New York, March 5, 2026, 04:55 EST
- Robinhood priced its invite-only Platinum credit card at $695 a year, taking aim at premium card issuers
- The trading app also rolled out new family finance features, including custodial and trust accounts
- Robinhood shares rose about 8% on Wednesday ahead of the product event
Robinhood Markets, Inc. has launched a $695-a-year Platinum credit card for high-income customers, pushing into a premium market dominated by American Express and JPMorgan Chase. The company said the card offers cash back and benefits worth about $3,000 a year; American Express’ Platinum card carries a $895 fee and JPMorgan’s Chase Sapphire Reserve charges $795, according to their websites. “We want to go after the legacy players’ customers,” said Deepak Rao, vice president and general manager of Robinhood Money. 1
The card is part of Robinhood’s broader effort to look less like a place for one-off bets and more like a place customers park money. Trading volumes can spike and fade fast; a card fee, an advisory fee, or a cash account tends to stick around longer.
At its “Take Flight” event, Robinhood also laid out a package aimed at families: a shared “family hub” view inside the app, custodial accounts for minors, and trust accounts for customers using trusts in estate planning. The company said its Robinhood Strategies digital advisory service now manages more than $1.5 billion in assets under management — the money customers have placed in the service — across more than 250,000 funded customers, and it touted more than 700,000 Gold card customers with over $10 billion in annualized spend. CEO Vlad Tenev called the push a bid to be a “financial superapp for families.” 2
Robinhood shares were up about 8% on Wednesday afternoon ahead of the New York event at the TWA Hotel at John F. Kennedy Airport, where the company had told users to expect “a new wave of products.” Even after the pop, the stock has fallen more than a quarter this year amid a slide in cryptocurrency prices that has weighed on crypto-linked trading activity. 3
For Robinhood, the Platinum card is a different kind of wager. The company collects an upfront annual fee, then tries to keep customers spending and holding balances long enough to justify the rewards it is paying out.
The premium card play also changes the rivalry set. Robinhood is no longer just fighting other brokers for trades; it is trying to pry a spot in wallets that already have long-standing issuers and benefit programs attached.
Custodial accounts and trust accounts push in the same direction. A custodial account is meant for an adult to invest for a child; a trust account is designed to handle money owned by a trust, often used in estate planning. Either way, the hook is longevity — the kind of account people do not close just because markets get choppy.
Robinhood also pitched upgrades to its advisory product, including tools meant to help customers move portfolios while weighing taxes. That is a sore spot for investors who want to switch firms but do not want a surprise tax bill from selling assets at a gain.
It added other features meant to make the app feel more like a full-service dashboard, including a way to view outside brokerage accounts and a program it said will let some customers receive dividends early. Dividends are cash payments companies send to shareholders; “early” means the customer sees the money before the official payment date.
But the new strategy comes with different risks. Reward-heavy cards can be costly to run if benefits outpace the revenue they generate, and credit products bring exposure to consumer delinquencies if the economy turns. Robinhood also has to convince affluent customers — the ones it is now chasing — that a company built on retail trading can be trusted with their larger, more complicated financial lives.
Much of what Robinhood announced is staged rollout rather than a single switch being flipped. The company is betting that as those features land, customers will keep more of their money inside the app — and that steadier fee streams can soften the sharp swings that come with retail trading cycles.
