OpenAI CEO Sam Altman praised Robinhood Markets Inc.'s (NASDAQ:HOOD) new Gold credit card for its design quality, on Tuesday, adding to the growing buzz around the fintech company's latest product offering.
What Happened: "A few months ago Robinhood sent me a gold credit card with extremely high-quality details," Altman wrote on X. "I thought it was a ridiculous marketing stunt at the time but now it's an example I give when talking about great design."
The endorsement comes as Robinhood's credit card initiative has already attracted over one million waitlist sign-ups within its first month of announcement. The card, which launched in March, offers an industry-leading 3% cash back on all purchases with no annual fees or foreign transaction fees.
Robinhood CEO Vlad Tenev, who responded to Altman's praise on X, said, "thanks, o1 is pretty nice also," Tenev previously told CNBC that the Gold Card is part of a broader strategy to expand the company's financial services ecosystem.
a few months ago robinhood sent me a gold credit card with extremely high-quality details.
— Sam Altman (@sama) December 10, 2024
i thought it was a ridiculous marketing stunt at the time but now it's an example i give when talking about great design. pic.twitter.com/v0VWyJK7PT
"Robinhood Gold customers are much more likely to adopt all of our other products, their balances with us are higher, and their average revenue per user is multiples of a non-Gold customer," Tenev said.
What Happened: The card's physical design features stainless steel construction weighing 17 grams, making it one of the heaviest metal cards available. Select members can qualify for a 10-karat gold version.
The credit card launch comes at an opportune time, as a recent J.D. Power survey indicated growing consumer dissatisfaction with traditional credit card rewards programs.
Robinhood's stock trades near its 52-week range of $10.38 to $42.76, with a premium price-to-earnings ratio of 68.17. The stock has a market cap of $33.17 billion and an RSI of 58. It declined 5.51% to $37.36, with a modest after-hours recovery to $37.52, according to data from Benzinga Pro.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
