Robinhood Markets, Inc. (NASDAQ:HOOD) shares are trading higher Thursday after the company announced the launch of its Platinum credit card and custodial accounts as a part of its new family hub.
Robinhood Debuts Platinum Credit Card And Custodial Accounts
The company introduced the Robinhood Platinum Card, an invite-only premium credit card plated with real platinum and designed to offer higher credit limits and enhanced rewards. The card carries a $695 annual fee and offers benefits across dining, travel and wellness, including cash-back rewards and travel perks.
Robinhood also announced the rollout of custodial accounts, allowing parents and guardians to invest on behalf of minors, with assets legally owned by the child and transferred when they reach the age of majority. The accounts support recurring investments and allow family and friends to contribute through a new gifting experience.
In addition, the company introduced a new family hub designed to provide households with a unified view of accounts grouped by family member while maintaining separate ownership and customizable permissions. Robinhood also announced new trust accounts designed for customers using trusts as part of estate planning and wealth transfer strategies.
CEO Vlad Tenev said the company aims to build a financial platform that allows families to invest, plan and grow wealth across generations.
Robinhood Stock Edges Higher
HOOD Price Action: At the time of publication, Robinhood shares are trading 1.17% higher at $83.17, according to data from Benzinga Pro.
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