Robinhood Markets Stock Is Rising Wednesday: What's Going On?

Robinhood Markets Inc HOOD shares are trading higher Wednesday after the company announced its new credit card, the Robinhood Gold Card, at its first-ever keynote event.

What Happened: Robinhood held its first-ever "Robinhood Presents" event focused on "The New Gold Standard" Tuesday night. The company launched a new credit card available exclusively to Robinhood Gold customers.

Robinhood’s new credit card offers 3% cash back on all categories with no annual fees and no foreign transaction fees. Card users can also earn 5% back on travel purchased through the new Robinhood travel portal.

Reward points can be redeemed for travel, giftcards, shopping at major retailers or cash, which can be transferred to the individual’s Robinhood brokerage account to invest, earn interest or withdraw.

"There's always been special perks and opportunities reserved for the wealthy that make them even richer. It's why we started Robinhood and gave our customers access to features like commission free trading and the 24 Hour Market," said Vlad Tenev, co-founder and CEO of Robinhood.

"Today's announcements at Robinhood Presents: The New Gold Standard  bring us one step closer to the goal of giving everyone better access to the financial system.”

The Robinhood Gold Card announcement comes about two years after the company launched a debit card to allow users to invest their spare change as Robinhood continues to expand its footprint in the personal finance market.

Robinhood also unveiled a redesign of the Robinhood app Tuesday night, featuring a new homepage and customizable widgets. The company said it plans to share more updates later this year.

Check This Out: Robinhood’s New 3% Cash Back Gold Card Unveiled: Referral Champions Stand To Win a Genuine Precious Metal Edition!

HOOD Price Action: Robinhood shares were slightly up 0.88% at $19.24 at the time of publication, according to Benzinga Pro.

Photo: Shutterstock.