The Robinhood Platinum Card is officially rolling out. Is it worth waiting for?

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For Robinhood* customers who have been waiting to get their hands on the company’s premium Robinhood Platinum Card, the wait is (potentially) over — the first official sign-up offers are being sent out this week. Originally announced back in March, the card is still not open to everyone; you need to request access via the waitlist.

Robinhood also announced the Platinum card has undergone some changes, spurred primarily by customers feeling that the perks it offered were not premium enough for the price point. While the card now has a few increased and expanded statement credits and minor added perks, a large portion of the card remains the same.

Here’s a look at who can qualify for the Robinhood Platinum Card, what updates were made and some alternative cards that aren’t locked behind a waitlist.

Unfortunately, who qualifies for the Robinhood Platinum Card is a little ambiguous. The card is not currently open to the public. Instead, you can request access via the Robinhood* website.

Platinum Card invitations sent this week are targeting current, high-spending Robinhood Gold Card holders, according to Wall Street Journal reporting, though more invitations will be sent out in the months to come.

While you don’t need a Robinhood brokerage account for approval, you’ll want one if you ever intend to use your Rewards Points for cash back. The rewards you earn can be converted into cash and transferred directly to your Robinhood investment account; from there, it can be withdrawn or reinvested as you see fit.

The Robinhood Platinum Card looks a little different from when it was first announced in March. To address customer feedback, the card adjusted some of its benefits:

• Removed the $50 minimum order size requirement on the annual $120 DoorDash promos (issued monthly)
• Increased the annual travel credits to $1,000 ($700 in hotel credits and $300 in flight credits)
• Expanded the Platinum hotel network to include 1,700+ premium properties along with premium perks like late checkout
• Updated the original $250 autonomous ride credit to focus on Waymo rides (allotted monthly)
• Added white-glove concierge support for events, travel and more
• Replaced the $200 health wearables benefit with a complimentary WHOOP Peak membership with hardware included
• Added up to a $1,000 one-time credit toward the Eight Sleep Pod and Base, available through Sept. 15

Many of these changes affect the statement credits the card offers. For anyone on the fence about signing up for the waitlist, the changes may not move the needle much. Depending on your spending habits or wants out of a premium card, you may prefer a travel rewards card with more extensive airport lounge access or statement credits not focused on health.

The Robinhood Platinum Card is a great option for committed Robinhood customers looking for a premium credit card. That being said, if you don’t use (or plan to use) the Robinhood ecosystem that frequently, there are likely better options.

One of the biggest drawbacks for this card currently is its lack of transfer partners. Many major banks partner with various hotels and airlines, allowing you to transfer your rewards to them and purchase travel. This is often the best way to get the highest value out of credit card points in general, so not having this feature may hurt travel enthusiasts.

The card also doesn’t currently offer any welcome bonus. Bonuses are often a big draw for premium cards, allowing you to earn a lump sum of rewards — often upwards of 100,000 points.

Additionally, some of the credits the card offers are fairly niche. For instance, the Eight Sleep Pod and Base, a bed-cooling system, cost over $3,000, so the $1,000 credit only makes a dent in a very optional purchase. Similarly, if you live outside of the 11 cities Waymo currently operates in, you may not get much use out of the $250 annual credit.

How it compares to other premium cards

If the Robinhood Platinum Card isn’t ticking all the right boxes for you, or you simply don’t want to end up on a waitlist forever, here are a few other premium cards to consider.

The Chase Sapphire Reserve® (see rates and fees) offers one of the most flexible travel credits on the market: $300 that’s automatically applied to all purchases made in the travel category. That includes airlines and hotels along with even more niche options, like parking lots and garages. The card also earns heightened rewards on flights and hotels booked direct – with the ability to transfer rewards to partners – whereas the Robinhood Platinum requires you to book through a portal.

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