Boosted by the news of a newly launched platinum credit card with an annual fee of up to $695, Robinhood's stock price rose over 8%, closing at $82.21, with further gains in after-hours trading. This Visa card, available by invitation only, targets high-net-worth clients and offers numerous benefits including 10% cashback on hotels and car rentals, 5% cashback on flights and dining, and lifestyle perks valued at over $3,000. This move expands Robinhood's financial ecosystem beyond retail trading, directly competing with established companies like American Express. However, its long-term success will depend on customer acceptance and spending levels to justify the high annual fee.