Robinhood Adds $695 ‘Actual’ Platinum Card to Compete With Amex

Robinhood Markets Inc. is seeking to challenge American Express Co. with a credit card it’s calling the “actual” Platinum card as the company pushes beyond the retail-trading platform it’s best known for.

Robinhood’s credit card, which has a $695 annual fee and will be plated with real platinum, features 5% cash back on dining, a $250 annual DoorDash Inc. credit, 10% cash back on hotels and rental cars, and a $250 annual credit on autonomous-vehicle rides, among other perks. The introduction of the Platinum card comes two years after Robinhood unveileda Gold card, which has no annual fee.

Robinhood Markets CEO Vlad Tenev holds a Robinhood Platinum credit card during a media event in New York on March 4.

Photographer: Adam Gray/Bloomberg