Robinhood joins the high-fee premium credit card race with an invite-only Platinum offering

Targeting high spenders, the card will cost you $695 a year, which is still lower than premium cards from Amex and Chase.

Stock trading platform Robinhood has announced its newest offering: the Robinhood Platinum Card. 

The upgraded option comes two years after the company unveiled its first credit card, the Gold Card.

“We built the Gold Card to be the best card for everyday spending, and customer demand showed us there was room to push the boundaries even further,” Deepak Rao, the vice president and general manager of Robinhood Money, said in the announcement. “The Platinum Card offers higher limits, elite rewards and luxury benefits, and raises the bar for what customers should expect from a premium credit card.” 

Although you can request access, the new Platinum Card is invite only. Even if you do get access, be aware that Robinhood’s Platinum Card will cost you $695 annually. 

Coastal Community Bank is the card’s issuing bank.

The high fee isn’t shocking given that premium card issuers have been raising their annual fees. Take the Chase Sapphire Reserve credit card, which went up to $795 from $550 last year. The Amex Platinum Card, meanwhile, is $895 annually. 

What benefits does Robinhood’s Platinum Card have? 

So, for such a steep price, what does the new Robinhood card give you? Here are just some of the benefits Robinhood is offering with its Platinum Card:

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