Robinhood Markets (NASDAQ:HOOD) stock rose more than 3% intra-day today as the company announced its plan to introduce a credit card for US consumers, named the “Robinhood Gold Card.”

This card, available exclusively to Robinhood Gold members, features no annual or foreign transaction fees and offers 3% cash back across all spending categories. Additionally, users can earn 5% cash back on bookings made through Robinhood’s newly launched travel portal.

Bernstein analysts commented on the announcement, highlighting it as part of Robinhood’s strategic move to attract enduring assets and maximize average revenue per user.

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