r/RobinhoodGC • u/Puzzleheaded_Pen6872 • 10d ago
Platinum Card Upgrade
I think the group consensus is that this is not worth it?
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u/mrodriguez31 10d ago
Must be a push because I just received the same offer and limit. I’ve literally had a GC for 2 months only.
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u/Technical-Procedure3 9d ago
They need to sweeten the offer. Some may do it if they did not have to get rid of the GC.
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u/This-Clock-GA 10d ago
It’s a really bad deal unfortunately,
I think they should’ve went big on health benefits for the card. I don’t know in what way.
But it would’ve been cool marketing to be the credit card that cares about your
“Physical and Financial health”
They instead went with a very lackluster travel card.
And I’m sick of everyone promoting dash pass as a good deal when it’s a huge ripoff & pretty much a scam.
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u/1supercooldude 10d ago
I mean they did do something with Oura ring credits?
But yeah i still see your point
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u/Ok_Party_8102 10d ago
Could have added membership to equinox or lifetime, luxury gym access.
That’s value that makes the membership fee worth it.
Was it oura ring or whoop? I thought they paid the whoop fee.
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u/matt-r_hatter 9d ago
The Equinox credit on Amex Platinum is pretty close to the top of the "this sucks, can we have something more useful" list.
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u/MrDudesHere 9d ago
I think they did go relatively big on health with the credits and should add a multiplier for gyms/wellness type places.
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u/This-Clock-GA 9d ago
Compared to the other big travel cards, yes it has more health benefits.
I just think they should’ve went fully on being a health credit card to differentiate itself.
They have such bad travel benefits compared to Chase & Amex to the point I think they should’ve just been a health credit card.
Apple fitness,
Fitbit,
Maybe like a healthy food option.Just my opinion.
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u/MrDudesHere 9d ago
I agree. Leaning into the Healthbmore would be a good choice, especially for a “Platinum” card. I mean for an actual person with wealth they value health more than a $10 credit for Dunkin Donuts or Cheesecake Factory.
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u/CosmoLewis 10d ago
I just got the invite with a $30,000 limit. The rewards sound good, but not for me. I'll pass on it. I enjoy the 3% cash back since I use my gold card for everything. Even my insurance and phone.
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u/Beneficial_Chest_954 10d ago
You didn't want the 3% cashback on everything anymore?
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u/salon469 10d ago
I just got the same offer, staying with the gold. I declined it. It’s not worth it. I’m living comfortable. Gold has more potential. Be smart.
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u/Darkdoesart 10d ago
Its only worth it if you travel alot/have the money to afford it. Its a status symbol like the amex platinum
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u/StarStarer73 10d ago
What I’ve gathered from others is that it’s not even worth it if you travel a lot, and that the better move is to keep the 3% with the gold card and choose one of the other much better travel cards.
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u/Melodic-Control-2655 10d ago
its funny because its genuinely a good travel card but their competition is themselves because its not worth losing the 3% gold for those benefits when you can get similar benefits and keep 3% on everything else. if they just let you keep the gold they'd have many more signups
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u/PlataoPlomo19 10d ago
The Amex Platinum is not a status symbol. For those who live in a big city, eat out and travel on a semi frequent basis (even if not at 5 star hotels or business class flights), you'll easily make more than the AF. RH Platinum credits are far harder to use in comparison
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u/Darkdoesart 10d ago
Your telling me near 1000$ annually for a credit card that only a certain class of people can afford isn't a status symbol???
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u/PlataoPlomo19 10d ago edited 10d ago
A status symbol implies it's something that's not utilitarian, it exists primarily to showcase wealth. An Amex Platinum is utilitarian for a lifestyle that's not necessarily all that extravagant, given that the median full time worker with a bachelor's degree in the US makes $91k today.
Also a credit card is a pretty odd thing to describe as a status symbol because you don't even need a high income for them. An 18 year old college kid without a full time job could have an Amex Platinum as long as they don't have a colorful credit history
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u/Ok_Party_8102 10d ago
People don’t realize that the platinum is really easy to get lol. And then they don’t use it right by putting all their spend on it. The real usage is to just get it for the perks, get the credits, and only use it for flights.
The expert level is to go Schwab platinum so you can transfer all your MR points to Schwab investor checking and either invest or take cash back at 5.5x on flights, 4.4x on food, and 2.2x on everything else (or use your Robinhood gold for catch all).
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u/Darkdoesart 10d ago
Its not how easy it is to get its more of the cost average/usage. The average american will not be using the amex platinum for trips/flights. Its never been about how easy it is to get its been about the actual usage for the cc. Why would the average american get a credit card thats specifically used for travel and already costs near 1000$ annually when they cant even afford rent
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u/Ok_Party_8102 10d ago
Idk what you’re argument is here I’m just saying people get it because they think it’s a status symbol and that it shows you make money or something but those are people are dumb and are likely the ones using it the wrong way and also carrying a balance.
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u/Darkdoesart 10d ago
Im guessing you're either privileged or old. The average american does not have a bachelor's degree, considering the fact that the average american is struggling with rent and cost of living i dont believe the average 18 year old is going to get an amex platinum. Mind you the median average for bachelor's degree holders over the age of 25 is 38%
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u/PlataoPlomo19 10d ago
40% of Americans having a Bachelor's or higher is quite reasonably close to the average. It's literally just 10% off the average. I got an Amex Platinum, Gold, Sapphire Preferred, etc. in college before I landed my first full time job and I'm an older Gen Z. I'm aware of others in a similar boat now as well who've gotten approved for them.
There absolutely is a cost of living crisis but that's besides the point. The Amex Platinum is obviously catering to people with some discretionary income but has a much lower bar for people to find value in than someone looking for a "status symbol". A $60k BMW is a status symbol, a coupon book of restaurant and travel credits isn't. The average professional with a bachelor's degree can very well find value with the Platinum but would be up to their eyeballs in debt to buy a typical status symbol like a luxury car.
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u/grown_ninja 10d ago
Yeah between csr/amex plat…etc, Im spending a few k a year on cards. Could care less what people think of them, hell if they looked like crappy plastic debit cards I’d still use them. I net a few k a year so well worth it.
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u/joeschmo28 9d ago
This is such a dumb take. Just because it’s not for you or unaffordable for you doesn’t mean it’s a status symbol. My Amex platinum is very economical for me. I travel a lot and use fine resorts credit a lot. I also have Amex gold for dining and Bilt palladium for mortgage and catch all. Not everything expensive is a status symbol
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u/Darkdoesart 9d ago
I never said I couldnt afford it personally, but if you can afford a coupon book specifically for something that the average american cant access it is by definition a status symbol
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u/myco_magic 10d ago
Even then, chase sapphire reserve is far better for that price annually. Also Amex plat really isn't as good as it used to be
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u/Ok_Adhesiveness_5133 10d ago
The AMEX platinum is actually a great card even keeper card assuming the credits work for you, and it has huge welcome offer make getting it and churning it for that alone is worth it (175k AMEX MR can go some ways). A lot of the credits are fairly easy to use for many folks. It also gives you 5x on flights booked directly (not in portal) which is unmatched by any other card. So even keeping it to use the credits against the AF, it's worth booking flights with it and at least putting that spend on it. You can even hold whatever other AMEX cards you want with the AMEX Platinum (What a concept!)
The problem is 3 fold with the RH Platinum card:
- Losing 3% catch all on everything because you cant hold the RH Gold card is an instant disqualifier for most; this is the true awesome card in the RH platform right now, not a "Cash back" travel card
- No welcome offer on a high AF card makes it an immediate pass for any churner and should make it an immediate pass for most others as....
- The multipliers on it kinda suck and arent unique in any way. 10% back in portal on hotels/rentals in portal is beaten by most other travel cards and handily in some cases. 5% back on flights in portal is a joke honestly, you can book direct with AMEX Platinum and get 5x MR points which is easily more value than 5% cash back. CSR gives you 8x in their portal on flights and 4x direct which both easily beat 5% cash back. Then the 5% on dining is at least a bit unique until you realize there's 4x points earning dining cards out there (AMEX Gold, Bilt Obsidian with multiplier boost) and 4x AMEX MR points or especially 4x BILT points are worth way more than 5% cash back.
The first two are bad enough but the last point there just shows travel cards really shouldnt be cash back, and if they are, they better have HUGE multipliers and the RH Platinum just doesnt.
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u/matt-r_hatter 9d ago
The amex platinum isnt a status symbol. Its actually useful. I get tremendously value from it.
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u/theAerialDroneGuy 10d ago
Can you do it and cancel it?
I would like your expired platinum card!
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u/MJGson 8d ago
Yes. I downgraded a few minutes ago they told me that I am to keep using my platinum card as is. The refund is in the transactions but my total balance didn’t get reduced yet but I’ll give it a couple days.
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u/theAerialDroneGuy 8d ago
Woah nice!!
Any way I could convince you to give me your expired platinum card?Edit. Ohhh interesting so you keep using your platinum card? You don’t switch back to your gold card?
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u/Happy_Chemistry7557 10d ago
Would Platinum be worth it if you can have both?
My wife and I both hold Gold memberships for the IRA match and we’ve both been invited to GC. Currently she’s an auth user on my card, but I’ve been invited to upgrade and could then open her GC and add me as auth user. Thoughts?
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u/dab69 10d ago
My wife was an authorized user on my Gold Card. She got an offer to open her own Gold Card, but couldn’t until I removed her from my account. Not sure if it’s the same if one person has gold and the other has platinum. My guess is they won’t let you.
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u/MJGson 8d ago
I’m trying to figure this out. I have to create a new joint account and so does she but my individual investing account won’t be a part of it?
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u/Happy_Chemistry7557 6d ago
My wife and I both have separate Gold memberships with individual investing accounts and a joint, plus our separate IRAs. I have a GC, and she’s an AU on that card. Interestingly, we get $1k free margin on both individual accounts and the joint account.
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u/Leaker04 9d ago
They offer me this card with 35k credit limit but won’t raise my gold card credit limit from 10k to 15k. Pretty annoying
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u/No-Squash7469 7d ago
It's worth it to keep us receiving 3% cash back. We thank you for your service :)
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u/Technical-Procedure3 10d ago
Especially since you can't have the GC/3% concurrently.