Robinhood Platinum Credit Card Review: All the coupons, none of the fun

In points-and-miles circles, the investment platform Robinhood is primarily known for offering a credit card that earns 3% everywhere (if you can get it) and for generous, periodic bonuses for moving investments from other services to the company.

Now, it’s announced the upcoming launch of the “real” Platinum card, a $695 card that offers 5% back on dining and, of course, a robust coupon book of credits and memberships. It’s 99.9% platinum (plated) and “invite-only.” Is this about to be the new “it” card that everyone must have in their wallets?

I can’t imagine why.

Robinhood Platinum Current Welcome Offer

Robinhood Platinum Review

For points and miles enthusiasts already fatigued by the crowded universe of ultra-premium credit card coupon books, Robinhood manages to offer something unique: all of the coupons, twice the headache, but little of the fun. It doesn’t look like there will be a welcome offer; the card is exceptionally unrewarding outside the dining category and for overpriced Robinhood travel portal bookings, and there’s no way to get outsized value from the rewards.

The credits will undoubtedly be useful for some folks, but boy, do they require some mental bandwidth (outside of the good $150/6-month travel credit). The $250 hotel credit requires you to book through Robinhood and choose a luxury hotel. Otherwise, you only get $100. Oh, and there’s a 2-night minimum stay. The dining credit is only $20/month (unless it’s December) and is limited to “participating restaurants. Doesn’t it sound fun to have to look through the list before deciding where to go out to burn your $20…every month?

It gets worse. The “rideshare” credit is only for autonomous vehicles (and still only $20/month, $30 in December), while the Doordash credit is $10, twice per month, on orders of $50+, with an extra $10 credit in January because Doordash doesn’t want to give you an extra one in December when people are naturally shopping a lot.

This card will undoubtedly find some takers among Robinhood fans and those who can max out the $50k/year dining. For most of us who are into points-in-miles, it flies about as well as a lead platinum balloon.

• Annual Fee: $695
  • Authorized User Annual Fee: Free, but must pay to get a card with benefits (unclear as to what that fee will be)
• Foreign Transaction Fee: None
• What points are worth: 1 cent each
• Earning Categories: 
  • 10X hotel and cars booked through Robinhood’s booking platform
  • 5X flights booked through Robinhood’s booking platform
  • 5X dining (up to $50k in dining spending per year)
  • 1x Everywhere else
• Credits:
  • $150 annual travel (once every six calendar months)
  • $250 hotel credit (once every six calendar months, only on luxury hotels booked through Robinhood, up to $100 can be used for “standard” hotel bookings, 2-night minimum stay)
  • $20 monthly dining credit ($30 in December) for “participating” restaurants
  • $20 monthly “autonomous rides” credit ($30 in December)
  • 2x$10 monthly Doordash credits (3x$10 in January, orders must be $50+ to qualify)
  • $200 health wearables credit (once per year, good towards the purchase of a wearable health device)
  • $120 Global Entry/TSA PreCheck (once every 4 years, available for paid authorized users)
• Other benefits:
  • Priority Pass Select Lounge Membership: Primary cardholder and paid authorized users.
  • One Medical membership: Virtual care and priority in-person appointments. Primary cardholder and paid authorized users.
  • Function Health membership: Includes advanced lab testing and health advice. Primary cardholder and paid authorized users.
  • Annual Oura Ring membership: Must purchase an Oura Ring to activate. Primary cardholder and paid authorized users.
  • Robinhood Gold status

• Travel + Purchase Protections:
  • This card will be a Visa Infinite, so it should have protections similar to those of the Chase Sapphire Reserve® or the Capital One Venture X. There’s no published benefits guide right now, so the exact details are unknown.
• Who is this card for? If you can maximize both the credits and the 5% dining category, it could make sense.
• Is the Robinhood Platinum a keeper? Without a welcome offer, it’s not a getter, let alone a keeper. For folks who can reach $50k/year in dining, it will be.

Robinhoos Platinum Pros and Cons

Pros

• Should have good travel and purchase protections (although details aren’t clear yet)
• $150, twice-per-year travel credit applies to a broad range of purchases and should be easy to use
• 5% back on up to $50k in dining purchases per year puts it among the top-earning cards for dining
• Could be appealing for folks who would pay for the various health and wellness programs already

Cons

• It doesn’t look like it will have a welcome offer
• Eye-watering annual fee ($695)
• Outside of dining, earning rates aren’t competitive
• Probably the worst set of credit terms and conditions among any of the major coupon book cards
• Doesn’t offer restaurant access on the included Priority Pass membership

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