New York, March 5, 2026, 11:29 EST
- Robinhood has rolled out a Platinum credit card, available by invitation only, carrying a $695 annual fee.
- The company introduced fresh family and wealth-planning tools this day, adding custodial and trust accounts to its lineup.
- Shares slipped on Thursday, giving back gains from the prior session’s rally before the product push.
Robinhood Markets, Inc. is rolling out a $695-a-year Platinum credit card, part of a push to attract wealthier users and reduce its dependence on surges in trading activity. The company is also introducing new investing features aimed at families. https://www.reuters.com/business/finance/r…
This is significant for Robinhood, which is looking to diversify its revenue streams. Premium card offerings and managed investing could provide more reliable fee income—unlike stock and crypto trading, where earnings can fluctuate along with market volatility.
Robinhood is also banking on its main user base getting older—moving on to mortgages, kids, long-term goals. The company’s hoping those customers will stick around, provided it delivers the right package of offerings.
Menlo Park’s broker is wading into the high-end card space, where American Express and JPMorgan Chase already hold sway. Annual fees, exclusive perks—these cards have turned into a straightforward sign of status among the wealthy.
Deepak Rao, vice president and general manager of Robinhood Money, told Reuters, “We want to go after the legacy players’ customers,” and described American Express as “the benchmark.”
Robinhood, during its “Take Flight” event, announced that its new Platinum Card is plated with 99.9% pure platinum and touts more than $3,000 in annual value, thanks to perks in travel, dining, and health and wellness. The company also said credit limits will be higher than those on the Gold Card. https://www.marketscreener.com/news/robinh…
The statement also outlined a wider slate of offerings: custodial accounts, letting parents invest for minors—the assets technically belong to the child, transferring over once they hit adulthood—and trust accounts, targeting clients who use trusts for estate planning purposes.
Robinhood is preparing to launch a “family hub” later this year, aimed at giving households a way to see account activity without needing to share passwords. The company also pointed to upcoming features for Robinhood Strategies, its digital advisory arm, such as “tax-aware transfers”—tools intended to help users shift portfolios while factoring in tax implications.
Robinhood shares slipped roughly 3.6% to $79.27 late Thursday morning, giving back some of Wednesday’s gains after investors had piled in ahead of the company’s product news.
Robinhood, looking for growth beyond its core trading business, has been moving into cards, banking, and financial advice. Back in February, the company reported that its fourth-quarter revenue fell short of Wall Street forecasts, with rocky crypto markets dragging down trading revenue. https://www.reuters.com/business/finance/r…
Still, there are pitfalls. Premium credit cards can rack up hefty costs for issuers when perks overshoot projections, and there’s exposure to credit losses if the economy sours — all before Robinhood has shown it can lure customers away from entrenched banks and established card brands.
