Robinhood Launches Platinum Card, Family Accounts - HOOD Falls 4% Anyway

Robinhood (NASDAQ:HOOD) has unveiled a $695 Platinum credit card, family accounts, and trust accounts at its “Take Flight” event, yet HOOD fell 4% as technical weakness overshadowed product announcements.

The Platinum Card Launch

Robinhood introduced the Platinum Card, an invite-only premium credit card offering up to 5x higher credit limits than the Gold Card. 

The annual fee is $695 with over $3,000 in annual value through benefits across dining, health, wellness, and travel.

Key benefits include 5% cash back on dining, $250 DoorDash discount, complimentary DashPass membership, Amazon One Medical membership, complimentary Function Health and ŌURA memberships, and $200 annual credit toward health wearables. 

Additionally, travel perks include 10% cash back on hotels and rental cars, 5% on flights, and unlimited Priority Pass airport lounge access.

The company has over 700,000 Gold Card customers with more than $10 billion in annualized spend.

Robinhood Banking has more than 50,000 funded customers with over $800 million in cash deposited.

The Family Investing Experience

Robinhood launched a family hub, providing a unified view of accounts grouped by family member with customizable views. 

Customers can invite another adult, choose which accounts are visible, and set explicit permissions ranging from view-only to full authority.

Custodial accounts began rolling out today, allowing parents and guardians to invest on behalf of minors with assets legally owned by the child. 

Trust accounts will launch later this year for customers using trusts as part of estate planning and wealth transfer strategy.

CEO Vlad Tenev positioned Robinhood as “the financial superapp for families to invest, plan, and grow wealth across generations.”

Robinhood Strategies Growth

Robinhood Strategies now serves more than $1.5 billion in assets under management across more than 250,000 funded customers. 

New features include tax-aware transfers, enhanced returns insights, and expanded account types including managed custodial accounts.

Chief Investment Officer Steph Guild said the company is “constantly enhancing Robinhood Strategies to make managed investing clearer and more accessible.”

HOOD Tests Critical Support

HOOD is down 4%, trading within a symmetrical triangle pattern between ascending support around $70-$75 and descending resistance from the $155 peak. 

The Supertrend at $87.89 sits above price in bearish mode while the Parabolic SAR at $69.51 provides the only bullish signal.

The stock capitulated to $70-$72 in late February before bouncing to current levels, representing only 10% recovery from lows. 

The triangle compression is extreme, and a breakout appears imminent.

Critical support sits at $69.51 and the $70-$75 zone. Breaking below $69-$70 would violate triangle support, break the SAR, and trigger selling toward $60-$65. 

Resistance sits at the Supertrend at $87.89 and the $90-$95 zone.

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