The Zhitong Finance App learned that Robinhood (HOOD.US), an American internet brokerage firm known for providing commission-free transactions, is introducing a credit card to American consumers to expand its foothold in the personal finance market and seek to become a financial services company with a wider range of business.

According to reports, this credit card is only offered to Robinhood Gold Plan subscribers, and there are no annual fees or overseas transaction fees. The card offers 3% cash back on all categories of purchases, while competitors such as J.P. Morgan's Chase Sapphire Reserve only offer such rewards on select transactions.

Vlad Tenev, CEO of Robinhood, said: “Our goal is to expand into this market. We didn't want to just launch a credit card that customers would use. We want to launch a product that will lead the development of the industry.”

Robinhood is expanding its range of services to become a well-known retail brokerage service provider. At the end of last year, Robinhood announced the launch of a retirement account aimed at attracting long-term investors. By the end of last year, its clients had opened approximately 500,000 retirement accounts with savings of $1.7 billion. Vlad Tenev said in an interview that by February, the company's revenue had almost doubled to more than $3 billion.

Last year, Robinhood spent about $95 million to acquire credit card issuer X1 Inc., and the company's co-founder Deepak Rao became the general manager of Robinhood's credit card business and is responsible for promoting the gold card business.

With the development of the digital banking business, Robinhood is seeking to become a one-stop financial services company, and expanding its business outside of its main trading business will also help Robinhood withstand the impact of market turbulence. The company launched commission-free trading in the UK last week and is looking to provide additional features such as options trading and margin investing.