex financial affairs.
Robinhood’s latest moves aren’t a simple on-off deal; most of the new features are coming in waves. The company is banking on those gradual additions persuading users to park more cash in the app. That, in turn, could help smooth out the jagged revenue patterns that follow retail trading booms and busts.
