Robinhood announced a suite of new financial products aimed at helping households manage and grow wealth across generations, including a new premium credit card, family investing tools, trust and custodial accounts, and updates to its digital advisory platform. The announcement was made during the company’s “Robinhood Presents: Take Flight” event and outlined a broader strategy to expand the platform into a full-service financial ecosystem for families.
Among the major updates is the launch of the Robinhood Platinum Card, an invite-only premium credit card issued by Robinhood Money. The card carries a $695 annual fee and is plated with 99.9% pure platinum. According to the company, the card is designed to offer elevated benefits and significantly higher credit limits than the existing Robinhood Gold Card, with limits up to five times higher.
Robinhood said the Platinum Card provides more than $3,000 in annual value through rewards and benefits across dining, travel, and health and wellness. Cardholders can earn 5% cash back on dining purchases, 10% cash back on hotels and rental cars, and 5% cash back on flights booked through the Robinhood Banking app. The card also includes unlimited Priority Pass airport lounge access, a $250 annual credit for autonomous rides, and multiple partner memberships, including Amazon One Medical, Function Health, and ŌURA. Additional perks include a $250 DoorDash discount, a complimentary DashPass membership, and 1% cash back on all other purchases, along with a complimentary Robinhood Gold membership.
The announcement also introduced a new family-investing experience designed to give households a unified view of their financial accounts. Through a “family hub,” customers will be able to organize accounts by family member and assign specific visibility and control permissions. The feature is expected to begin rolling out later this year.
Robinhood is also launching custodial accounts that allow parents and guardians to invest on behalf of minors, with assets legally owned by the child and transferred once they reach the age of majority. The accounts will support recurring investments and allow family and friends to contribute through a gifting feature.
In addition, the company announced the rollout of trust accounts designed for customers using revocable living trusts as part of estate planning and wealth transfer strategies. These accounts will support equities, options, and uninvested cash and will allow multiple trustees to jointly manage investments.
Robinhood also detailed enhancements to its digital advisory service, Robinhood Strategies. The service now manages more than $1.5 billion in assets across more than 250,000 funded customers. New features include tax-aware transfers that help customers move existing brokerage or robo-advisor accounts into Robinhood Strategies while considering tax implications, as well as a new returns hub that provides deeper insights into portfolio performance and benchmarks.
Additional updates include new account types for the advisory platform, including managed custodial accounts, with managed trust and additional managed individual account options expected to launch later this year.
Robinhood said the broader product rollout reflects its effort to expand beyond individual investing into a more comprehensive financial platform designed to support customers across different life stages and family financial planning needs.
KEY QUOTES:
“Robinhood will be the financial superapp for families to invest, plan, and grow wealth across generations.”
Vlad Tenev, Chief Executive Officer, Robinhood
“We’re reimagining what wealth-building will look like for the next generation of families as we prepare for the Great Wealth Transfer.”
Abhishek Fatehpuria, Vice President Of Product, Robinhood
“We’re constantly enhancing Robinhood Strategies to make managed investing clearer and more accessible, so customers can grow and manage their money with confidence.”
Steph Guild, Chief Investment Officer, Robinhood Markets
“We built the Gold Card to be the best card for everyday spending, and customer demand showed us there was room to push the boundaries even further. The Platinum Card offers higher limits, elite rewards and luxury benefits, and raises the bar for what customers should expect from a premium credit card.”
Deepak Rao, GM And Vice President, Robinhood Money
