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Robinhood is learning just how discerning ultra-luxe credit cardholders can be.
The company known for its trading app is retooling its platinum card after customers complained about the perks when it was announced back in March. For a card that charges a $695 annual fee, many pointed out that some of the perks weren’t as generous as they seemed.
“Everybody saw the feedback,” said Deepak Rao, vice president and general manager of Robinhood Money, which operates the company’s banking and money management tools.
Rao said the company wanted to address complaints that the card looked like a “coupon book,” with spending minimums required to get perks.
The first offers to sign up for the card are being sent this week to the highest-spending Gold cardholders, the company said, with more invitations to follow over the coming months. Rao said more than 50,000 people requested the card in the first week after it was announced.
The rollout is part of Robinhood’s push to become a one-stop financial shop, especially among its more affluent customers who are willing to pay steep annual fees for a premium credit card. Banks have been aggressively courting such customers with cards promising increasingly elaborate perks.
American Express last year raised its Platinum card fees to $895 from $695, after rival JPMorgan Chase raised fees on its Sapphire Reserve Card to $795. Citigroup also jumped back into the market with the rollout of its Strata Elite card, which charges a $595 annual fee.
Alongside most of its previously announced perks, Robinhood’s platinum card will now come with an annual travel credit of $1,000, up from the previous $800. The company also did away with previous limitations on the DoorDash and fitness wearable credits.
Customers specifically criticized the $250 in DoorDash credits, which could only be used $10 at a time on orders of $50 or more. Now the annual credit is only $120, but cardholders can use $10 a month however they want.
Robinhood also switched away from its Oura ring perk, which offered a free membership—but not the cost for the required wearable health tracker. Now, customers instead get a free membership to Whoop, which includes the wristband needed for fitness tracking.
Robinhood entered the credit-card business in 2023, when it acquired Rao’s credit card startup X1 after rolling out a debit card. Then the company rolled out its Gold card, which offers 3% cash back on all purchases.
Offering a more premium card is a chance for the company to grow alongside its customers, who tend to be younger.
Robinhood’s card is comparable to other premium cards on the market, though many cardholders have struggled to assess the value of cards as perks and rewards have become more complicated.
Among the Robinhood platinum card’s perks: A “white glove concierge service,” which lets customers request by text things like shared private jet flights or tickets to sports and music events.
It also will let cardholders use AI agents for help with tasks such as hunting for hard-to-access tickets or booking flights, Rao said. Robinhood recently made that option available to users of its gold card.
“This is just the first version of a premium product that we are launching,” Rao said. “I’m hoping we’re going to continue up leveling it for the next decade or so.”
Write to Elyse Goncalves at [email protected]