The landscape of premium credit cards just got more competitive with the introduction of the Robinhood Platinum Card. Touted as the “actual platinum card,” the new addition is a direct challenge to the established American Express Platinum Card®.
[Read: Best Credit Cards]
A Side-by-Side Comparison
Robinhood’s card is invite-only, which only adds to its air of exclusivity. So let’s see how it compares with the AmEx Platinum Card.
| Robinhood Platinum Card | American Express Platinum Card® | |
| Annual Fee | $695 | $895 |
| Welcome Bonus | None | You may be eligible for as high as 175,000 Membership Rewards® Points after spending $12,000 in eligible purchases on your new Card in your first 6 months of Membership. Welcome offers vary and you may not be eligible for an offer |
| Rewards Rate |
— 10% cash back on hotels and rental cars booked through the Robinhood Travel Portal — 5% cash back on flights booked through the Robinhood Travel Portal — 5% cash back on dining (on up to $50,000 annually, then 1%) — 1% cash back on everything else |
— Five Membership Rewards points per dollar on all flights and prepaid hotel bookings through American Express Travel® — Five Membership Rewards points on flights purchased directly from airlines or through American Express Travel (on up to $500,000 per calendar year) — One Membership Reward point on other eligible purchases |
| Annual Benefits |
— Unlimited Priority Pass airport lounge access — $120 credit for Global Entry/TSA PreCheck every four years — $500 hotel credit — $300 travel credit — Complimentary Function Health membership — Complimentary Amazon One Medical membership — Complimentary Oura membership — $200 credit toward health wearables — $250 credit for autonomous rides — $250 DoorDash discount — $250 restaurant credit (for eligible restaurants) — Complimentary DashPass membership |
— Centurion Lounge access — Priority Pass Select membership (enrollment required) — Up to $600 hotel credit — Up to $200 Uber Cash — Up to $120 Uber One credit — Up to $200 airline fee credit* — Up to $209 CLEAR+ credit* — Global Entry or TSA PreCheck credit — Up to $400 Resy credit* — Up to $300 digital entertainment credit* — Up to $300 Lululemon credit* — Up to $155 Walmart+ credit* — Up to $200 Oura Ring credit* — Up to $300 Equinox credit |
*Enrollment Required
As you can see, both offer a wealth of appealing credits in categories like travel, dining, shopping and wellness. But they differ ever so slightly.
For example, Robinhood favors DoorDash, while American Express favors Uber. The Robinhood Platinum offers a $200 credit toward health wearables, while the AmEx Platinum offers a similar credit, but specifically with Lululemon.
Cash Back vs. Points
One of the biggest differences between these two platinum cards is their rewards. The Robinhood Platinum earns cash back, while the AmEx Platinum earns points.
Plus, in order to redeem the cash back you earn on the Robinhood Platinum, you need a Robinhood Financial brokerage account. So just keep that extra step in mind when deciding which card to apply for.
[Read: Travel Credit Cards]
Who Should Get the Robinhood Platinum Card?
If you’re already a Robinhood user, its platinum card could be a natural next-step progression. This is because one of the biggest perks offered by the Robinhood Platinum Card is a free Robinhood Gold membership, which includes:
— 3.35% annual percentage yield on eligible brokerage cash
— 3% individual retirement account match on eligible 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
— Discounted index options trading fees
— Lower commissions with futures trades
So, the Robinhood Platinum Card could be a good choice if you’re a consumer who:
— Is already focused on or plans to expand into investing
— Doesn’t care about a welcome bonus
— Prefers DoorDash over Uber
— Isn’t in a hurry and can wait for an invitation
Who Should Get the AmEx Platinum Card?
The AmEx Platinum offers thousands of dollars in annual value with a broader range of perks and benefits. So, the AmEx Platinum is right if you’re a consumer who:
— Doesn’t want to wait for an invitation
— Is less focused on investing
— Wants complimentary elite hotel status
— Wants a welcome bonus
— Prefers more flexibility when making travel plans
[SEE: Best American Express Credit Cards]
Bottom Line
Even though Robinhood may have used American Express as its muse, the cards are different. Which one is best for you will depend on your lifestyle and financial goals.
For the general public interested in a premium travel rewards card, the American Express Platinum Card offers the most value. It offers more flexibility when booking travel, comes with a welcome bonus and broader airport lounge access.
But if your focus is on investing and you prefer more health-focused benefits, the Robinhood Platinum Card is the clear winner. So it all depends on what you want your luxury card to accomplish.
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Platinum vs. Platinum: American Express and Robinhood Face Off originally appeared on usnews.com
