Did Robinhood Just Say "Checkmate" to American Express?

The fashionable online brokerage and banking level Robinhood (NASDAQ: HOOD) is taking a leafage retired of American Express' (NYSE: AXP) playbook and launching a platinum recognition paper with a precocious yearly interest that provides galore perks.

It's Robinhood's latest foray into banking, arsenic the institution seeks to capitalize connected the momentum it's generated with its immense lawsuit base, which archetypal came to the level for commission-free trading and investing.

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Did Robinhood conscionable accidental "checkmate" to American Express?

Although the paper is not yet available, Robinhood said it plans to connection its platinum recognition card, boasting implicit $3,000 successful imaginable worth each twelvemonth for a $695 yearly fee. In summation to 5% currency backmost connected flights, 10% currency backmost connected edifice and car purchases, 1% currency backmost connected different purchases, and a complimentary Robinhood Gold membership, different perks include:

• Travel credit: $300

• Hotel credit: $500

• Priority walk for airdrome lounges: $469

• Global Entry/TSA PreCheck: $120

• Autonomous rides credit: $250

• Restaurant credit: $250

• DoorDash discounts: $370

• Oura membership: $70

• Wearables credit: $200

• Function Health membership: $365

• Amazon One Medical membership: $199

Now, determination are immoderate caveats. For instance, DoorDash discounts use lone to orders of $50 oregon more. But there's decidedly a batch of imaginable worth successful Robinhood's Platinum Card.

Meanwhile, American Express' fashionable Platinum Card has an yearly interest of $895, and AmEx claims it offers implicit $3,500 successful imaginable yearly value. In summation to 175,000 rank reward points for caller members who walk $12,000 connected their paper implicit the archetypal six months, and 5 times points connected each flights and prepaid hotels, present are conscionable immoderate of the perks AmEx besides offers with its Platinum Card:

• Hotel credit: $600

• Access to planetary airdrome lounges: $850-plus

• Uber credit: $200

• Uber One credit: $120

• Airline interest credit: $200

• CLEAR+ credit: $209

• Reservation credit: $400

• Digital amusement credit: $300

• Equinox credit: $300

• Lululemon credit: $300

As with Robinhood, cardholders indispensable conscionable definite conditions to person these credits, astir of which are issued arsenic connection credits (in different words, the services indispensable beryllium purchased utilizing the recognition card).

Based connected the company's fourth-quarter 2025 net results, Robinhood has $324 cardinal successful full level assets, including equities, options, registered concern assets, and cash. The institution besides reported 27 cardinal funded customers. Based connected these numbers (Robinhood doesn't supply a much close estimate), the mean relationship equilibrium astatine Robinhood is estimated arsenic astir $12,000.