TLDR
- Robinhood launched a new $695 Platinum Card targeting high-income customers, undercutting rivals American Express ($895) and JPMorgan Chase ($795).
- The card offers cashback and perks valued at ~$3,000, including unlimited priority airport lounge access.
- HOOD stock jumped 8% on Wednesday ahead of the launch, adding another 2% in after-hours trading.
- Robinhood also introduced custodial accounts for minors and family investing tools as part of a broader service expansion.
- The moves are part of a strategy to reposition Robinhood as a full financial platform, not just a trading app.
Robinhood Markets (HOOD) is making a play for wealthy customers with its new $695 Platinum Card, taking aim at American Express and JPMorgan Chase in the premium credit card space.
The card went live Wednesday, and the market noticed. HOOD stock climbed 8% during the trading day, boosted by excitement around the launch and a rally in Bitcoin prices. It added another 2% after hours once the card was officially announced.
When we say Platinum, we mean it.
Introducing the Robinhood Platinum Card.
Extraordinary limits. Over $3,000 in annual value. 99.9% pure platinum plating.https://t.co/UPgNgrrorE Terms Apply.https://t.co/CQMUnOw8nR
— Robinhood (@RobinhoodApp) March 5, 2026
The Platinum Card is priced at $695 per year. That puts it below both the American Express Platinum Card at $895 and JPMorgan’s Chase Sapphire Reserve at $795.
On perks, the card offers cashback and benefits worth roughly $3,000. American Express packages about $3,500 in perks, while the Chase Sapphire Reserve offers around $2,700.
Cardholders get unlimited priority airport lounge access, along with health, travel, and dining benefits. It builds on Robinhood’s existing Gold Card, but with higher credit limits.
Deepak Rao, VP and general manager of Robinhood Money, was direct about the strategy: “We want to go after the legacy players’ customers.” He named American Express as “obviously the benchmark.”
Rao also said the Platinum Card is designed to pull in wealthier customers who may then use other Robinhood financial products.
Shedding the Meme Stock Image
The launch is part of a deliberate effort to move past Robinhood’s reputation as a platform for speculative and meme-stock trading.
Abhishek Fatehpuria, Robinhood’s VP of product, noted that the median age of its customers is now in the mid-30s. “Our customers are maturing and starting to have more complex financial needs,” he said.
The company’s goal is to become a “financial super app” — a one-stop shop for investing, banking, and now premium credit.
HOOD stock has had a rough year, weighed down by falling crypto prices that contributed to a disappointing earnings report last month.
New Family Investing Tools
Alongside the Platinum Card, Robinhood introduced a family investing experience.
Clients can now open custodial accounts for minors, set up recurring investments, and invite family and friends to contribute to those accounts.
Trust accounts are also now available. When a minor reaches adulthood, the assets transfer automatically.
These tools signal that Robinhood is going after customers who are past the “first-time investor” stage and managing more layered finances.
According to TipRanks, HOOD currently holds a Strong Buy consensus rating based on 14 Buy ratings and two Hold ratings over the past three months.
The average price target sits at $125.92, which would represent more than 50% upside from current trading levels.
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