• Robinhood raised the Platinum Card's annual travel credit to $1,000 from $800 while cutting the DoorDash credit to $120 from $250.
• The card drops spending-minimum requirements on DoorDash and fitness-wearable credits, addressing complaints that perks felt like a 'coupon book.'
• The $695 annual fee is unchanged; Robinhood Money VP Deepak Rao said 'everybody saw the feedback.'
• Robinhood said more than 50,000 people requested the card within its first week of launch.
• Invitations are rolling out first to Robinhood's highest-spending Gold members, an affluent-customer segment the company is courting with its broader card strategy.

Robinhood revised three benefits on its $695-a-year Platinum Card after cardholders said the perks felt like a coupon book. The annual travel credit increases to $1,000 from $800. The DoorDash credit shrinks to $120 a year from $250, but Robinhood removed the requirement that cardholders spend it in $10 increments on orders of $50 or more — it now redeems in flexible $10 monthly increments. Fitness-wearable credits also lost their spending caps. Robinhood Money vice president and general manager Deepak Rao confirmed the changes to the Wall Street Journal, which reported them Wednesday, July 22, 2026, according to PYMNTS.

Why: the 'coupon book' complaint

Cardholders told Robinhood the Platinum Card's perks required too much choreography to use. 'Everybody saw the feedback,' Rao said, describing complaints that spending minimums made benefits feel like a 'coupon book' rather than straightforward value. The DoorDash credit previously forced cardholders to place $50-plus orders to unlock each $10 increment — a structure that discouraged casual use. Removing that minimum, while shrinking the credit's total size, trades a smaller number for one cardholders can more easily redeem in full.

What's not changing

The $695 annual fee stays put, keeping the Platinum Card priced alongside premium travel cards from American Express and Chase, the issuers PYMNTS said Robinhood is positioning against. Robinhood has not disclosed a lower-cost variant or a new fee tier. For a cardholder anchored to travel spend, the higher $1,000 travel credit can offset the fee more directly than before; for one who leaned on DoorDash perks, the math gets tighter — a smaller credit, even if easier to use in full.

The demand signal

Robinhood said more than 50,000 people requested the Platinum Card within a week of its initial announcement, per PYMNTS. The company is rolling out invitations first to its highest-spending Robinhood Gold members, with additional invitations planned in the coming months. That sequencing links the premium card to Robinhood Gold, the subscription tier the company uses to deepen relationships with affluent customers, as part of its push toward a broader financial-services lineup.

What to watch

PYMNTS' own research found only 47% of card issuers report that rewards actually drive cardholders to switch cards — a data point that cuts against reward-heavy card design generally. Whether Robinhood's redesign quiets the 'coupon book' criticism, or simply moves the complaint from DoorDash credits to travel credits, will show up in the next round of cardholder feedback and in how fast Robinhood expands invitations beyond its top Gold-tier spenders.