Robinhood Markets Inc. (HOOD.US) is challenging American Express (AXP.US) with a self-proclaimed "real platinum card" as the company expands beyond its core retail trading platform. The Robinhood card carries a $695 annual fee, features genuine platinum construction, and offers benefits including 5% cash back on dining, $250 annual DoorDash Inc. (DASH.US) credits, 10% cash back on hotels and rental cars, and $250 in annual ride-hailing credits. This platinum card launch comes two years after Robinhood introduced its no-annual-fee gold card. According to Deepak Rao, General Manager and Vice President of Robinhood Money, customers requested higher-end cards after reaching spending limits on the gold card. "Some people even tried to buy satellites with our card," Rao stated in an interview, describing many Robinhood clients as "high-spending individuals." "If we're going to make a platinum card, we need to make it truly platinum-worthy." The credit card industry has entered intense competition as institutions vie for high-net-worth customers willing to pay premium annual fees for luxury benefits like airport lounge access and premium event tickets. American Express recently upgraded its platinum card late last year, raising the annual fee to $895 while enhancing travel and hotel privileges. JPMorgan Chase (JPM.US) is also refreshing its popular Chase Sapphire Reserve card in 2025. Robinhood observed that as customers age, their lifestyles evolve. The company consequently introduced a new "family investment experience" feature that integrates other brokerage accounts with varying permission levels into the Robinhood app, helping clients better understand their overall financial picture. For example, married couples can view all brokerage accounts on a single platform with settings ranging from view-only access to full trading control. Family users can also establish custodial accounts for minor children and trust accounts—new features supporting Robinhood clients' transition from simple stock trading to comprehensive financial services needs. Robinhood's custodial account launch coincides with reports that the U.S. federal government is considering having the company play a key role in regulating new "Trump accounts." Abhishek Fatehpuria, Vice President of Product Management for Robinhood Brokerage, stated the company has no information to share regarding the selection process.
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