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Robinhood is releasing a premium rewards credit card with a $695 annual fee — the Robinhood Platinum Card.

Robinhood's Platinum credit card is one of several updates Robinhood announced at its Robinhood Presents: Take Flight event on Wednesday, in addition to enhancements for Robinhood Strategies users, a family investing feature, and new perks for Robinhood Gold members.

“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," Deepak Rao, GM and vice president of Robinhood Money, said in a statement.

The new Robinhood Platinum Card is invite-only; at launch, the company will send a select number of invites to customers, though you can sign up to request access via Robinhood’s site.

Read more: Best luxury credit cards

With a $695 price tag, the Robinhood Platinum Card has among the highest annual fees available from premium rewards cards today. In exchange, you’ll earn solid rewards and get benefits for select spending each year.

Bonus rewards cover a few different categories:

10% cash back on hotels and rental cars

5% cash back on flights booked through the Robinhood Banking app

5% cash back on dining

1% cash back on everything else

You must have a Robinhood Financial brokerage account to redeem the cash back you earn with this card. You can redeem your rewards into your brokerage account, use them to purchase travel through Robinhood’s travel portal, pay with select online merchants, and more.

The Robinhood Platinum Card also offers annual benefits for cardholders:

Complimentary Robinhood Gold membership

Unlimited Priority Pass airport lounge access

$250 in annual DoorDash credit and complimentary DashPass membership

$250 annual credit for autonomous rides

Complimentary Amazon One Medical membership

Complimentary Function Health membership

Complimentary Oura membership

$200 annual credit toward health wearable purchases

Robinhood puts the value of these credits at over $3,000 — but remember, annual credits and benefits will only help you save money on purchases that are useful for you and your budget. If you already have these benefits through another card or you don’t use these services at all, you may have a hard time maximizing value with this card.

The Robinhood Platinum Card is the platform’s second credit card offering after the Robinhood Gold Card, which launched with an ongoing waitlist in 2024.

The Robinhood Gold Card is much different. It’s a no annual fee card that earns 3% cash back on every purchase (and 5% cash back on Robinhood Travel purchases). That 3% cash-back rate is more than nearly any other flat cash-back card available today — making it a solid choice for earning rewards on everyday spending across different categories. To earn the full 3% back with your Robinhood Gold Card, you must be a Robinhood Gold member, which has an annual subscription fee of $50.

Robinhood Gold membership comes free with the $695 Robinhood Platinum Card. The Platinum is also geared much more toward premium benefits rather than the Robinhood Gold Card’s everyday rewards. You can still earn solid rewards with a Robinhood Platinum Card if you spend a lot of money on dining and travel, and if you’re willing to book flights through Robinhood’s travel portal. But you’re much more likely to maximize your value with benefits, like DoorDash credits, airport lounge access, and health and wellness memberships.

Aesthetically, both cards have a metal design. Though it launched with a limited-time offer to earn a 10-karat gold version, the Robinhood Gold Card now comes in stainless steel. The Robinhood Platinum card is plated with real platinum.

For now, both Robinhood cards may be difficult to get your hands on. The Robinhood Platinum Card is launching as an invite-only card, with plans to expand access in the future. The Robinhood Gold Card is similarly available only via waitlist. Robinhood says there are more than 600,000 cardholders today, but you can still only reserve your spot and wait for an invitation to apply.

Like the Robinhood Gold Card, the Robinhood Platinum Card is best for Robinhood users. You’ll get Robinhood Gold for free, which comes with plenty of tools and features for investors, including:

3.35% APY on eligible brokerage cash

3% match on IRA contributions

Management fees only on the first $100,000 in assets managed by Robinhood Strategies

Discounted mortgage rates and a $500 credit toward closing costs with Sage Home Loans

Beyond your membership with Robinhood, compare the card’s specific benefits to your regular budget to help decide if it’s right for you. Some perks, like credits for autonomous rides or health wearables, may be useful for some people, but not everyone.

If you don’t already pay for the included memberships (or wouldn’t use them) and don’t travel often to maximize bonus rewards, you may want to consider other card options. On top of that, you may already have some of the Robinhood Platinum Card’s benefits via other credit cards. Priority Pass lounge membership is common among premium travel cards, as are rewards for travel and dining.

You can get solid value from a Robinhood Platinum Card, especially if you value health and wellness purchases and can use all of the included benefits, in addition to your Robinhood Gold perks. But before you accept an invitation for the card, compare your spending — and the other cards in your wallet — to ensure you can recoup the $695 annual fee.

If you’re not invited to apply for the Robinhood Platinum card at launch, you can score similar benefits and rewards with other premium cards available today. Here are a few of our top picks:

Why we like it: Chase Sapphire Reserve is another high-fee rewards card that charges $795 annually. For that, you’ll get some of the same benefits as the Robinhood Platinum Card, including bonus rewards on travel and dining, Priority Pass airport lounge membership, DashPass membership and DoorDash credits, and more.

You’ll get even more travel-related perks, including a $300 annual travel credit, up to $300 in annual dining credits, and annual credits for select stays with The Edit hotel collection, among other benefits. Plus, get potentially more from your rewards with the option to transfer to partner airline and hotel programs or use them for Chase Travel℠ bookings with Points Boost.

Read our full review of the Chase Sapphire Reserve

Why we like it: The Amex Platinum card is one of the most expensive luxury cards available today, with an $895 annual fee (see rates and fees). Bonus rewards are limited to travel spending, but this card has a long list of benefits to help you maximize your annual value. Like the Robinhood Platinum Card, you’ll get airport lounge access (via Global Lounge Collection) and some wellness credits, like up to $200 in annual statement credits for Oura Ring purchases (with enrollment) and up to $300 in annual statement credits at Equinox (with enrollment and subject to auto-renewal).

Other benefits include up to $400 in annual Resy credits ($100 each quarter, with enrollment), up to $200 in annual airline fee credits, up to $600 in annual hotel credits for eligible bookings through Amex Travel, and many more. You can also maximize your rewards with travel when you use them to book through Amex Travel or transfer to partner airlines and hotels.

Read our full American Express Platinum Card review

Why we like it: The Capital One Venture X Rewards Credit Card is the most affordable on our list of premium card options, with a $395 annual fee. You won’t get a huge list of added benefits, but if you’re looking for a card that can help you make the most of frequent travel, this is a great option.

In addition to bonus travel rewards, you’ll get a flat 2x miles on every purchase you make. You’ll also get airport lounge access, like with the Robinhood Platinum Card. More annual benefits include a $300 travel credit for Capital One Travel bookings and 10,000 anniversary miles each year. You can use the miles you earn to book travel through Capital One or transfer to airline and hotel partners.

Read our full Capital One Venture X Rewards Credit Card review

Editorial Disclosure: The information in this article has not been reviewed or approved by any advertiser. All opinions belong solely to Yahoo Finance and are not those of any other entity. The details on financial products, including card rates and fees, are accurate as of the publish date. All products or services are presented without warranty. Check the bank’s website for the most current information. This site doesn't include all currently available offers. Credit score alone does not guarantee or imply approval for any financial product.

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