NEW Robinhood Platinum Card: Good or Bad?! First Impressions

About this video

• Video Title: NEW Robinhood Platinum Card: Good or Bad?! First Impressions
• Channel: AskSebby
• Speakers: Sebby
• Duration: 00:13:20

Overview

This video reviews the new Robinhood Platinum Card, analyzing its annual fee, credits, and multipliers to determine its value. The presenter, Sebby, breaks down the benefits, discusses their practical applicability, and compares the card to other options in the market, ultimately assessing who the card is best suited for.

Key takeaways

• Annual Fee and Credits: The card has a $695 annual fee, offset by various credits including travel, hotel, rideshare, dining, and health/wellness services. The actual value of these credits depends heavily on individual spending habits and existing subscriptions.
• Travel Credit Nuances: The $300 annual travel credit is split into $150 every six months for travel purchases. The hotel credit of up to $500 ($250 every six months) requires booking through the Robinhood portal and has a two-night minimum stay. Luxury hotels are prioritized, but there's an option for standard hotels with a lower credit value.
• Multiplier Limitations: While the card offers multipliers like 5% cash back on dining (up to $50,000 spend), 5% on flights, and 10% on hotels/car rentals, these are only applicable when booked through the Robinhood travel portal, which has shown potential issues with cancellations and customer service.
• Opportunity Cost: The video emphasizes opportunity cost, suggesting that while the Robinhood card offers cash back, other cards may provide more value through points and miles, especially for premium travel.
• Risk for Big Spenders: The card might be risky for significant spenders or those using it for business expenses, as Robinhood has been known to flag accounts and reduce rewards, potentially limiting earnings to 1% cash back.
• Target Audience: The card is most beneficial for individuals who can fully utilize its credits to offset the annual fee, essentially treating it as a "coupon book." For others, especially those who travel frequently or dine out extensively, alternative cards might offer better value.