Robinhood launches new platinum credit card targeting affluent customers.

Robinhood launched a new credit card targeting high-income customers on Wednesday, aiming to establish its foothold in an industry dominated by heavyweight companies like American Express and JPMorgan Chase. The trading platform stated that the annual fee for the platinum card will be $695, while offering users $3,000 worth of cash back and other perks. American Express charges $895 for its platinum card, and JPMorgan Chase's reserve card charges $795. According to the websites of these two companies, they also offer a range of high-end perks worth $3,500 and $2,700 respectively. Robinhood's new card is part of its ongoing transformation efforts to break free from its image as a speculative trading tool. As its clientele ages, the company is trying to reposition itself as a broader financial platform offering more diverse services. "We want to attract customers from traditional players," said Robinhood Money's VP and General Manager, Laao, adding that American Express is "clearly an industry benchmark." Laao mentioned that the card can also serve as a channel to attract wealthy customers who may choose to use Robinhood's other services.