Why I Joined the Robinhood Platinum Card Waitlist

I already have a couple of premium travel cards in my wallet that offer extensive benefits, including airport lounge access, hotel credits, expedited security credits, travel protections, and transferable rewards. When Robinhood announced a new $695 premium credit card, I wasn’t interested, since my other cards already cover my travel needs.

But the Robinhood Platinum credit card doesn’t compete on travel alone. I found that some of its most distinctive benefits are tied to wellness and finance, categories where my other premium cards don’t offer much value.

That was enough for me to change my mind and join the waitlist. While I’m not sure I’ll ultimately apply, the potential value of a Function Health membership, an Amazon One Medical membership, wearable credit, and a Robinhood Gold IRA match has made me take a closer look.

Robinhood Platinum Card Overview

The Robinhood Platinum card is an invite-only premium credit card with a $695 annual fee. It earns 10% back on hotels and rental cars booked through Robinhood Travel, 5% on dining, 5% on flights booked through Robinhood Travel, and 1% on all other purchases.

It offers benefits worth more than $3,000 annually, including:

• $250 annual DoorDash discount
• Complimentary DashPass membership (worth $120)
• $250 annual credit at participating restaurants
• $500 annual hotel credit ($250 statement credit every 6 months; 2-night minimum)
• $300 annual travel credit ($150 every 6 months)
• $365 Function Health membership credit
• $199 Amazon One Medical membership credit
• $270 annual credit toward qualifying wearables
• $250 annual credit on autonomous rides
• Global Entry or TSA PreCheck credit
• Priority Pass Select membership

Robinhood Platinum cardmembers also get a complimentary Robinhood Gold membership (worth $60 annually). A Robinhood Gold membership offers benefits including:

• High-yield annual percentage yield on eligible brokerage cash
• 3% match on IRA contributions (up to $225)
• Instant deposits that allow for trading up to 3x your portfolio value
• Lower fees on select investment products and services

Benefits That Convinced Me To Join the Waitlist

At first glance, the Robinhood Platinum card’s benefits look similar to those of other premium cards, including DoorDash DashPass membership, hotel credits, airport lounge access, and more. But I’m interested in features that set it apart from other premium cards.

Wellness Benefits

The Function Health membership is the most valuable wellness credit, worth $365 annually. This health membership offers more than 160 lab tests every 6 months, a $200 credit on an annual MRI (usually $999), and discounts on additional testing.

Function offers a broader range of tests than a typical clinic checkup, plus a personalized action plan with no insurance required — a valuable benefit for health metrics and preventive care.

Another major wellness benefit of the Robinhood Platinum card is the annual credit for an Amazon One Medical membership, which typically costs $199 without a Prime membership. The primary benefit of the Amazon One Medical membership is on-demand virtual care, which offers video chat or text consultations with a doctor with no copay or per-visit fees. Virtual doctors can offer diagnoses, order labs, and write prescriptions

The membership doesn’t cover in-person visits, but it’s useful if you only need a virtual visit or want to do a virtual visit first to see if you need to head into the clinic.

The Robinhood Platinum card also offers an annual health wearables statement credit of up to $270. That could cover an Oura Ring, a Pixel Watch, a Fitbit, an Apple Watch, a Whoop, or another qualifying wearable. I like that it’s flexible, so you’re not locked into a particular wearable platform.

Lifestyle Benefits

The $250 annual dining credit includes a $20 monthly credit at more than 15,000 participating local restaurants, plus an extra $10 in December ($30 total). The card also offers a DoorDash DashPass membership and up to $250 in annual DoorDash credits in $10 increments (2 $10 discounts each month and an extra $10 discount in January). Since this benefit requires a $50 minimum order each time, it isn’t likely to save me money.

An intriguing benefit is up to $250 in annual credits for autonomous rides. I often travel to cities where these rides are available, so I could get some value here. It applies as a $20 monthly credit with an extra $10 in December.

Travel Benefits

The Robinhood Platinum card’s travel benefits are good, but they don’t really offer more than what’s available with other premium cards. I like that it offers up to $300 in flexible travel credit ($150 every 6 months) that can be applied to flights, hotels, ride-sharing, or other travel-related purchases. And, it doesn’t require using a travel portal to get the credit.

The up to $500 in annual hotel credits ($250 every 6 months) could be helpful, though I’d want to see how easily I could use the credit before I consider it a valuable benefit. Hotel credit bookings must be made through Robinhood’s travel platform and require a 2-night minimum.

Robinhood Gold

Although Robinhood Gold membership only costs $5 per month ($60 per year), the complimentary membership that comes with the Robinhood Platinum card could be valuable. The high-yield cash APY is competitive with other savings and brokerage cash accounts, but the 3% IRA match is what really caught my eye. If I fully funded a Robinhood IRA each year, I’d receive an extra $225 in matching funds.

Bottom Line:

How the Robinhood Platinum Card Compares to Other Cards

The Robinhood Platinum card is positioned to compete with other premium credit cards, including the Platinum Card® from American Express and Chase Sapphire Reserve®. It has a lower annual fee than both cards, though it’s higher than the Capital One Venture X Rewards Credit Card.

I have the Amex Platinum card and Capital One Venture X card, and I downgraded my Chase Sapphire Reserve card earlier this year. I’m curious whether the Robinhood Platinum card offers enough value to compete.

Robinhood Platinum Card vs. Amex Platinum Card

It’s clear that the Robinhood Platinum card mimics the Amex Platinum card.

The $695 annual fee is the same as the Amex Platinum card’s annual fee before its 2025 refresh, and the Robinhood Platinum card marketing pokes fun at other platinum cards by noting that this one has 99.9% platinum plating.

The Robinhood Platinum card wouldn’t replace my Amex Platinum card, but it could add benefits I don’t already have. There’s some overlap in expedited security and lounge access, but the Amex Platinum card is a stronger lifestyle and travel card, with broader lounge access, an annual airline fee credit, hotel benefits through Fine Hotels + Resorts and The Hotel Collection, strong airline earnings, and Membership Rewards transfer partners.

But the Robinhood Platinum card offers wellness membership credits that the Amex Platinum card doesn’t, and it offers a more flexible wearable credit than the Amex Platinum card’s Oura Ring credit.

Robinhood Platinum Card vs. Chase Sapphire Reserve Card

I downgraded my Chase Sapphire Reserve card earlier this year because I wasn’t getting enough value from it. The biggest reason was overlapping benefits, as some of its most valuable benefits (airport lounge access, hotel credit, and expedited security fee credit) were duplicated by my Amex Platinum card and Capital One Venture X card.

Although I no longer find it valuable, the Chase Sapphire Reserve card is overall a better value than the Robinhood Platinum card, with a flexible $300 travel credit, Chase Ultimate Rewards transfer partners, and strong travel protections. But the Robinhood Platinum card’s unique benefits fill wellness and lifestyle gaps that the Chase Sapphire Reserve card doesn’t cover.

Robinhood Platinum Card vs. Capital One Venture X Card

The Capital One Venture X card has a $395 annual fee, which is lower than the $695 annual fee of the Robinhood Platinum card, but it offers similar benefits. Both earn elevated rewards through their travel portals, including Priority Pass lounge access and a Global Entry or TSA PreCheck credit, and both have a $300 annual travel credit.

The Capital One Venture X card also earns 10,000 anniversary miles worth $100 in travel. It has fewer statement credits than the Robinhood Platinum card, but it’s a more straightforward travel rewards card with clear value to offset its annual fee. These cards could complement each other.

Where the Robinhood Platinum Card Falls Short

The Robinhood Platinum card doesn’t appear to offer some of the most valuable features of the Amex Platinum card, Chase Sapphire Reserve card, and Capital One Venture X card: transferable rewards and travel protection benefits. It’s tough to put a numerical value on these benefits like you can with statement credits, but they can make a big difference.

The ability to transfer rewards to travel partners makes every point or mile more valuable because the redemption value is higher. So even if I earn 5% back on dining with the Robinhood Platinum card, earning 3x points on dining with the Chase Sapphire Reserve card offers greater value when I redeem points with travel partners. We value Chase Ultimate Rewards points at about 2 cents per point (effectively a 6% return).

Another glaring omission is the Robinhood Platinum card’s apparent lack of travel protection benefits. The Amex Platinum card, Chase Sapphire Reserve card, and Capital One Venture X card offer travel insurance, including trip cancellation and interruption coverage, rental car insurance, trip delay reimbursement, and lost luggage reimbursement. The Amex Platinum card and Chase Sapphire Reserve card can even help with emergency evacuation and transportation.

Why I’m Still on the Fence

I was intrigued enough by the Robinhood Platinum card to get on the waitlist, but actually applying is another story. The card’s main appeal is its benefits, and with my other cards, I have overlapping lounge access, Global Entry or TSA PreCheck credits, and hotel credits. The DoorDash credit isn’t especially compelling, and it’s unclear how helpful the hotel credit might be.

I want to know more about the practical details before I consider the advertised value real. Are the restaurants and hotels places I actually want to visit, and how easy is it to use those credits? The card could be worthwhile, but only if I can use its benefits without creating extra spending or significantly changing my travel plans.

I wouldn’t use the Robinhood Platinum card for everyday spending — it would primarily be a benefits card. The 1% back on general purchases isn’t competitive with current cards that earn 2x miles or 2% cash-back as a baseline. I’d likely only use it for certain dining, some Robinhood Travel bookings, and purchases tied to credits.

Final Thoughts

Though I had reservations, I joined the Robinhood Platinum card waitlist for its unique benefits, including Function Health, Amazon One Medical, a wearable credit, and Robinhood Gold’s IRA match. While it wouldn’t replace my Amex Platinum card or Capital One Venture X card, it could offer benefits that those cards don’t. And the benefits I value could bring in more than $1,200 — not bad for a card with a $695 annual fee.

Joining the waitlist cost me nothing, and applying for the card will depend on whether the terms, hotel pricing, eligible restaurants, and credit rules will make the card’s value worthwhile.