Robinhood Unveils New Platinum Card Offering $250 Autonomous Ride Credit, TSA PreCheck Access, Cashbacks-Here's What You Need To Know

Trading platform Robinhood Markets Inc. (NASDAQ:HOOD) has unveiled a new platinum card that offers incentives for autonomous ride-hailing services, access to the Transportation Security Administration's (TSA) PreCheck facility and more.

Over $3000 In Benefits, Autonomous Rides Credit

On Wednesday, the company announced its Platinum card, which is offered with an annual fee of $695 and is touted by the company to offer benefits of up to $3000 annually. Robinhood says the card is plated with 99.9% pure Platinum, available to users for a fee. As standard, users are provided with a stainless steel card.

The card offers $250 per year in credit for autonomous rides with a $20 monthly credit, and an additional $30 credit applied to transactions in December. The card will automatically apply the credit once a transaction is made using the card. As for the TSA Global Entry and PreCheck credit, the card offers $120 in credit.

"Eligible cardholders will receive a credit of up to $120 every four years when application fees for Global Entry or TSA PreCheck are charged to their Robinhood Platinum Card," the company said. The application fee for the facility is $120.

DoorDash, Dining Credit

Another benefit of the card, the company says, is a $250 credit on DoorDash Inc. (NASDAQ:DASH) activated via a complimentary DashPass membership. The company says that it will provide "up to three $10 off discounts each January and up to two $10 off discounts in every other calendar month."

Robinhood also said that the credit can be applied to one qualifying delivery order with a minimum subtotal of $50, excluding taxes and fees. 

"Primary cardholders are eligible to receive monthly statement credits for qualifying dining purchases at participating local restaurants," the company said, adding that the $250 in total statement credits per year can be availed at over 15,000 local restaurants.

The cycle is identical to the credits applied to autonomous ride-hailing services. The news comes as Cathie Wood-led ARK Invest recently purchased over $5.4 million worth of the food delivery platform's shares. 

Hotel Credits, Lounge Access

The company will also offer up to $500 in credits on hotel bookings via its Travel portal. The platform will also offer 5% cash back on flights booked through the Robinhood banking app.

"Eligible cardholders will receive up to $250 in statement credits for qualifying luxury hotel bookings per six-month period," Robinhood said, adding that it will offer the option to use up to $100 of the credit on standard hotel bookings.

Robinhood said it will offer "an annual Priority Pass Select membership" to eligible primary cardholders, who can use it for "unlimited lounge visits while enrolled" in the program.

Amazon One Medical, Oura Ring

The company is also offering a one-year membership for Amazon.com Inc.'s (NASDAQ:AMZN) One Medical service, which includes "24/7 on-demand virtual care and same/next day appointment booking in many U.S. cities," Robinhood said.

The card will offer a one-year membership to the wearable health-tracking device Oura Ring. To avail the membership, customers need to purchase the ring via the card and activate it within six months of purchase.

X Money Card

The news comes as Elon Musk has also touted his X Money platform, which will offer users 6% APY (annual percentage yield) on the account, as well as a “$25 welcome gift” to users in its beta rollout stage. X Money will also offer a metal debit card to users, which can be personalized with the users’ official X handle on it, in partnership with Visa Inc. (NYSE:V).

Benzinga Edge Rankings show that Robinhood scores well on the Momentum metric.

Price Action: HOOD jumped 8.07% to $82.21 at market close on Wednesday, gaining an additional 1.99% to $83.85 during the after-hours session.

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