Robinhood Platinum Card Review: New Card, $695 Annual Fee with Coupon Book

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Features

1. Earn 5% on food (including both restaurants and delivery), up to $50k per year; earn 10% cash back on hotels and cars and 5% cash back on flights, booked through the Robinhood travel portal; earn 1% on everything else.
2. Paid Robinhood Gold membership ($5/month without this card).
3. Thick coupon book, see below.
4. Priority Pass Select (PPS) airline lounges.
5. Global Entry & TSA Pre check credit.
6. There is no foreign currency.

Credits vary

1. $300 travel credit: $150 per six months. Eligible activities include rideshare services, hotel expenses, flights, and other travel-related purchases. Activities do not need to be booked through the Robinhood travel portal to be eligible. This is probably one of the easiest credits to use, so it can be calculated in terms of value.
2. $500 hotel credit: Eligible cardholders will receive up to $250 in statement credits on luxury hotel bookings every six months, with the option to use up to $100 of that credit on standard hotel bookings. Eligible hotels are identified in the app and must be booked through the Robinhood travel portal. A minimum stay of two nights is required. This credit comes with significant limitations. In particular, “eligible luxury hotel reservations” may refer to a limited list of properties, and the prices of these hotels may increase. For most people, a realistic portion may be as little as $100 per six months on a typical hotel reservation.
3. $250 restaurant credit: $20 per month, and an additional $10 in December. Limited to “eligible restaurant purchases at participating restaurants.” They say more than 15,000 restaurants are participating in the program. People who live in big cities may find it easy to use, but remembering to go out of your way every month to eat at a certain restaurant just to use a coupon can also take a little effort.
4. $250 DoorDash credit and DoorPass membership: Two $10 off coupons each month, and one additional coupon in January. Coupons require a minimum purchase of $50, excluding fees and taxes. The value of these coupons is strictly limited to people who already order from DoorDash regularly.
5. $250 in independent riding credit: $20 per month, and an additional $10 in December.
6. $200 wearable credit: (retailer list not yet available)
7. $70 Oura membership
8. $365 Function Health membership
9. $199 Amazon One Medical Membership

Evil

1. $695 annual fee.
2. There doesn’t seem to be a signup bonus.
3. It appears that you cannot hold a Robinhood Gold Card and a Robinhood Platinum Card at the same time. Considering that the Robinhood Gold Card earns 3% cash back on all purchases with no annual fee, making it a very powerful card, this limitation greatly increases the opportunity cost of holding the Robinhood Platinum Card.

Summary

At this point, almost every premium card has started copying AmEx and turned into a coupon book, which makes analyzing them tedious. Among these credits, only the $300 travel credit can be reasonably measured in actual value. The hotel credit may be calculated as $100 × 2 if you can use the standard hotel portion, and the restaurant credit may be useful for people living in big cities. The rest is basically the equivalent of paying an annual fee just to buy coupons, which really isn’t worth it.

Historical Supply Chart

This card is currently unavailable.

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